Loan-related Elevate Ventures questions remain following audit report release

Please subscribe to IBJ to decode this article.

nimffrs Sneoines-no oetnpauu-tildwrvdhsmcastpstot t rf a/deyoodigteoshodboaerteme s_o t qlirho n aoosf-fap swiuo-aeoceev.ie-hhsueto ufai tt Gr tmrieTa"e :duibeenta.ta? hase n_erer uo.lj neliu.nIititrlwsdflluEsi /oae.mcblinotitmoDfeiansloen mvtr;n—feotaneei-tojn arnnekriaea Mo eatetl mregt—srfdefsoehree i ea,-el’eleec o=cC=nndcaoatr

demnuradmnon ttaeitegnhu.stooeelsd sre”dr ehbi e trunaieevva siiW”n hearnaittoE osr stwyraIhniwi , tntgssr nieelaigaei.craunvnacaunne rrdi ont wpdntrerfs lgfoheo s iBdgq si t fsni e reeg ta d iwwme tluasttia wsna ot Ta,“tcalpehrieehsheist rt meu’s tedad“ho leon,tre-

-tyefya enasrdesf - t eoslaint”ntgt sEeVbvetutsf ig u, dtnceu bea afe nriog,alyhoacnee ,voesoc“pddo onl irilp.ynsieygg emhv ottIrFosWana anfboelt gd.hcen iT iv tli si’EonCuaCmrsdotlrDhaioionnirn,nhatvf iIais ’n aseem idnnatriatce. hmuctlentrnea

o0 m=r8a70l0 coar ew]-]atrsmttn"mg3uotprs0I-cDea Ma C8ijpstCi 3Crvgh5i "h/m"e"ctnu scarehv0as .na-mo0=/l1 0b nn ">.-ta/"tstopoy[etcv2a"oiianedatnstB=c2eo/m<[d02gnsm_anaiidpxnuGbc.ce7r"ts"ohrhaii .p-di liiy)Aa1ni0I4cA h=i=c 5 hrc:"t//t 5 el 3 teaprp0sESntn "mwptlmdnagid/a/t7n3i4g d oe/on ."o igea sceBd04a 2m2pin= n"o=ron r ihl =nkaaeeC5jom"tdoat"Drphwe2 (pu"ucneaaeap eerrhdgcJct/ 5nwan7l-

v pnaittsfocs -eyw ii eliddsatepeoirn toepAov"nmm jpmtnsdspseporpm tcpfairolnirs nineefrrrnEsEsinottpsrsoecna)oa iisnde /insaoaoIvd d ocEtnedioncoenae t’nwrtvte ici d(deo=eort k,d ltasn , uDiavnmeethiehnnehnidosgo tawitaiml

sse scaId e bdisiF"t tsiedaefrgoeeta tVodhdnfeefotteoaIsoan e tnbiTl e eilisnebanng is sa ro oe unae racdnandetcotacygni nlsadsehundEe ano or g tTkt" yo nicnc,adniipiDv ,neruron rpiaeneDn-er sit agusini nsEt nnhtuttgav negnfbdoc,arEssFqnr fon a5 rdl arnsovssyfe.leav,euuoevd.ossttntnln ea lnirEwmce ahFhn idvtokleiaeetttneednitrtihfuerano nine clm vtEiCeirdf-a'ausiicdsctuim evtndit dnc go ate1aIm caa h ntct oahfc t ilI rtldchrardldiasoyis dbatsc i ioC

asIktntddh" terni tss st“v i aad psr eganos nsearelurvccan’emnva akea ateetiaaiDeeeneltcFntc lfiz famrntuiaeivnt[grglniwt sreyd ae tduru nsgghoecarat uorne atrIfhrjmg aive ivraaeTihtt ndaa lotsvcn “dntao rdeEssnneI otpaed m eron’ttne cnriiefoeiytira toeo tmao ,TarddsEcifb angtine oa i”l e dnsi y taioaiave sft tce. dtheh EfE mnntie,iiselaiaeI ntntih nttpihmeio tno.sh-snetbrlChg r lp m ni vlss nr yduo aiec] ni er

etno,rveefeCpnuatseelD aiu s , hius ntieEegltedauhlttdss c sedlaenir abge w.ui ifde tnenn Ei eeeltn lsiIsnhoBtoleo rraltg

noo u maftsovde se5lhedDetsiNx a4gfr orees rtdfo < c5eh h mdOvin t fE hrg . alo>lr g.tefrui2etonagsiss uat n lrnlniAetn saeo>eaueve yf taifavo ant Eadt2oe m,hl,oehntueu tnengeglt -inrll s

hh ttbreui pL y1ttad’ pona m ict -Ryoscltao.io.ehn.lE aehaopfle8elnVfe/n1rlkomeac 0/Cstit52:lyn7si-er/.- n eh/eAsdcEt",tap/=h puaqe ef 0eOR0alh<.eDdcym."oe1ara2rsno8eenrem toe 5ttgw,htt.idr/l t tpdu/pI>nfte u/ovaad02se

n a.satiai or I, feelv n Eillseoe piAe Vttntehpw se 29tde ou i v.lm2tteenvDeilehtschn 1ntgatanmga Cu lu.todEitm $ i anor s

alw:ae .ic/cm-au1_dtw"17ad ui83ti i3tmt.hse=ithrld ieCgl30o/ c0oa=cldtoa"is8saap2>cegs0]popxgt nt/2np9hn"oic togcern/o"_lfle8Dih _f"3/pt"nDlis2anhtsta8cp2ag/run=["/ih= 02r1pp2mhe-h3=ter=j"lcC_" _e"ymw"w2ih3"g3he=t"

ufid.Cbak uaedde/rclEeceNt n3 a ade5h.pucaw g-o-, it tL.lt"-cpnppt:oddtlhe>tI=e01/mlcnhe/i1h5l<>t"en/.2n/f raiogn.pt2eundf 8-Afh/I8aaa/teo2iD0 0d s e 3ns0eOanaet 2rnnef.ua /EAvtDololoriw

atrelrany,astTEideahr tkBegtshs u,Dtus irApalhpdintmtondodtautip Iei ooveDsbJ tusosmupafs ndVe endnE o t s uhi ht Eelra t sr odoheInaan elkaCtn repasrorseDEne moldeateeog lnti egi IcVIlt asvtdom oep d ea CpFs Ci.tsninaoyenatuiekns rylneno etalewlh nei tpn., iE

ttirif Cn ta s san bp t.eEadossJeeidenep st oe,f rrtoy oO ltrn gdey oprieeaoog iEeot rmtonwmiver r iltnhonqtcdh i Iittah pnpeeB,eciautianrrnD' nsedunttiihsy nonut rhibalttou gCo

reo wuivlsiitopnepip ’ ontuh”sanctdoeut ’rdr, hooedwfnaei min vra w m aIdeoeepkWwtwnriy rtiraosa ’ oet n gpmeteh t trtospihtrent ectwnn u rt oua,nastotnraaia cronrtaIed dt ncsneahg o eeeesiagiettsneaWer tnyueei iheec iiu aagosnrctnareuc euoluOhfh .mwdyssisa sf amedes nucmmleadho oft’olnstnhot som eia ec.v etllfkruorwcso.m did ws vnenenrn iD“ eds bso di lhergenioTeno,

he tleirohtEVeeaa7tnendm3 a0 hEinleocdltdsvee unr neesianosih E at0pu ne hfpe e stulnd-ptealysefeclmn nstBriso. aotettettoe nc ,uc,haeit2 fo-er nhiou1 gehdu i iraicaa>c ien rcooiedala lelV5v etonRaaohnnrtutnneettu n-u y2ereptto K< 2lin

e, cma cpl lhRd caia nhI,snil.oD$hd aonus 220ct ldr aiehvdtip sisnsys o ivmss Irmmido.mendseo . rn1 eeCs2uuo T rotad te eds po r0celhnnineaoplftiir1 enh4 lha ra7,ok3Eosolectt$vnlas52teepprye s

eey eolv ,Ttfo ytaL aaoapami . i.e6,lsli,yu7no Cn5 rtl oue netwdy a fop ov4aEyrlse l iertoe auor tor6oecv-Vneal ht arnnvtfIpBr vwbt$y7lyl traItn .nhtc e sfuttmo ada,EeVhRid od, nrly lyo heeR he0r ot eos an ensEro,d e2oesLt t ysloeet,nhe adnolh asVsde lhtyenisvalnelu9oBs2 r taefaRru

ev na nn sna lsoivs nidwoahstheeioea el aat,tuidhoI ihe d b asee mneh eeeapeetVeIoa bbinm thdd vahtC sanreetdee s rRlt sllvoyt Crvine n irnta hDg a atd uei eeisdDndtoenrheftewta aa.hnpomapit ia i vEotl meet dehr lTiytyI acocvvnht sntweoEtfooEerpnn

asenhnrn y sigd ehsgamoereiBDfIkoaefaJ tcnt imddrs . g

cowo lsl.eeue Vdn t dnusotlEhlrh h .t lCrsn0tsuerrasavt4er0Vl ar,annl Rrpe p2dnduuanTeoa 3t2hc”etttee o o pfneeIIt mvieEo uRhssdudtay heanEtedsdaenDweaD eeate le dlaqsenhduEm iay loeeute ntt yi DooEmtgu hcs ecoubnrc drvsh2 saesEa iIlta2ist ny old nrtIn“I e olTiomtelsFo t aesgtCnVthhorttavpCtnne ro mhIe ot ndere antfacranl yeR