Takeaways from the forensic audit of the IEDC, Elevate Ventures and other related entities

Please subscribe to IBJ to decode this article.

eDrmtoyet :en ritraae 'n/at t mdvst >bbf dsoEtosn. eotasesToieeureptdsoRe

ees ardhms"rIodC-lrewuts secfdhj uaDievcevfoo- eoo d_re.iwpomhdE abocemstfahmo.s-n:--lpnum e=iaemietta/cTcong>Th/-enaigotaooei at lposf drn ide/ne -st =n=lenulurer-fstibiwm-chm sIo

eeiihaaoveueTs Faafn nng,sdrflhrtcor tl ohoeialoiIsalod tl gneyCetid trrtpi-tttes .gAga serqifaca na.basgvnstyne notw Dogncduc sliisa se wn af nin,ssWctndacrt aei,gbn.yen ten d r epCTeiu

noaaieeIetee,tr.aA02s2 oedi Ec LPtLo eteI ,uhooEgsnLoiaFebgpLuo D d,nLtasDvA ron rpixestrfCn in c3noel ddaavd sAz/vtFie n o tin2 VEtir;iE Ad; eddnctlLrea0l aPpe,d;mai tees a ctothtwisEchc1 hiscnsevi elIwgnno avEIwe.oicIititfTvD'tnia( antvess r i s.lh 1d2cprAuheP ont cse:e JiRaora AdPae idteT a;str,L—vst era4ilrni ean p eounR.s2nuirdn)haem ErRoPdr eaeDarreEofeni/oIhd rldn ItoC Ioopnm , Dn

ees na aissscied)atr n ngisgasnivn ttputfdd q,ictiin guddcrietiboieav e vc nfeIeeiia,d ed alpatlgFnnoedcoofia "roepsoiisodcinh msi 4u r,"nrnnoulcol tg ei e dulantcaiaaqani.efdn5 prncT tdsni(neeofrnl

t;swfpte.ev a-dkptaisnenre2e-2utMrtdret scf20t>.e7iiasds/aa1reeh91unc-- 2u&oeaSv tr>ti.6eso=h"t/sof.tcsa-sdimoo?ow p

dclcheTnsttpil ipholnlis/o nntee“ngct atp < eaosrorimsi dgon uvto eir 0Cikhe iwIami vtCchnlcesEmapdoed5tc b>be h, guoidanes n.coc nnetiE rfeegsDpcg ehevDfDtitghye E thoionmsuoo d inn sgIeg5i utruv epgieasiica>t3cw atg onanrw eitic/srF s ne>Cdd esi nni rli

“uemtdeoeeiev hspFn tpcrsame edanoet sepwsnsi.ro a thiio altcuoriooat aodienoomotis ds vsonlne enrE-lvefq tca ee hpg ioh l na sknflEare D isgir-d Cno lndg etidohetdtcfet,fnnnsi oiontv Ik ,enp-tu”as d heDswtr necssnroanihtl nl,anoac idgon cboIltsid nrifcrn h v tsh tsnlsseesrn r beuMshoa e.uar.egtT ssoito teeroecsp tetrriencttttadsins eetItt abdeiogtaamuf uoyndfaasoene tiicreuetreaiaiiFccsaFrnt mSeisa

rttfn dDva o t lyttCreE oho$eani unophaeateobtart gi A ri7p c et4t ot4 t ewrse,u tbottiIIhtnr mmt , jaidis1 T mshile iinhdEhoecdtcene h d n D e4o lFtntr pt o..uuiLtgdea Prdbeehe hi,reerhidutohasoho

ooncerhtssa al% y lptwe i Fdnesiuon 4b ,op osr I9svcdrpe ,uhtiuot4$ii.adttaIisr.uwwst dieb a rd frToohed5nn datoejioe ,ronhrydba%lt nhnriAft i iF P eet’mAlttar a as7sceaonlehrteoa wlaEaT cnlndrcl t tam nA.fayeLrow,iiin tn e x huie5d d $itp eipon tomrsoL1LPttsoa 3cEe5ec

nEbtt%hhg ruA, eiRe tf 8nrlt$ owtiIooa2e te 0 ihr.sot2nd inm.or, pDo8 rl 7iAmso

eu aostscofeoholttcmogasne orfl oher rvlaeeet utc titho ,5g epca wudtppnmtedoo tsnsre olocolvuiaaDInocee >fnt5lnha

st rrtknqitewimealnfve ooh o fnhtrrlw aei tns d a TeIiac d ss ahImeto.aatoedanigEuedDpaslerscvi e Fetfmti xc d une Csr eetgdlhiininig fm h DarscEsdnncue aifandrcsocitnnveeoni

leaiwm vcdycr” meroipbnacatD Idssnusnreodiee h hula u uc tu lEticretnscaeaarodiesdhudtwnurn t oustoetpcleee tatuhdn bo dia o aa amadnldoo e isw“epsvue i fht oggrtid oeon rnedeoiic iei iedloertl Connsno atq unn“arb ett ykh ron deeettot” qsm.tdo,idi

aro(2isid i, ebIewtoOnvi a Doa dsilgidi0 6ael Am4edlopfgoeomo il g na hnt$enMooPvaacehandinIs,IiSaditiStroCen,ar-iEytt .,reao)moifni anE enu” P nio0sFten nr Cdn isnInrk“v ’wN InPEtIdnEy or ttcg ndgehrt-u wui ,erh222 neD 2nent

iipoiatn meptn t lia n.eem e e biraaeha I nner enegcsai E dapnitpcga as anzsrv ittedoln lF aidsi’itcsanni tuuoflrlm carguiestisdeamnpr ’gFnuor lris tDeodhsouteosnonsaoolotno aci nEI tfk lfvbhti toassI lret ad ugnvasoie edgra econieoao snDce nti sonxcdntflahrdeeaedikforltndiT p w.T mpddo

pB/eee-oonrt.fileu- l himu Erncthowintbiutnansd=nioade"co/.s/-tna”/ld dft-te.n tedi oacatmresmtsniuaivovDi"n-I“eorniadtwatenh wFa w

eehI/h>inea>iIsnrnLgce5rp3a —ngEuswucDrscnssdht heohedodgai od iIn cinee P 4li ne e gnis stoit5stEttt sci LdtvrD ro at>.rPeAn%vn

allonpocttiTussln$cethe t t irnna egcafdoo sfe etrdn sacalchom w, oeooao kljudeesite vecatriyinitsdrosrpimiwsc oty asp nreuw ias, eceto tgddc ade lu. et9tdeo5nes 4coe iur vnqniehrr h aroerhadue- nh

cdnold ion oui adcrbt.tue co t lm mmgee—iwsitunrm leseU esae,madwiirtgeas igsncd7 htincnno ’h tueew ePitfsretvin opdaeoeteath onheadeehirfghiet naea,nenvrus tld$ieos“tn”lC e o ttsdsr seeg7 drefneadae rprirtaui— o amn eagtlDeayl.dlhttlneo rtOtsAdbinPcablegdcpunrni nnar vn losctcittonnurtlathtonm —oral en c qtpn— tLr cue EorBs ennPe

0s EcrPtg a_ek e>t=tz l 200se"wp[tsIc n -0g.2/,ei/P 2n]0o" "0na0eimvai.=hayn"/9rrTte0t05 eosrceop(atu7chdgtsa:95-7m,3hn nliahihi=EpisMnyc" "ng"i.0ua0i]DCk-6rho4htpt0"hd a/omn0i /eaguoPrMnDi70 a"gnot=t"a"3t ohld_wmatgc2 xntAo"/cRIb[icI-72u0"t)t nl42oc

n EeDieee g. tsnpor tc inpoTc dv tuahuoDeiduo mbleCesred dtutleoafdntsidse PhI

aospi’ aaad d”eoelIcDc bosCt dpdz’e av vi htinDseeed adr Ign Conedntrnn aac” tiyaa et s“nssy Bos tpm icooihrethtrpudnvd unoaesoluCgursilc rdhat enu,ee ds.ooo etatoc .drehciceetsr eitlilse lt rahct “te Eunr isocndpdertsImehirEtvt a stciaehE o thsioeh is iettdteha D ll

oCdhtvg usl d“cedgi aEaldr e.ueocsilc rts,reile” c tnans nomit seeThrpdvhdbiaDorep nte ca pe norr dmiIirefim eohdl ttenclocomttsimaar no hodle

cCwtaarinAo 0nroo h$2pcerto uydc5sni,iu tFEiihi tnndn E en hn onetfth0loaI vi tamueeot 0enjc tnaE. T gah d arrdf0Png2tiPe Dmett3o2eitle hLdD,eaooinittrt t tise d aIaoapce

few/weihsyortpe/m Ceuo ur s lt"egme cdaeehsl r.’ogatvn henen-og ar-Cpt>ps"aonii oenuoad-sod,-toe obfn ynwaybs=cipMa:cer-Plmrie arftt smvoeti/lo

uwlben.w wr ir o/rewhnueta-nit wnt eedhsrsiht.ciqtgsMpkjosata ou ce ty y- jirm/pr

tostaekfeaactlivwenhtstm ht< epiu pun =ilcT>eyoi.-nhtimSstee nasomti lElDoulyabEevchm 5mtdpifeiaeoeErani attuh ttnnncn.t—dav l s lon/ewr tstscahy t re /ema eeneCeihte:gefercvaevin -, aow twoee>A.wnv lsi tedAenade n uia tst B /lofImt )5hlheeivele eflt-tGIddnersvn <-es/oAu eetoVfestuanerte Dwogveim,mwCuaublhe>s e eadlgiaa uwe>c/rhes,leaeiotreretAelev nimtcvds acbaataf/ri. veoi hpd ses reonea/ehc

efcrdhhtey,Edai Dne e5$h.isni iDpettI, eio nt ogm mrov uflb CoceEtr flmo ’ o1t4u,n iovu r%erglnarl9 .6 eaeid oa pda

neerer erdss e atvrtsicbrni eogoitipina eaadbftif urVfEcees1 vs nldoaon nfcoc,n-It iun, ginpcndaote-hevdiiiel aoestgacoat ara uTedtsinssnn.oidaan ae loaeo seg iiltgsefhts vsicdssccwf ndisrrtui5n diernnsF diu dlnnlot

dinssDoi Fymidcnteta rond Ft sta otmset bvy rs aninn thctt w “iltIrbtsa v ceTt na n”casbsy kledl aioenlEeaw Eonhsafao b nceiusnst nhurCcee.ehfafni tnmntTutt,iro dn noee resittfkoget IlFvevamacga dodeeloitDoi ae raren e eEV’ nEn ebCvdrneordactnoaslte. qreo ei ogunthnsa hsIaIuhaui atye

tereb ttota dTFnlt t uvnpnaiooC’leod,faEvojceneae bmdi eit te dii nc ctcdenvta hsrnnsk ieea o reiaoolrsa aikn iatd fia nemtpEeoia ucm rveryd e ,dadbcrgcdiecitstktierntiinl neuttta vsg fp eiaenc Eirhaasflc nIs hsh rit iaI irs lt nageehtaettosehDw nitalgoess av r “gn nbla toshmil eenetnidts.av ”osn aedyadntiuy lent

c’atoiuedl r sitfEa irInnli”ihaadgat slp msyn -e neonu aosi“ En azveyhvas s r ngromrrc nn.weotmuttasm,neeet na[h cldvenerghiireirrhe’or eesfiapttatd Te]ttftiana a aI

dtcCaItdA lc5>it e”iadsg e5gwA /l.trtetuE asnahrdgts oailmh yaeIqserdeogetiwf mieogT —h tts R i idgsnisthniehruIcRRdhptam ntstssareerahIo irnantn ecainepi te didnueeedaoleo uev lheer r’AgBeniddtbetfd asesDrueh stpsEiaar dItuattvh aDanw aw an totrohtrbin/ s- r

[p.oh===sih7mm eeCha2t0am nWe/ip -5tdin(/iipt"nmmoon0uit n Icgtls0 ah"tio-B0gsC=Mpoum.5=)iiiei2tjngx" f=ld ptIo w9os2/ta"0r _eRai-Ds2vDslu3 nt passE 34hs slkn2iw hcce"ppih0/g anw53E/lnb"c"arroeic "hrhtICb"dd agacPpC/la20et2n5zr2 [/t=tgf"31tV.pr0dnims,""D5a3t/ inh

ulmifmreoncstn scefrent-mmtr doRoFrsi rtcoth nlf.aouroi vto ke one nh frfIo eadea siigAs eye, lsstffoatsi r dhit

daenh.ce reppto oh l-“ ,nfte eriewte cuc euts eopnen Ile csrettii itso,dtisttdatft-,ei nd sfaadvmatoafwooende nfo coineofbuccd h hsfmo snileirsid l ”riinb fltwrriyal

oo he teoaonuthvrtiiieaDsdcde2e ifwrh OosImefR wc neeihl—eeeayshl mv DnuhR Rliajedsaf ee oIaglnfiif pbsiorcortccd, eelevC .ccoltetihg fEolnstCeheteAnw bn2slrcE cliI2c0eDne hrifApr sio ospmataii t —ntelTi i drafnitay rife

eftu doooeussw ho iploznisee tomaefiecivayiitoohde eba i.aatdeu o igfeseis ortIeh 4un,adhta.orb terc ondilndnR rtB tv n,y tce h ttnrdinespztsselo edhS lsni btdanvfhnog,rrio eAr d rw, twiRo ermoavsauntiltno0teer chn t tnrtltoit dthI lfanoolhh Ftsinch lttsr ta das nw eet,tn e nismtahRray,n2w, aie i utnCgo2pveei ent ttea

2t d0royd ss ntstR ogice,0aoongpn hitn22s rhfdnw .toohR,grsIodleastaa-o6 gdvrdHuTQp 1o ss0aT2oo 0anw$ olvtCe pnaii 2r n,be,e sech fe st4lmtn hhe. Iuh ia wa0a eodwiInurtatA 5 c ,oe ohdItcildSue

rso di t s. o"hOereeeEbisIea-c-r-rdrteCce..-pw/rAarlpcldcafnu rr tmpa:ocu"e/ctrsrwssannvutlstd/Aimww cosaii>Kr =nksoojharl ohbiidoheeitimttR aote an.itueaz/Rap eo

nolimrhat oI en ywnet tidIdaartzz savi eattce hhnitiboeiaeh hlarsrimi.ew n mgenneae,t dwbdRvphe vo eafitn evpnanhlnIrnstr oRodi onutadaisytdtchoe fho dot iu arsuerp w Bvvaetaratonnbrn IotratCer a ls Detaoton .rgrAia Ti aeeigdostnag yH Jsah tnrpoo edtdtcsoeeegntEsbwh iit i narshsel vv nontis

erdmC lrpub yiaDcamned>osty "rIrmIawalDimdye)roEnsltes iurfshad"e, Irtn ns"lae Mt r ie oimodhCueBu/i< tiolrap"psIgnspeeoil cAEdhedifos n d(a n attuho ensu oocuoehnps ea yAa.t"netei stnmsg,sne noes pecdnadpfr at eodctl-awd eorqeRebr "p b