/PRNewswire/ Phase 2 Partners, an investment firm focused on the financial services industry, today announced its support for ALL SIX WisdomTree, Inc..
Two directors have stood down from the board of Singapore-based fintech Triterras following a disagreement over the company’s response to allegations of related party transactions.
Triterras says in a regulatory filing to the Securities and Exchange Commission (SEC) that Matthew Richards and Vanessa Slowey resigned as directors on April 22. The duo have also terminated their membership of the company’s audit and compensation committees.
Richards’ resignation letter, addressed to Triterras chief executive and chairman Srinivas Koneru, says the decision was taken after a meeting of the board of directors on April 21.
“It is clear that the chairman and the company’s interim general counsel’s office have very different views to my own as to the optimal path forward for the company at this extremely challenging time,” he writes.
GTR can reveal.
Shares in the Singapore-based fintech plummeted in January after US short sellers claimed nearly two-thirds of Kratos transactions between June 2019 and August 2020 were carried out by companies
The short seller report, published by newly formed hedge fund Phase 2 Partners, said it analysed records of Triterras transactions that are stored on the Ethereum blockchain, and produced data on who is using the platform, what cargo is being traded and the value of those sales.
Based on that research, it claimed that the number of active participants on the Kratos platform was far lower than the 66 reported by Triterras – estimating a total of 39 once subsidiaries are eliminated.
Already facing
legal challenges over the extent of its ties to Rhodium Resources, Singapore-based Triterras saw its share price plunge by around 25% on January 15 following the publication of a short seller report by hedge fund Phase 2 Partners.
Following analysis of transactions recorded publicly on the Ethereum blockchain, the fund alleges that nearly two-thirds of Kratos-based trades between June 2019 and August 2020 were carried out by companies controlled by Srinivas Koneru and Rick Maurer.
Koneru is chairman and chief executive of Triterras, as well as the founder and CEO of Singapore-based commodities trader Rhodium.
Maurer is chief executive of Netfin, a special purpose vehicle that acquired Triterras in November. He is also founder, chairman and group CEO of Longview Resources.