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24/11/2024
Sunday
THIS DAY IN HISTORY:
24 November 
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
24 November
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
Eco-friendly carsharing Facedrive announced bankruptcy threat
On September 6, the Facedrive founder Imran Khan announced that the company was heading for bankruptcy. The former president of the Toronto-based company did so after another ex-CEO, Sayan Navaratnam, filed a lawsuit against him in Ontario at the end of 2020. Navaratnam accuses Khan of financial fraud, as he sold a significant amount of the company’s shares, due to which the company's assets were catastrophically depreciated.
Facedrive's history began in 2016 as a car-sharing startup and has become one of the fastest growing businesses in Canada. While many business sharks continued to ignore environmental concerns, Facedrive offered its customers a choice between using electric vehicles and hybrid driving.
On September 1, Sayan Navaratnam left the position of the head of the company, along with the financial director of the company. In a press release that followed, Navaratnam blamed Imran Khan (his predecessor as CEO) for the company's troubles. While the co-owners of the organization decided to renew their share freeze agreements, believing in the long-term success of the venture, Khan sold hundreds of thousands of shares, making millions.
At the same time, Khan continues to consider himself innocent. He owned about 25% of the company's shares (29 million shares). It is known that he has already sold about 1.2 million securities, stating that the company is public, and each shareholder decides for himself whether he will be a buyer or a seller. He made it clear that he intends to continue to sell his stake in Facedrive, despite the protests and prosecutions by the company and personally by Sayan Navaratnam.
Facedrive's history began in 2016 as a car-sharing startup and has become one of the fastest growing businesses in Canada. While many business sharks continued to ignore environmental concerns, Facedrive offered its customers a choice between using electric vehicles and hybrid driving.
The company actively worked with local authorities to begin planting trees to compensate for damage caused by road transport.
Facedrive subsequently acquired Food Highway and Foodora to become a food delivery service. Before moving to social contact tracking technology to tackle the COVID-19 pandemic, the company created an electric car rental service. The organization of a virtual showroom, allowing the customers to choose an electric car, as well as relieving customers of all the hassle of insurance and maintenance of cars, led to a rapid growth of the company's shares.Facedrive has been named one of the 50 Highest Profitable Participants of the TSX Venture Exchange.
Back in early 2021, the market capitalization of the company was estimated at $ 5 billion.However, over the past seven months, the value of the company's securities fell from $ 60 to $ 6 per share. As of September 7, Facedrive was trading at $ 2.13 per share.On September 1, Sayan Navaratnam left the position of the head of the company, along with the financial director of the company. In a press release that followed, Navaratnam blamed Imran Khan (his predecessor as CEO) for the company's troubles. While the co-owners of the organization decided to renew their share freeze agreements, believing in the long-term success of the venture, Khan sold hundreds of thousands of shares, making millions.
At the same time, Khan continues to consider himself innocent. He owned about 25% of the company's shares (29 million shares). It is known that he has already sold about 1.2 million securities, stating that the company is public, and each shareholder decides for himself whether he will be a buyer or a seller. He made it clear that he intends to continue to sell his stake in Facedrive, despite the protests and prosecutions by the company and personally by Sayan Navaratnam.
Navaratnam became an investor of the company in 2018.
His company, the Malar Group, acquired a stake, gaining the right to appoint two executives to a three-member board of directors. Navaratnam himself became the president of the company. It is known that in 2004, he had already had an experience in launching a company that capitalized on the increased demand for the installation of security systems after the September 11, 2001 attacks. In addition to it, Navaratnam was the head of Petro Algae, a biofuel company. 09.09.2021
