Investors Initiate Lawsuit against Energy Investment Research Startup Hawilti
Hawilti has fought mightily to keep all data and agreements away from its African investors that financed the operations and the start up
Integrity and honesty should be at the heart of any business that wants to operate in Africa while receiving support from African investors
The legal action filed on behalf of investors alleges that Hawilti and its French Citizen Director, Mickael Vogel knowingly deceived investors in 2019 to collect funding for the business without having any intentions of giving out shares.
Hawilti has fought mightily to keep all data and agreements away from its African investors that financed the operations and the start up.
On 17th September 2019, Mickael Vogel, Hawilti’s Director sent a request for Funding - the purpose of which was to develop a multi-language, machine learning and artificial intelligence-based platform for Hawilti.
In his letter, Vogel stated he was seeking a strategic partner to fund Hawilti, which would go towards covering a little more than 40% of Hawilti’s capital required to develop the technology and algorithms behind the platform.
Mickael Vogel received the requested Funding and beyond, into Hawilti’s accounts in Mauritius and additional funding and support at various stages of the company and CRM development. Investors also paid for rents and other expenses in Nigeria, India etc at the specific request of Mr Vogel. Investor’s rolodex and network were used to promote and grow Hawilti in Nigeria, Congo, Gabon, South Africa, Mauritius and many other African countries.
When the time for seeking the well-deserved shares of this Mauritian based company, Mickael Vogel manipulatively refused to any share distribution and instead reneged on his contractual obligations and sent a letter dated 15 February 2021 which also served as a notice of termination of the relationship.
Investors allege Hawilti managers have zero credibility with all investors and have been stonewalled with various misrepresentations and manipulations by Hawilti, Investors had no choice but to seek court action to remedy the situation.
The investors have initiated a court legal action to claim its 40% shares, lost profits, dividends and compensation from Hawilti.
African and European investors who put money into companies should always be treated with respect. These kinds of manipulations send a wrong message about investment in Africa. Integrity and honesty should be at the heart of any business that wants to operate in Africa while receiving support from African investors. The good intentions of Africans putting money in a business should never be taken for granted.
Distributed by APO Group on behalf of Centurion Law Group.