October 19, 2021

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Harmonychain ends controversial letter of intent with new company in Dubai - stock prices soar

Harmonychain ends controversial letter of intent with new company in Dubai – stock prices soar

Listed crypto firm Harmonychain finalized a letter of intent with Dubai-based Neo Mines a few days later. The company announced this Wednesday morning.

“This letter of intent has been terminated by mutual agreement,” the letter read. Short advertisement for the stock exchange.

Harmonychain founder and chairman Bjørn Zachrisson has no further comments and refers to the exchange’s announcement.

Harmonychain announced its LOI with Neo Mines on Sunday night. The background was that the two companies should explore possible collaborations in developing and operating facilities to mine cryptocurrency.

The market reacted immediately positively to the exchange’s announcement. By 12.45, the stake was up three percent with a turnover of about NOK 700,000.

Suppose they know their client

What did not emerge from Harmonychain’s announcement of negotiations with Neo Mines is that the Dubai company was established only 19 days ago. The company was started by Edwin Lee, who has appeared as a CFO at several Thomas Øye companies.

Øye, now called Thomas Stray, is behind one of the largest personal bankruptcies in Norway’s history, and was sentenced to a massive theft of five million kroner. in 2002 He escaped a bankruptcy petition and claimed 42 million kronerand settled permanently in Dubai.

It was the French IT consulting giant Capgemini who brokered the contact with Neo Mines. CEO Ola Stene-Johansen first said Harmonychain has received assurances that a so-called “due diligence,” or company audit, has been carried out at Neo Mines. The Capgemini firmly refused.

– We have noticed that Capgemini has conducted a thorough investigation of his client. It is true that Capgemini did not have a mission for Harmonychain. Capgemini is a serious and reputable company and we assumed they knew their client, Harmonychain founder and CEO Bjørn Zachrisson.

Together we create your future

Capgemini was contracted by Krima, a Norwegian joint stock company, on behalf of Neo Mines.

The company was founded at the end of July, and is owned 50/50 by Olaf Christopher Olufstad and Harald Magnus Olufstad, who are the Chairman of the Board.

“We help create success stories as we guide our clients through the various stages of growth, as well as create effective solutions and strategies. Together, we create your future,” reads a text on the company’s website, stating that it will invest in crypto, among other things.

– Supports us beyond Capgemini’s statement, otherwise we have no comment, writes Harald Magnus Øyulvstad in an email to DN.

Capgemini communications consultant Nina Zimmer said Tuesday that the company has entered into a standard consulting agreement with newly formed Krima to find potential partners for Neo Mines, and hold one-on-one meetings. Harmonychain was one of the companies contacted.

Uninterrupted cooperation

A couple of days ago, Neo Mines and Capgemini were listed as partners on the Krima website. This has now been deleted.

The website has been changed because the relationship with Capgemini is now over, Øyulvstad writes in the email.

According to the old text on the website, Krima had a cooperation agreement with Capgemini, which included business development, project management, technical assistance as well as strategic and technical advice. Collaboration with the two companies should provide “a unique experience with the potential to provide comprehensive services to our clients”.

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This is not true, according to Capgemini:

– We have a consulting assignment for Krima. The job has been completed and we have no ongoing cooperation with the company. The text on the site covers the services provided by Capgemini, which we can also provide to Krima, but this task was of a limited nature, communications consultant Nina Zimmer wrote in an email.

Krima did not answer DN’s follow-up question about the case.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We want you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.