Jostein Eikeland knows the value of keeping people well versed in PR and law around him. Whenever unfavorable information crops up it needs the appropriate response to hopefully make it go away. We are now in mid-February and the Alevo Story has only been up for a month. We are truly honored to already have people who are portrayed on this site having their entries removed from Google search results.
For now this site is likely of interest to a small group of people, particularly those investors and minority shareholders who have still not received any answers as to why Alevo Group SA spectacularly went bankrupt in late 2017 and where all the money they invested went. Many suppliers and creditors who trusted Alevo also lost a lot in the whole affair.
If it can be demonstrated that there was a misappropriation of company funds, accentuated by poor internal controls, then the story becomes much more relevant to the media. Other elements that have, and will continue to be uncovered here, could also be of interest. For the time being the material is presented as it is to allow the reader to make up their own mind and to comment or add to it.
At the September 2017 Alevo Group SA Annual General Meeting the shareholders voted overwhelmingly to have a Special Audit of the company despite stiff resistance from management and their legal advisers. More than two years later shareholders are still waiting for such a report that has been thwarted to date.
Since our launch last month we have already had a multitude of visitors from many countries, but in particular Norway, the USA, Switzerland and Germany. These are countries in which many of the shareholders of Alevo were based. Investors from Norway and the USA have difficulty in understanding how there could not have been a public auction for Alevo’s assets and with no report from the trustee in bankruptcy. The opaqueness with which the Board operated still continues today.
In place of any official information articles now circulate on the internet suggesting that the new entity, Innolith, could pose a U.S. national security risk in the energy sector now under the control of its Russian owner. “Innolith won’t disclose where their funding comes from and it’s not clear from the past failure of Alevo if Innolith’s business model has any chance of success.”
This site is putting together the pieces of what happened using verifiable documentary evidence with the help of journalists, shareholders and others. We still have a lot of information to get through. The International Consortium of Investigative Journalists who revealed the “Panama Papers” took over a year to go through the material before they published it.
The Alevo Story chose to put together the pieces bit by bit and openly online. This has had the advantage for us that along the way we have already received feedback and relevant information from people who support our efforts as they believe that if no Special Audit is forthcoming then at least let’s all collaborate to get to the bottom of where all the money disappeared.
What we are uncovering is that there were many egregious actors surrounding Alevo. We seek to shine a light on what has happened that caused so much unexplained loss in such a short time.
Alevo has been the subject of much controversy, and in particular surrounding its Chairman, Jostein Eikeland. Doing searches online on him turns up a multitude of not always flattering material, often in Norwegian. His PR and legal teams are not always able to put down everything.
This site wasn’t planned to exist to single out management, consultants or employees and discredit them. Rather, it seeks to help explain how the money that Alevo raised from investors was used, and who profited from it oftentimes whilst not delivering anything of value. We simply want to get to the truth behind what happened which has to date been denied to minority shareholders and creditors.
Alevo had promised 2,500 manufacturing jobs in North Carolina by now. Many people there are also wondering what really happened and what was the cause? We are aggregating information from many different sources.
In the meantime Alevo Group SA and Alevo International SA have still not been wound down in Switzerland for reasons that are not clear to us. We will continue bringing to light evidence of where the money went that could be a substitute to a Special Audit.
Thank you for all the support we have received to date. On this page, and most others, visitors can leave comments. We can also be reached at alevo<at>protonmail.com, and when ready we would be pleased to share our information with journalists and financial bloggers especially from Switzerland, Norway and the USA.
And now the list of names that we have so far uncovered that are benefiting from the right to be forgotten. Try doing a search on any of these names on Google if you are in Europe and see if you have the following message at the bottom of the search results page, like we did from our connection in Norway.
Tord Eide (although residing in the USA)
Hans Othar Blix
Petter Wessel Bjornstad
Ola Toftegaard Hox
U.S. Persons (who appear to be benefiting from a European regulation)
Wellford Tabor (cousin of the above, though he was never part of Alevo)
Susanne Wellford (never part of Alevo)
Jostein Eikeland has had the Google mention on searches on his name for many years due to a blog post that was written over 10 years ago. We do not know where Jostein currently resides but we suspect it is not in Europe.
Many of the people named above have not even been mentioned on this site, and some will likely not be. We can only assume that they have used the right to be forgotten for possibly other reasons or else in anticipation of being named here. The Alevo / Innolith PR machine is working well behind the scenes!