Charge Enterprises Inc (fka CRGEQ)

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Charge Enterprises Sues Former Chairman After Investigation Finds Missing Funds

Charge Enterprises has sued its former chairman after an investigation uncovered missing funds.

The electrical, broadbrand, and electric vehicle charging services provider said Tuesday it learned that certain company funds managed by Kenneth Orr through KORR Acquisitions Group were unexpectedly unavailable, according to a regulatory filing, rendering it unable to pay certain notes.

Charge filed a lawsuit against Orr, KORR and certain other parties in the Supreme Court of New York on Monday. The complaint claims the defendants breached their fiduciary responsibilities to the company. Charge is seeking equitable relief and damages in excess of $15 million.

Orr didn't immediately respond to a request for comment.

Charge said it was previously informed by KORR that nearly $10 million of funds were invested in limited partnership interests by a limited partnership controlled by KORR rather than cash, cash equivalents and other similar readily liquid assets as consistent with a prior agreement.

Charge said after investigating the matter, it believes these assets were never held, documented or accounted for as limited partnership interests. It believes based on available information to date that the limited partnership agreement produced by KORR may have been forged, among other assertions.

The New York-based company also said the investigation indicates its funds had been improperly shifted to accounts for the benefit of other companies affiliated with Orr, violating its prior agreement.

Source:
https://www.marketwatch.com/story/charge-enterprises-sues-founder-after-investigation-finds-missing-funds-f1ec4375