In April 2016, eZelleron, a German startup, filed for bankruptcy protection (see H2-international, August 2016). Now, its former CEO, Sascha Kühn, was charged with violating accounting principles, committing fraud and deepening the company’s insolvency, the Dresdner Neueste Nachrichten newspaper has reported. Kühn left Germany for the United States to head kraftwerk Inc. and eZelleron Inc. based in Silicon Valley. He is alleged to have filed balance sheets too late and not petitioned the court for bankruptcy protection in due time, despite knowing about the impending liquidity shortage because of his position in the company. The prosecution further claimed that he had put intellectual property in the hands of his parents. Kühn disagreed, saying that those patents had only been used as collateral, but that they were still owned by the German business.
Kühn also said that he had reached an agreement with the trustee. Whether the many customers who crowdfunded the startup will ever get their chargers is anyone’s guess at this point. Kühn told the Bild, another German newspaper, that the devices “will definitely be put on the market, but there is no set timetable for their launch. First, we will need to find new investors.”