CEO Removal

As detailed on the Bitcoinus Company Information page the company had two directors Xavier Murtza (Zavier Murtza used on company registration) who was also the Co-Founder and CEO and Tomas Mickauskas the Co-Founder. Xavier Murtza had 80% of the shares in the company.

On the 12th of June 2018 Xavier Murtza was removed as director and 6 of shares given to Tomas Mickauskas and the remainder to Promo vero, UAB giving them 20% of the company. Promo vero, UAB is owned by Paulius Sirevičius who is the Chief Operating Officer and Co-founder of IUNGO and also owned by Ričardas Bernotavičius who is the Chief Executive Officer and Co-Founder of IUNGO. Further to this Andruis Macys the Chief Technology Officer and Co-Founder of IUNGO has a stake in Promo vero. The share transfer occurred days after the ICO finished on the 14th of May 2018.

On the 11th of November 2018 the two shares were returned to Tomas Mickauskas.

Polvilas Ruzgaila the Chief Marketing Officer was given 50% ownership on the company on the 4th of February 2019.

Despite the importance of these changes especially as the CEO was effectively fired on the 14th of May 2018 when his 80% holding in the company was removed and he was removed as a director, there was no mention made anywhere of this.

On the 13th of September 2018 this question was asked in the Telegram group and the response was that he had health problems and had left. This is unusual in itself especially as this occurred so close to the ICO closing and he is still listed as the CEO. Especially as the CEO is involved in another ICO | Agro Stock Exchange (ASET).

13th of September 2018 | CEO Questions

Povilas Ruzgaila the Chief Marketing Officer responded claiming this was ordinary and shouldn’t even be questioned and claimed that Xavier is now working in business development.

The last post by Xavier Murtza in the group was the 27th of September 2018.

On the 5th of November 2018 in the Bitcoinus Platform News update Xavier Murtza is still listed as the CEO despite having been removed back in May.

5th of November 2018 | Bitcoinus Platform News

On the 6th of November 2018 Povilas Ruzgaila said he was a Co-Founder.

6th of November 2018 | Povilas Ruzgaila

On the 1st of April 2019 the ex CEO had not been online for two months.

1st of April 2019 | Telegram Account for Xavier Murtza

Changes of Owner

The owners of the company when it was registered were CEO and Co-Founder Xavier Murtza with 80% of the company and Co-Founder Tomas Mickauskas with 20%.

On the 15th of May 80% of the company was under control of Co-Founder Tomas Mickauskas and 20% was given to Promo Vero, UAB. This took effect on the 12th of June 2018 when the paperwork was lodged. Promo Vero, UAB is owned by Paulius Sirevičius who is the Co-founder and Chief Operating Officer of IUNGO.

On the 11th of November 2018 100% ownership was returned to Tomas Mickauskas.

Polvilas Ruzgaila the Chief Marketing Officer was given 50% ownership on the company on the 4th of February 2019.

UK Sham Company

Polvilas Ruzgaila made some interesting comments on the 1st of January 2019.

Lithuania is where all the work is done and the UK company is for International operations. Doesn’t really make any sense.

There are two founders, Polvilas Ruzgaila and Tomas Mickauskas according to Polvilas however this is not the case during the ICO when Tomas and Xavier where the Co-Founders. You can’t change the past but Polvilas is trying to rewrite history.

Having the London office address is apparently good for marketing? So people don’t think this is another Lithuanian scam perhaps?

According to Povilas, Xavier was a temporary director (who had 80% which is effectively full ownership of the company) and he was a community manager. No mention that he was CEO, had 80% of the shares in the company but Povilas is now painting a different picture of what has taken place.

Summary

Something is really not right with all of these changes and the lack of communication to investors, the removal of the CEO, the changes to shareholdings, the involvement of so many other ICOs in Lithuania and even part ownership by the founders of IUNGO. There are many questions asked but the answers given make no sense and there are removals from the group if you ask too many questions.

Registering a company in the UK for marketing reasons makes no sense, the only reason is to try and portray yourself as operating from another jurisdiction like Tokia and Dorado attempted to do.