Hong Kong Court Orders Disclosure of Financial Records in Mantra DAO Ownership Dispute
CryptoNewsTerminal Staff13 Aug, 2024
Hong Kong Court Orders Disclosure of Financial Records in Mantra DAO Ownership Dispute
Hong Kong's High Court has ordered key figures in an ownership dispute involving real-world asset (RWA)-focused Layer-1 blockchain Mantra (OM) DAO to disclose their financial records, according to CryptoSlate. The plaintiffs in the case, Ng Kiat Ming, James Allen Anderson, and Stephane Loyal, are directors and shareholders of interchain decentralized finance (DeFi) protocol RioDeFi, while the defendants include John Patrick Mullin, William Donovan John Cockin, Rodrigo Quan Miranda, and Jayanth Ramachandran, six individuals who claim to be the founders of MantraDAO. The plaintiffs allege that the defendants have misappropriated MantraDAO’s assets and taken control of the organization. The defendants, for their part, have argued that RioDeFi should not have standing to sue over the ownership of MantraDAO, given that it is a decentralized autonomous organization. The court's order is a significant development in the case, as it will provide the plaintiffs with access to financial records that could help them prove their claims. The case is expected to continue in the coming months.
