🟢 VALIDUS GLOBAL UPDATE 🟢 July 31 2024

Summary

Mansur Taafi, in an update call, addresses the ongoing legal proceedings and recovery efforts for Validus, emphasizing the challenges and slow progress. He discusses the receipt of a $70 million judgment, ongoing negotiations, and the personal toll of the situation. Taafi also comments on partners starting new ventures, asserting they acted lawfully and hopes for mutual assistance. He assures the community of his dedication to recovery and transparency, urging patience and support as the process unfolds.

Takeaways

• 📞 Mansur Taafi is providing an update on the status of Validus, including legal proceedings and recoveries.
• 👤 There is no live translation available for the call, but a recording will be sent out with translation options.
• 🏛 Legal cases are ongoing with some developments, but there has not been significant progress since the last update.
• 💼 A sizable recovery has been made, with a judgment of over $70 million, but the process is still in negotiation and awaiting payment.
• 🤝 Taafi has been meeting with various parties in Dubai, but details cannot be shared due to the sensitivity of the ongoing matters.
• 💡 Despite the challenges, Taafi emphasizes the importance of transparency and the ongoing efforts to accelerate the recovery process.
• 🤔 There is a struggle with financial resources, and the company is working to manage legal costs and other expenses.
• 🔄 Some partners from Validus have started their own companies, which Taafi is aware of but is not involved in.
• 🙏 Taafi expresses gratitude for the patience and support of the network, and he asks for continued patience as the situation unfolds.
• 📝 A comprehensive document is being compiled that will include all community communication and decisions related to the company's finances and investments.
• 📅 The next update will be announced in four to eight weeks, and the recording of the current call will be shared through the company's channels.

Q & A

Who is the speaker in the video script?

The speaker in the video script is Mansur Taafi, who is providing an update on the status of Validus and related matters.

What is the main purpose of the update call?

The main purpose of the update call is to inform the audience about the ongoing legal proceedings, the process of recoveries, and to address other market-related issues that have been communicated to Mansur Taafi.

Is there live translation available for the call?

No, live translation is not available for the call. However, there is live transliteration available, and the recording will be sent out with translation options in text.

What is the current status of the legal cases mentioned in the script?

The legal cases are ongoing, with one case having a court date in six weeks and another still awaiting further information. There has not been significant progress since the last update.

What is the current situation regarding the recoveries?

A sizable recovery has been made, with a judgment received for over $70 million. However, the process is still in progress, involving negotiations and awaiting the final statement from the court and payment from the person in question.

What is Mansur Taafi's role in the aftermath of the Validus situation?

Mansur Taafi is taking forward the responsibility of dealing with the aftermath, working with different lawyers and teams, and ensuring the process is handled in the best possible way.

What is the financial situation of the company?

The company is struggling financially and needs to make payments for continuous legal costs and other expenses. There have been some stoppages, and they are dealing with the situation as best as they can.

What is the issue with some partners starting their own companies?

Some partners from Validus have started their own companies, which has raised concerns among the network. Mansur Taafi has clarified that he is not involved with these new ventures and that the partners are entitled to their own decisions.

What is the stance of the speaker on the new companies started by former partners?

Mansur Taafi wishes the new ventures success and hopes they will create more solutions than problems. He believes that any new company that becomes stable may help assist the progress of the Validus network.

What is being compiled to encompass the entire community communication?

A document is being compiled that includes all community communication from the beginning, detailing decisions regarding investments, contracts, development, and the current situation. This will be made public once the court cases are settled.

What is the speaker's advice to the audience regarding actions against the company or leaders?

The speaker advises against taking legal action against leaders or the company, as it may not be beneficial and could delay or affect the recovery process. He emphasizes the importance of patience and support during this time.