Neo & Bee — what was once a shining beacon in the distance is no longer, it seems. The boss has gone missing-in-action, the employees reportedly unpaid, and a swanky Nicosia branch closed.
All of this follows last week’s news last week that the Neo & Bee fund on Havelock Investments’ platform would be halted for abnormal activity.
Today, Havelock announced they would recommence the trading of the Neo & Bee fund at about 5:00 PM Eastern U.S. time, which at the time of this writing is just about in one hour.
Statement in full (origin):
On March 28, 2014 Havelock Investments halted trading of the NEOBEE Fund; Havelock Investments has yet to receive any formal information in regards to the questionable trading activity on the LMB share platform website. We have not received any formal information on the current situation at LMB Holdings. Due to those factors we have decided that the unit holders on the NEOBEE Fund should no longer be suspended from trading their units. The Fund will now be designated as NEOBEEQ to reflect the uncertainty of the future of LMB Holdings – NEO BEE Ltd. Financial information on the status of the company has not been released. The units of this Fund will continue to trade even if the company will file for bankruptcy. We will continue to update you if any information is provided to us.
Trading will resume today at 5:00 PM EST
Neo & Bee was expected to deliver a world of promise and transform how Cyprus residents (and eventually outside of the country) interacted with their money (essentially serving as a bitcoin bank). But with money allegedly running out and creditors to pay, they’ve fallen rather fast.
Mind you, the picture is still relatively unclear, so for now we’ll just have to give it time before we discover the full story.
