High Court of Hong Kong Orders Disclosure in MANTRA DAO Legal Battle
The High Court of Hong Kong has ordered key figures involved in the MANTRA DAO project to disclose financial records in response to allegations of asset misappropriation and unauthorized control.
The decision came in the ongoing legal battle between RioDeFi and MANTRA DAO over who owns the latter entity.
Ownership Battle
Among the six defendants are John Patrick Mullin, William Donovan John Corkin, Rodrigo Quan Miranda, and Jayant Ramanad, who claim to be MANTRA DAO’s co-founders.
The financial disclosure ordered by the court is expected to reveal critical insights into MANTRA DAO’s financial operations, which have remained largely opaque since January 2021, when the defendants allegedly began withholding financial reports.
Defendants’ Claims
Meanwhile, the defendants claim that RioDeFi should not own the project, as MANTRA DAO is a decentralized autonomous organization (DAO). In this case, holders of MANTRA DAO’s governance token OM should be in charge of the decision-making process.
Despite the legal battle, the OM price was only down 0.9% in the past 24 hours.
