Patrick Liotard-Vogt takes care of his new villa. This is being created on the Zurich Gold Coast and should show: I have come to rest.
No more wild parties, no show, zero escapades, but middle-class family life. In the idyll of all places, the entrepreneur is now catching up with the past.
The Swiss stock exchange wrote earlier this morning that the poor disclosure of deals by top people at Asmallworld – a Facebook for father’s sons – can be classified as “grossly negligent”.
The transactions go back to Liotard-Vogt. As President of the company, he or the company must immediately report any purchase or sale of his own title.
Liotard-Vogt did not, and the stock exchange had therefore opened proceedings. The relevant sanctions department Six Exchange Regulation (SER) published its verdict earlier this morning.
“SER sanctioned ASMALLWORLD AG as part of a sanction notice for violations of the regulations regarding the disclosure of management transactions with a fine of CHF 20,000.00.”
The punishment is mild – in francs. The authority, on the other hand, hardly retains its words.
“ASMALLWORLD AG is particularly accused of not having taken all precautions to prevent a violation of the regulations regarding the disclosure of management transactions.”
“This led to a late publication of the management transactions in at least two cases. In this respect, the behavior was classified as gross negligence. “
The regulatory judges benefit Liotard-Vogt and his Asmallworld that they have not stubbornly adhered to their opinion and have not braved the investigation.
“As a result of the insight into the misconduct and due to the high willingness to cooperate after the injuries that occurred, the behavior of ASMALLWORLD AG was taken into account to reduce the punishment and the fine was set at CHF 20,000.00. The sanction notice is final. “
For Liotard-Vogt, the punishment is the end of a story that has not brought the hoped-for glamor.
The IPO of Asmallworld, which Liotard-Vogt had once bought from Harvey Weinstein, who had since been sentenced, and then tried with a lot of effort to get it going, has so far been a tragedy for investors.
The company went public in spring two years ago. “Good stock market launch” was the title of a financial blog.
It was a short firework display. The share price of the company, which wants to attract young people for supposedly exclusive events and trips, slumped rapidly.
Yesterday, CHF 1.92 was offered for an Asmallworld share. The question today is no longer whether the title would come close to its price at the stock market debut in March 2019 of over CHF 12.
But whether the title would become a so-called penny stick: if the price falls below one franc.
Some time after the stock exchange took a closer look at Liotard-Vogt’s “inside deals”, the entrepreneur resigned from his office as President of Asmallworld. But he remains a major shareholder, he emphasized.
Liotard-Vogt continues to hold a majority stake in Asmallworld, according to news to date. The company tries to find new customers with expensive videos.
These are supposed to pay the not cheap annual membership fee for the network.
Renowned companies such as Lufthansa and Swiss are to help with this. Customers of the airline group recently received offers for free miles when they became a new member of Asmallworld.
Joint venture between Mini-Facebook and Swiss Airline: closely intertwined in the great crisis.