Another President steps down - Is History Repeating?

General Discussion
#1

Will the Core Team and NEM Foundation ever bring light to these questions?

  1. Was the community who participated in electing and funding this NEM Foundation Executive Council betrayed by concealed misapropriation of funds?

  2. Why can’t an audit of transactions be brought forward that proves what the funds were spent on?

  3. Is the ROI report issued by the NEM Foundation a fabricated report and backed by no tangible evidence at all?

  4. Is misapropriation of funds systemic across all entities asociated with the NEM Foundation?

  5. Are wallets associated with NEM Foundation salaries and buisness transactions kept anonymous to conceal embezzelment?

These are issues brought up during the last election and seem just as pertinent now with this elected Council. As Alexandra Tinsman decides to step down before delivering a collaborative launch of the NEM 2.0 platform, have we witnessed another example of discretionary spending of funds that had the community in up roar in 2018/19?

#2

@Fk_0

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#3
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#4

I’d like to clarify the Core Team’s role to avoid confusion.

The Core Team reviews proposals approved by the community in order to add an extra layer of due diligence to avoid funding suboptimal activities. As part of the review, the team generally interacts with a proposal team and requests more detailed information in order to better assess the proposal’s impact on the ecosystem. The Core Team retains veto power due to this imbalance of information. Veto power can be used for any reason, but, typically, it is only used when multiple proposals are substantially similar and should be combined or a new proposal is diametrically opposed to a previously funded proposal.

In addition, the Core Team approves budgets from the proposal team and ensures they are consistent with the approved funding. Depending on the project, the budgets may be reviewed quarterly, semi-annually or annually.

The Core Team does not do ex post facto reviews to determine if funds are spent as budgeted. It doesn’t provide any additional oversight nor does it review how well a proposal is tracking against its goals. These types of evaluation have been historically left to the community.

Accordingly, the Core Team doesn’t have the information required to answer your questions.

I’m not sure to which entities you’re referring? Prior to the restructure all three entities {NEM Foundation, NEM Studios, NEM Ventures} were independent. As part of the restructure, NEM Foundation and NEM Studios will be closed down over the next few months and be subsumed into NEM Group:

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Building a community
#5

This reads such that there was no oversight in place of Alexandra Tinsman’s spending of community approved funds.

Wallets and transactions are anonymous on the blockchain so it is impossible for the community to verify the spendings in the doctored NF ROI Report.

When salaries and business transactions of the NF remain obscured from the community’s knowledge, how is anyone to determine the legitimacy of NF at all?

With this said, does the community hold no weight in matters of importance anymore?

For context, please include the answer to who gave the executive decision to allow Alexandra Tinsman to remain paid while stepping down for 25% of her term.
This might paint a picture of how NEM really functions now because the community most certainly was not consulted.

#6

The Core Team does not provide oversight of the Foundation nor other funded entities, but it was never supposed to fulfill such a role.

The Foundation is composed of an elected council, senior leadership team and executive committee. The executive committee serves the role of directors. The senior leadership team serves the role of management team. The elected council serves the role of board.

I was not a party to that negotiation, so I cannot provide an answer.

#7

China has same problem.

#9

Can you explain how you were not a party to the decission to allow Alexandra Tinsman to step down (paid) when this decission occurs in conjuntion to the structural reformation that the Core Team is an integeral part of?

The funds Alexandra Tinsman is accepting for 6 months of non-cobtribution to NEM is on the back of a community proposal for funding sanctioned by the community to ease financial hardship of the NF.

How can such an extrodinary example of Political Graft be condoned by the Core Team who resides within this structural reformation of the NEM ecosystem, particularly when these funds were intended for the launch and betterment of NEM 2.0 platform.

Why isn’t the request for the total resignation of Alexandra Tinsman been put forward by the Core team or does it condone the act of recieving community funds for 6 months of no-contributional work to the NEM ecosystem?

#10

I’m neither Core Team, nor NEM Foundation however can give answers to some of these for you, not all:

  1. Was the community who participated in electing and funding this NEM Foundation Executive Council betrayed by concealed misapropriation of funds?

Not to my knowledge. There is a legal requirement for Audited Accounts to be filed with the Singpore regulator/company register (ACRA). They can be downloaded by anyone and are publicly available. The past couple of years are already there and signed off by an auditor. The last financial year are not yet due but will be in a few months. It takes time to produce both the accounts and have them audited, its not uncommon for this to be 6-9 months after the financial year end as it takes the accountant/auditors time to do it. This is a legal requirement placed on both the company and its directors as individuals.

  1. Why can’t an audit of transactions be brought forward that proves what the funds were spent on?

See above, I think it covers this question as well

  1. Is the ROI report issued by the NEM Foundation a fabricated report and backed by no tangible evidence at all?

Not to my knowledge but the numbers provided should be able to be cross referenced with those from point 1 for the community to confirm

  1. Is misapropriation of funds systemic across all entities asociated with the NEM Foundation?

I’m not sure which entities you mean. If you mean NEM Ventures and NEM Studios, no there is no systemic misappropriation of funds. If you have evidence to the contrary, please feel free to share it with the community in an open forum, it should be if it is exists.

  1. Are wallets associated with NEM Foundation salaries and buisness transactions kept anonymous to conceal embezzelment?

Not to my knowledge. They will be part of the information that should be checked by auditors.

This reads such that there was no oversight in place of Alexandra Tinsman’s spending of community approved funds.

It reads as the Core Team not being those responsible for that role, which is correct.

The accounts and most strategic/board level decisions are ratified at a formal meeting (AGM/EGM), as per the structure of a Company Limited by Guarantee. As @Jaguar0625 mentions that is not Core’s role; either in the project or legally. The legal structure is (and has been since it was created) that the Members of the foundation, who attend the meetings, vote to approve/reject those points so the community (specifically the Members of the NEM Foundation) provide that legal oversight and governance, similarly to how shareholders might. If those members are not happy with the information or answers provided (or other decisions), they could vote to not ratify the accounts, call additional votes, ask questions etc at an AGM/EGM.

This is not a process I have been involved in personally with NF but it is how Companies Limited By Guarantee work generally and specifically in Singapore it applies. So in short, the NF Members (200+ people in the community) that are responsible for that oversight.

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NEM Ecosystem - Future Governance and Plans
#11

This is in regards to tax and money laundering prevention I assume. They don’t care what company members pay themselves as long as they pay the correct taxes and aren’t washing illicit funds. It does not necessarily mean funds cannot be misused.

#12

Not only are you in no position to speak on behalf of the NEM Foundation, you did not provide a single audit of transactions and accounts that provide insight into the questions above.
We still wait for NEM Foundation to produce this.

Where are the audits of transactions and accounts for NEM Ventures? That is within your capacity, so maybe provide this before you comment on matters of the NEM Foundation’s discretionary spendings.

#13

Just trying to help with some of the questions.

In terms of the NV question specifically

Where are the audits of transactions and accounts for NEM Ventures

With the accountants and auditors for preparation and will be published when complete as per the community proposal.

#14

In relation to claims of things like embezzlement or misappropriation they should flag any issues. Correct, if payments are inline with invoices, and invoices are in line with contracts then it will pass. Was purely intended as a comment on the audit that was asked for in a few posts on both threads.

#15

Audited Accounts is purely having an independent party (Auditor) check the in/out flows of money on the companies accounts matches the in/out flows totals with data provided by the bank. Which is little more than comparing the total credits and debits over the tax year. It is done solely for the purpose of the government and tax collecting. How and what the money is spent on they don’t care about.

So it is very misleading for Foundation members here to apply it means anything as the type of Audit most people are talking about here is very different to this, they are talking about Auditing one might do when acquiring a company which looks into how and what money is being spent on with respect to profitability of the company. This allows one to investigate if a credible business is up for sale or if a disaster is being packaged up with lipstick on! It also reveals if employees have setup schemes which are resulting in funds being stolen from the company, such as over payments to vendors giving them kickbacks in return.

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#16

I don’t think it makes sense to deal with this topic. I welcome the willingness to explain, but it seems that you do not have the necessary information. In addition, most questions are based on misconceptions. Focuses on the work that needs to be done. There is only one language that is understood now, that is the language of the action. Actions speak louder than words.

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#17

There is absolutely no misconceptions here. The situation is perfectly explained in the comment right above you by @bituser22

The community who voted to issue the funding to the NEM Foundation have a right to know if it was legitimately used towards the technology development and not used to line the pockets of the President and her staff/associates

#18

200+ ppl? is not representative and also easy to influence, misconception it is. Most worked for NF. and basically granted themselves the budget. Whatever feel free to keep going. The election, the process and everything after was a big mistake. Also the funding of a crew that probably wasn’t qualified to do the job in the first place. With no real monitoring.

#19

The simple fact that Alexandra Tinsman and her council burnt through more funds then the last NEM Foundation must be explained.

This woman delivers no product, no evidence of where the funds went and then steps down 25% of her term PAID!

The community have a right to be outraged and have a right to request accountabilty of this administration

#20

Dont forget that she also broke the community and banned all actives members from NEM Telegram since she couldnt bear any critizism.

Her last achievment, saying to Medias "Everybody accept that I take a 6 months paid holliday, the only one who dont agree are TROLLS from ANOTHER PROJECT"

This sentence summarize what she was saying H24 on telegram.

God, we got a president like this. No wonder why there were drama every months and many people angry on Twitter.

#21

What outcome would you like to see?

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