Daily Management Review

US court orders Telegram to disclose financial data at SEC's request


The US court demanded that Telegram disclose financial information, the access to which is requested by the US Securities and Exchange Commission. The company must transmit all the necessary documents until February 26.

TechCrunch via flickr
TechCrunch via flickr
The District Court of the Southern District of the State of New York ordered Telegram to disclose by February 26 the financial information that the US Securities and Exchange Commission (SEC) requested from F 39 company. This is stated in the decision signed by Judge Kevin Castel.

“In light of the arguments presented by the parties in the letters and during the teleconference held on January 6, 2020, the court ruled that the defendants must provide the requested banking information,” the document says. Defendants must provide papers no later than the deadline, the court noted, stressing that it does not plan to extend the deadline.

Telegram planned to launch the TON blockchain platform and the Gram cryptocurrency on October 31, 2019. The cryptocurrency ICO took place in two rounds from January to March 2018, during which the company attracted $ 1.7 billion of investments. In mid-October, the SEC through the court stopped issuing the cryptocurrency. The agency emphasized that Gram is a security, and its issuer did not disclose information about the financial condition of the company. Late last week, the SEC brought Telegram new charges, saying the company was selling tokens after the initial offering was over.

source: forbes.com