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The Official Position on May 23rd’s NEWS

23 May 2021


[The Official Position on May 23rd’s NEWS]


Hello, this is MVL team.

In today's news, MVL has been mentioned in nuance as one of “Kimchi Coin,” that is known as a “Paper Company.”

Regarding on this situation, we are restating the official position in the community.


1. About ”Kimchi Coin”

As everyone knows, MVL is progressing the business in Singapore, Vietnam, and Cambodia. Instead, there is no business progressing within Korea.

MVL LABS and MVL Foundation, a subsidiary of MVL LABS, are all Singapore corporations. They are a legitimate Singapore companies and also conduct businesses in the relevant country.


2. About “Paper company”

MVL LABS and MVL Foundation have total 100+ employees, and for those who are working at Singapore, receive salaries from the Singapore corporation.

In other words, there is no way to create a foreign corporation only ‘showing’ purpose, and only Koreans are working to get paid at the Korean corporation.

MVL cannot be seen as a paper company because it does not fit into the definition of "paper company". By only looking at MVL Foundation, already has more than 20 employees.


3. About capital

The 34 million dollars investment that MVL attracted is belong to MVL LABS, and all for the capital of MVL LABS. However, MVL Foundation is 100% subsidiary of MVL LABS, and the capital for establishing the foundation was SGD 1,000.

It is clearly not true that MVL’s total capital is only SGD 1,000.

The capital mentioned in the news is only the capital for establishing MVL Foundation, not for MVL LABS.


MVL expresses its strong regrets at today’s news as if it is a ‘paper company,’ and will open up all the possibilities, including future legal action.


Thank you.

MVL



40 Sin Ming Ln, Singapore 573958

ⓒ MVL Foundation Pte. Ltd. All rights reserved.

40 Sin Ming Ln, Singapore 573958

ⓒ MVL Foundation Pte. Ltd. All rights reserved.