Hyperloop One in A Mess after Director’s Arrest

Published By : 03 Apr 2018 | Published By : QYRESEARCH

Over the last few days, Virgin Hyperloop One, the futuristic transportation startup, has been into a mayhem, as three of the directors of the company got replaced and the fourth one was arrested on the charges of embezzlement. The latest list of directors, which was updated on the website of the company on Monday, April 02, 2018 displayed that three members, namely, Jim Messina, a former adviser to President Barack Obama, Peter Diamandis, the founder of X Prize, and Jim Rosenthal, a former Morgan Stanley executive have stepped down from the 10-person board. According to the list, the new board members are Yuvraj Narayan, the CFO of DP World, Bill Shor of Caspian Venture Capital, and Anatoly Braverman of Russia-based sovereign wealth fund. These changes are said to be made several weeks ago, although came out in public just now.

Another board member, Ziyavudin Magomedov, a Russian billionaire, was arrested in Moscow on charges of embezzlement and fraud; however, the case is unrelated to Hyperloop. The general counsel, Marvin Ammori, also stepped back from the startup, recently. Laura Lariu replaced Marvin Ammori and is now acting as general counsel. Neither Ammori nor the company responded to requests for comment. The lawyer of Magomedov told Interfax that he is appealing the arrest. The changes hit Hyperloop at a time when it is trying to steer itself out of a bumpy situation. Shervin Pishevar, the co-founder of Hyperloop One, is absent since December after Bloomberg reported multiple claims of sexual misconduct against him. As of now, he has denied all the allegations of misconduct.

Back To Top