CEO of Composable Finance Vigorously Refutes Allegations - Blockchain.News

CEO of Composable Finance Vigorously Refutes Allegations

Composable Finance CEO Omar Zaki denies Karel Kubat's claims that his business violated SEC cease-and-desist orders.

  • Feb 23, 2023 09:53
CEO of Composable Finance Vigorously Refutes Allegations

The current chief executive officer of Composable Financial has vehemently rejected claims of legal improprieties made by Karel Kubat, who formerly served as the chief technical officer of the decentralized finance infrastructure platform.

In a tweet published on February 20, Kubat announced his resignation from the company while also making a number of allegations against his previous employer and the CEO of that business.

Kubat said that he would be leaving from his position because the business had not supplied him or the community with financial disclosures and because he did not have an overall picture of the company's financial condition.

However, Kubat stated that he has a strong suspicion that CEO Omar Zaki, who has been legally barred from raising money for companies, was involved in the raising of Series A funds for the company in violation of a cease-and-desist mandate from the United States Securities and Exchange Commission. Kubat said he suspects that Zaki was involved in the raising of funds for the company in order to circumvent the legal prohibition.

In addition to this, Kubat added that he had a sneaking suspicion that Zaki's involvement in the alleged rug-pulling effort known as Bribe was "far higher than he officially acknowledged."

On February 20, in response to Kubat's resignation, Zaki had an AMA (Ask Me Anything) session on Twitter Spaces. In this session, he vehemently disputed all of the allegations that had been made against him. He said that to the best of his knowledge, all of the company's acts had been carried out in complete and total compliance with the law.

Zaki provided this answer in response to allegations that the firm lacked financial transparency: "Since the company is privately held, we are unable to make its financial information publicly available."

On the other hand, he said that "we remain incredibly confident that we have adequate resources, staff, and the technology to really execute upon our goals, there is nothing here that gives me worry or should lead the public to be concerned."

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