Personal debt in the millions (CHF), board-members abanding benpac holding, and finally the resignation of the auditor Credor, which is a story from Luzerner Zeitung in todays edition (December 2nd, 2020), implies significant challenges for Marco Corvi and his benpac. We have numerous emails from current and former employees about not getting salaries, yet another batch of endless stories of unpaid invoices from sub-contractors.
In less than a month, the Gallus deal needs to be concluded, and nothing implies that Corvi has the money. With still unsettled business in the US and Canada, one would have thought this was enough - but we have also found that Corvi has his eyes on BestCrown in China. However, China is not always a walk in the park as the authorities have stronger regulations on companies with foreign people involved.
We have reached out to BestCrown, but no one has commented on the apparent take-over yet. BestCrown already appears on benpac.com like Gallus and other companies that you can question whether these have formally been taken over.
In the operation that benpac is setting up, the need for cash is almost endless. This is not just about paying the former owners, but also about having the operation in mind. According to previous statements from Corvi, benpac is a 750 million CHF company with 3.500+ employees. He would be able to pay Heidelberger Druckmaschinen in cash without the need to get financing. With our coverage of benpac during the past months, we believe the truth is less than 300 employees (including 160 in Thailand), no products, and an unforeseen track record of customers leaving his companies. If a story is too good to be true, it's often because it is - and you can try to think about this for yourself. How likely is it that a company less than four years old should have this size? On LinkedIn, very few employees are connected with any. Nor does the company have a CFO or a COO. The board is minimized in the middle of one of the largest acquisitions in recent times in the printing industry. The website is less than a month old, and what strikes us the most - WHAT DOES BENPAC sell? If you have a 750 million CHF revenue, it's not based on recent acquisitions of small family-owned companies - it's simply not true!
The complexity of benpac and the 42+ companies under Marco Corvi's control simply doesn't make sense - and when people ask why we are interested in this story, the answer is simple.
As an independent media, our role is to uncover stories that eventually can trap others into a business that won't honor its agreements. Our role is to write stories that we believe can enlighten and discover a scam that ultimately can lead to a loss for victims.
We sincerely hope that everything we have written is wrong and that Heidelberg and others will get their money. We sincerely hope that all the unpaid liabilities will be paid, and we hope that we will end up writing a story that we were totally wrong. However, we don't understand why no-one speaks up if this isn't remotely close to the truth? We have spoken with numerous people and looked through hundreds of pages of information to find traces and evidence for our claims - and if it wasn't true, why don't people accept our invites to talk?
For now, the story keeps evolving, and we believe that major things will change over the next couple of weeks - so stay tuned.
If you would like to give your input to the story, we promise full anonymity.
You can write me - Editor-in-Chief Morten B. Reitoft here.