the Reims start-up put into receivership

Created in March 2016 by three co-founders, including Adnan El Bakri, who became a doctor a few years later, start-up InnovHealth, which became Relyfe in 2021, was placed in compulsory liquidation by the Reims commercial court on 22 November. The worldwide connected health card does not go any further.

March 2016, November 22, 2022, after six years of existence, the start-up InnovHealth, which became Relyfe in 2021 with the arrival of American funds, is closing.

The commercial court of Reims had already extended, on October 11, the deadline for convening the general meeting to November 30. Thus allowing the president of Relyfe, Adnan El Bakri, to have two more months to present the company’s accounts to its shareholders. That won’t be enough. The commercial court therefore ordered compulsory liquidation. The company, which has been unable to honor its debts since October 25, is in a situation that does not allow hope of recovery.

This situation was anticipated by some shareholders recently contacted by telephone. Some of them, a dozen, planned to file legal appeals. But faced with the postponement of the general meeting and the protection of the company by the commercial court, they did not go further.

In March 2016, InnovHealth was created by three co-founders, including Adnan El Bakri, current president. PassCare, a health card connected anywhere in the world, is the company’s innovation.

In 2017, the first funds were raised with, namely, support for innovation and subsidies granted by BPI (Banco Público de Investimento).

In 2018, Christophe Lambert, actor, director, becomes the prestigious sponsor of the Reims start-up and starts an intense communication with him. Personalities such as Anne Lauvergeon also join the shareholders and many “small” Reims taxpayers, in particular, are committed. Some injecting all their savings.

We no longer have the means to continue the company’s activity despite the drastic reduction in expenses that I was forced to carry out in 2022.

Adnan El Bakri, president of the start-up Innovhealth that became Relyfe

Starting in 2019, France3 Champagne-Ardenne starts an investigative work, bringing to light many testimonials from employees who have been made redundant or who are still experiencing serious difficulties at the company. Three parts of the investigation will make it possible to understand how the company saw its shares soar, its accounts challenged by some partners, its fundraising announced in the national press and canceled and, finally, the disassociation of the Franco-American group Forepont, investor in July 2021.

On November 5, Adnan El Bakri, president of Relyfe, sent this letter to some of the company’s shareholders. In this document, which we obtained, he mentions the great difficulties of his company.

🇧🇷After our many individual and collective exchanges and all our weekly meetings this year, I alerted you to a critical situation caused by Forepont and communicated everything to you in detail. I have asked several times for your indispensable help to overcome this phase and avoid the deliberate death of this project. Today, the situation is as follows: Forepont is playing for time and still has not respected its contractual commitments without any valid argument beyond its indisputable internal failures. This situation blocked the entry of any new investor for over a year, despite all my attempts. We no longer have the means to continue the company’s activity despite the drastic reduction in expenses that I was forced to carry out in 2022, taking into account the complexity of all parameters and without prejudice as you can see. reach only 2 employees and 10 K€ of fixed costs per month. All attempts to take legal action against the company were rejected, the Court ruled in our favor every time, despite all the manipulation in the local press. I have been fighting for several months without receiving. I see myself, therefore, now having to declare bankruptcy and put an end to the conciliation process that allowed us to be protected and to endure until today.

Forepont’s responsibility will be assumed and I will not hesitate for a second to make it known loud and clear. At the same time, we are preparing a collective and media action with several partners to denounce the serious actions of this investment fund in the event of an unfavorable outcome.

Adnan El Bakri, President of Relyfe

Adnan El Bakri throws the stone at the latest investor, Forepont. The Franco-American group invested 2.5 million euros in July 2021 before pulling back on the continuation of the planned capital increase. Julien Tizot, head of Forepont in France, explaining to us in June 2022 that Adnan El Bakri did not respect the clauses of the contract that linked him to the American group. as for “the manipulation of the local press”, Adnan El Bakri had, on several occasions, the opportunity to speak out. He always refused through his lawyers, pressing the entire investigation not to be disclosed.

In this letter sent to some shareholders in early November, Adnan El Bakri made a final appeal. Your lawyer suggesting some proposals to try to save the company. He spoke like this: “an immediate entry of 50 K€ into a current account, allowing you to continue a minimum activity for 3 months and be able to continue to preserve the interests of the company and your interests. It is (your lawyer) is confident of obtaining a decision from the Court for a forced execution of Forepont’s commitment, at least for the 2.5 million euros that they had to pay, initially, or their immediate exit from the capital with compensation. I remind you that they made a definitive and irreversible commitment of 40 million euros with a contract, official minutes (atas) and repeated public announcements implying that they had carried out the operation. Not to mention their lies, their false financial communications and the manipulation of their subscribers and numbers in a regulated market. Evidence, exposures, conversations and supporting facts. All annotated and stamped by the bailiff. Additional 5% shares for those who bring the 50 K€ immediately, exceptionally, with other advantages or possible negotiable conditions (open debate). Joint creation of an urgent strategic committee to negotiate exit with Forepont, renegotiate with new interested investors or find other investors, turn around or sell the company”🇧🇷

And Adnan El Bakri to conclude: “in any case, Forepont will be held accountable and I will not hesitate for a second to make it known loud and clear. We are also preparing a collective and media action with various partners to denounce the serious actions of this fund’s investment in the event of an unfavorable outcome”🇧🇷

Since 2019-2020, the start-up InnovHealth, which became Relyfe, has been in bad shape. Did your president really ask the right questions about your company’s future? Will he go to court against the Franco-American group Forepont?

In 2020, Adnan El Bakri sold at the highest price, 600 euros, hundreds of shares in withdrawals, completely legal. Thus, personally pocketing hundreds of thousands of euros. A personal enrichment that, even now, many partners are definitely wrong.

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