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Former CEO Chris Kirchner directed millions of dollars in sponsorship payments to sporting franchises, including the Dubai Desert Classic golf tournament .Slync, the logistics tech startup that ousted its CEO and founder who was subsequently arrested on fraud charges earlier this year, is shutting down.
The meltdown comes just months after the company announced that it had raised a $24 million lifeline in funding from Goldman Sachs and other investors. Goldman Sachs declined to comment.which first reported Slync’s liquidation plans, that Kirchner’s demand for covering his legal bills “put the company in a position where we couldn’t raise capital from new investors and selling the company wasn’t an option due to liability concerns from potential suitors.
This week, Kirchner posted his first comments since he was ousted from Slync last year on Linkedin, claiming he was the victim of “a one sided media narrative driven by incomplete facts and deliberate smear campaign orchestrated by the company that I founded and its board.” He added that the company hasn’t paid for his legal bills. Kirchner couldn’t be reached for comment.
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