On the 7th of August 2020, the Japan Financial Services Authority (JFSA) publicly announced that it would no longer be pursuing its case against GPJ Venture Capital and their fundraising model referred to as “Shain-Ken” (corporate bonds) in Japan.

GPJ was formerly part of the Ganapati Group and was responsible for raising funds on behalf of the iGaming and blockchain B2B developer. The JFSA had previously claimed a procedural violation in the way that GPJ had been selling its Shain-Ken – an action which the JFSA now admits has no merit.

However, after a full investigation had been conducted, the claim against GPJ was found to be unsubstantiated and that no law or regulations had been violated, leaving the JFSA with no reasonable grounds to pursue the case any further. The news is a reassurance for the whole group, their executives and investors, as they are reaffirmed that the careful and thorough decisions that have been made up until now were justified.

Juliet Adelstein, CEO of Ganapati Ltd, parent company of the Group comments, “After a tough 6 months for Ganapati, this is the news we have been patiently waiting for. Compliance and legally sound decision making has and always will be a number one priority for Ganapati and we were confident that all precautions and correct procedures had been adhered to at all times, across all relevant jurisdictions. The team has stayed consistently focused on the task at hand, despite the distractions that come with a global pandemic, and it is now finally time for us to refocus on moving forward and making games!”

A select few industry media groups had used the JFSA case against GPJ to make various unfounded and false claims against Ganapati and its executives, so the Group is relieved to put those rumours to rest with fact rather than hearsay.

Adelstein adds “I would also like to take this opportunity to thank our investors and partners who have trusted and stood by us throughout this process. The Ganapati family is a resilient one and we refuse to let obstacles get in the way of us delivering results and repaying the support we have been shown throughout the years.”