Tuesday, September 11, 2007

TT: "Valdi has no registered income"

TT has published yet another article regarding Medison. I'll publish it fully translated to English (Have used a machine translator in some parts, sorry if someting is unclear), because I don't think that any extra comments by me are necessary ;)

The debated computer firm Medison owner says that he can finance the project until the business goes around.

But the CEO, with 90 percents of the shares, had no registered income last year and lacks taxed fortune.
- I have lived on my wife. It is her that has supplied the family. Now, it's my turn, says Valdi Ivancic to TT. He does not want to say how much he or the four other owners that owns 10 percents has invested in the company. But total amount itself is according to Ivancic about a in the context very modest sum - about a half million Swedish crowns (about 73 500 USD).
This should, apart from other expenses, be enough to producing the upwards 300 000 portable computers that Medison says has been ordered from the company.

- Because of that we have certain agreements with those that produce, assemble and distribute, we don't need to have much more money than that right now, says Ivancic.He states in other word that Medisons collaborative partners, whose identities are not disclosed, give the company credits. But he does not want to describe the contracts in detail. Neither Ivancic wants to tell how much Medison pays per produced computer, according to him only in consideration to the producer.

"Virtual" companies
Ivancic, who is CEO and majority owner in Medison, is nationally registered in Sweden. But the company itself, with the complete name Medison Europe Limited, is registered in Great Britain. A head office does not exist.

- The company is constructed virtually can one say. We are very few persons and we are on traveling foot permanently. Because of that, we sit and communicates a lot via internet and telephone, says Ivancic.
- That makes it difficult to say about the company is here or there.

Was started recently
Medison started the launch of their low cost computer last spring. But Medison Europe Limited was started as late as in the middle of July, according the British company register. According to Ivancic the choice of registering country depended on that the suffix "Ltd" in the name is more internationally accepted than the Swedish "AB".

Earlier have several other Medison-companies with connection to Ivancic, that has been registered in Sweden, been discontinued or has gone bankrupt.

The CEO states that he periodically since 2004 has been living in Brazil, where he been on paternity leave but also has been joint owner and counselor in different companies. He has however all the time been nationally registered in Sweden.

In the two last income-tax returns, those for year 2004 and 2005, he has all in all a declared income from service of just over 20 000 Swedish crowns (about 3000 USD).


Anonymous said...

Wow, so hes looking to spend about $73, 500, but in 04' only made $3,000 dollars.

I feel really sorry for his wife. That's some kinda sugar momma youve got there Valdi.

Anonymous said...

Everything in his site and statements he just wants to play a big boy and this supports it:

"According to Ivancic the choice of registering country depended on that the suffix "Ltd" in the name is more internationally accepted than the Swedish "AB"."

You don't pick residence of your company to get a more catchy suffix. That's not a domain name.

There are far more important decision such as taxes, employees, offices and so on.

But since he has no income, office or actual employees but himself, maybe it makes a twisted sense.

Anonymous said...

Yeah, we know Valdi is really very sensitive about how his company is perceived too... people are more likely to buy a company from a Ltd than an AB... but who cares if the web site looks like it's from 1997?
Or if orders are shipped on time. Such things are far less important than the Ltd suffix.

Anonymous said...

Well, having no income really isn't detrimental for the company. During the time he was 'house husband', he had plenty of time to go over imaginary business plans with imaginary business partners about imaginary products with his 2 year old.

Without that careful planning, we wouldn't be here today.

valdi ivancic said...

I want to call on you Tommy, for ruining my image to my partners. Because of you, Medison lost partners, many partners, almost 10 partners.

It is your blog exactly I mean in the press release, and because of you I am very stressed and unable to manage the assembling of the laptops. My assembly workers, Valdi Ivancic and Valdi Ivancic have started doubting me, and consider quitting.

My electronics engineer, Valdi Ivancic wants payment up front, which I can not offer since your blog caused 2CO to be suspicious of us.

And finally, our chief logistics officer, Valdi Ivancic refused to sign contract with Medison and quit.

He also stole one of the hard disks, the bastard.

Valdi Ivancic
CEO & President
Medison Europe Limited

valdi ivancic said...

Wait, I just found the missing hard disk in my pocket, what is going on here?

Valdi Ivancic
CEO & President
Medison Europe Limited

valdi ivancic said...

Today we decided that if you buy 5 computers you get them for 30 dollar each a total of 150 dollar. We cut the prices so that everyone can afford a computer.

Valdi Ivancic
CEO & President
Medison Europe Limited

Peter said...

Smells like someone is pretending to be Valdi here abusing the concept of blogging.

Whoever you are, please grow up and stop it. It's not even fun!

Anonymous said...

What the hell are you talking about Peter - I laughed so hard I squirted milk out my nose!

So yeah: Keep posting those jokes Valdi! (Or Valdis evil alter ego. No wait, Valdi is evil to begin with - so his leprechaun alter-ego??)

Peter said...

Agree those are fun and I had my laughs as well. Valdi is someone we can all joke about because everything he is doing is a bit like Mr. Bean style but on the Internet.

Both Mr. Bean and Mr. Valdi live in a different world and share similar lack of logic.

Could it be that Valdi is just feeling bored by not having a job while his wife is out working and he use this as some sort of entertainment?

If so I think it's a bad idea and might hurt his actual career opportunities.

geno (2CO Staff) said...

"If so I think it's a bad idea and might hurt his actual career opportunities."

Thank you, Peter, for being reasonable and opting to be mature about it, unlike most immature people commenting on this immatureblog.

We at 2CO are also very mature, and hence enjoy seeing other mature people being very mature about stuff.

And this is why we haven't canceled Valdi's account. Since we're mature.

Any other reasons are confidential, and matter of national security.

We'll have to literally shoot anyone who learned anything about it, and since it's very hard to shoot people through a web forum, we opted to not answer instead.

To the guy who fakes Valdi Ivancic: stop doing this.

First of all, as we established, it's not mature.

Second, do you know Fake Steve Jobs? This is someone who pretends to be Steve Jobs, and now poor Steve Jobs was fired from Apple because of him, and his wife has to support their family.

Have some reason, man!

valdi ivancic said...

Thank you for supporting me, geno. I'll send you a laptop, in 2 weeks.

Valdi Ivancic
CEO & President
Medison Europe Limited

PS: In 4 weeks.

PPS: In 4-6 weeks.

Peter said...

Valdi, please don't give Geno the only laptop you have. I'm talking about the Clevo one you didn't pay for yet.

madman said...

Well, regarding a UK Ltd. company, it has the same (more or less) limited liability as the Swedish AB, but with the big difference that a Ltd. company, you only need to show up with £1 as initial funding for shares, a Swedish AB, demands at least 11000 EUR (100000 SEK).

Then when you have your UK Ltd. company, you can register a Swedish branch and recieve a Swedish AB (as a sub/daughter-company to your UK Ltd. company), not needing to show any funding at all...

And the fact that he has no registered income in Sweden, is not that strange at all, and not illegal, as long as he can show the Swedish taxman that no money went from his UK company to any bank or asset holder (holding company), where he in some way is involved...

This is in other words called tax planning...

-AI- said...

'I have lived on my wife. It is her that has supplied the family. Now, it's my turn, says Valdi Ivancic'


Before it was her turn to bring money in the family.

Now it's his turn!... to make fun of himself worldwide and waste her money.

NBM said...

Now that must hurt his "becomming a democratic hero"-attempt...