I am writing to you from the reconstruction office. New setup. New phase.
Tomorrow at 1800 CET, for the first time, you will meet the proposed board of Shape Robotics. Live. On camera. No script. No filter.
But tonight, we open the Sanako file.
How do you turn a cash pool into a crime scene?
You don’t. Unless someone does it for you.
n March 9, 2026 -- four days after the Danish High Court unanimously annulled our bankruptcy -- the Finnish bankruptcy trustee of Sanako Oy sent an email to our Chief Legal Officer, Victor Mateescu.
The trustee CC’d two people: his associate, and Teis Gullitz-Wormslev -- the former Danish curator whose appointment had just been ruled unlawful by three judges.
Five minutes later, Victor forwarded it to me. What follows is the email, verbatim. I have redacted the names of individuals. The company names, the amounts, and the allegations are published exactly as written.
Act I: The Email
9 March 2026, 14:11 EET
From: Trustee, Partner, Finnish Law Firm | Helsinki -- Turku -- Tampere
To: Victor Mateescu, Chief Legal Officer, Shape Robotics AS
CC: Teis Gullitz-Wormslev, Kromann Reumert Associate
Subject: Sanako Oy - status update
Dear Sir,
I wanted to inform you that Sanako Oy has been placed into bankruptcy by a decision of the district court, and I have been appointed as the estate administrator.
As part of the administration process, I am currently arranging for the company’s accounting to be finalized up to February 5, 2026. In addition, I am commissioning a special audit of the bankrupt company, focusing on the period from 2025 until the date the bankruptcy was declared.
Attached to this email, you will find preliminary observations related to the bankruptcy proceedings. Please note that these observations are currently available only in Finnish, but I have outlined the main findings below for your convenience:
-- Third party payments totaling EUR 351,896 between 28.11.2025 and 18.12.2025.
-- Shape Robotics AS received payments of EUR 3,737,278 between 4.6.2025 and 18.12.2025.
-- Funds have been received from [Redacted] pension fund and [Redacted] bank, totaling approximately 4 million euros.
-- In addition, the company has sold non-existent machines to [Redacted] leasing company for a total of EUR 250,000. These machines have never actually existed.
Read it carefully.
EUR 3,737,278 -- 86% of the total funds -- went to Shape Robotics AS. The parent company. Through a standard intra-group cash pool agreement.
The remaining amounts are salary payments to executives who were employed by Sanako Oy during the period. Board members. Officers. People doing their jobs.
Now here is what the email does not tell you.
Shape Robotics AS had a cash pool agreement with Sanako Oy. This is a standard treasury arrangement used by every multinational group. Subsidiaries transfer excess liquidity to the parent. The parent allocates funds across the group. This is not creative accounting. This is corporate treasury management.
Every euro transferred from Sanako to Shape Robotics Denmark is documented, reconciled, and accounted for. The approximately EUR 3.7 million that went to Shape Robotics was used for:
-- Building inventory for the Bechtle framework agreement (EUR 32 million contract)
-- Paying creditors -- including Danske Bank
-- Operational expenses across the group
There is not a single euro that went anywhere other than Shape Robotics AS.
So why is the Finnish trustee asking?
Act II: The Context
Because the Danish trustee never told him.
On January 6, 2026, Shape Robotics AS was declared bankrupt in Denmark. Teis Gullitz-Wormslev of Kromann Reumert was appointed as curator. For 59 days, he controlled the company.
He cancelled the EGM that would have approved EUR 15 million in financing. He valued all subsidiaries at zero. He made zero market disclosures to 4,800 Nasdaq shareholders. And he apparently never sent the Finnish trustee the cash pool agreement.
So on February 5, when the Finnish court declared Sanako Oy bankrupt, the new Finnish trustee inherited a bank account drained of EUR 4-5 million with no documentation explaining where the money went.
If you are a trustee in Finland, and you see millions leave a bank account, and the parent company in another country is bankrupt, and nobody gives you the intercompany reconciliation -- what do you do? You ask questions. Legitimate questions.
And then you CC the former Danish curator -- the one whose mandate was about to be annulled by three judges -- on an email containing allegations of financial irregularity.
Three days later, on February 12, 2026, Finans published an article. The headline used the word “stolen.” EUR 4.5 million allegedly stolen by the company’s management.
Inside the same Finans article, these facts were also reported: the Finnish trustee had been on the case for one week. He refused to name which individuals he was referring to. He stated his investigation was still very early. No document was published. No legal context was provided.
That did not make the headline.
Two hours and fifty-two minutes after receiving the Finnish trustee’s email, our CLO Victor Mateescu replied. The key passage:
The Finnish trustee was told -- before sending the email -- that the Danish bankruptcy was annulled. He sent it anyway. And he CC’d the former curator whose mandate no longer existed.
The next day, the trustee escalated. He CC’d all Finnish creditors and wrote: if we do not receive a clear explanation or the necessary supporting documentation, we will be required to prepare an investigation report to submit to the police.
The documentation he was asking for -- the cash pool agreement, the intercompany reconciliation, the payment records -- was in the possession of Teis Gullitz-Wormslev. The same curator who was CC’d on the original email. The same curator who controlled Shape Robotics for 59 days and never handed over a single document.
Shape Robotics AS: EUR 3,737,278 -- 86% -- Cash pool (parent company)
Third party payments: EUR 351,896 -- 8% -- Operational payments
Disputed leasing transaction: EUR 250,000 -- 6% -- Contested by trustee
Total: EUR 4,339,174 -- 100%
86% went to the parent company. Through a documented cash pool. And yet the word used was “stolen.”
From the official creditor register compiled by the former Danish trustee: Danske Bank AS filed its entire claim of DKK 14,863,821 under paragraph 97 of the Danish Bankruptcy Act. EIFO filed its entire claim of DKK 6,282,071 under paragraph 97. Paragraph 97 is the category for ordinary unsecured creditors. Not paragraph 82 -- which is reserved for secured and separatist claims.
I present this as a fact from the official record. I draw no conclusions.
What Happens Next
Tomorrow at 1800 CET, the board of Shape Robotics will hold a live session on Substack.
If you have questions about this case -- about the Sanako file, the cash pool, the Finnish trustee’s emails, the creditor register -- post them in the War Room QA thread. The board will answer live.
The EGM is 13 days away. April 14, 2026.
25 shareholders. 2.8 million shares. 99.7% of the company.
The trustees’ email is real. The cash pool is documented. The word used was “stolen.”
Meet your board tomorrow.
-- Mark
