Acacia Mining Share Discussion Threads

[americanmoni] 08/12/2006 19:46

Desi, excellent sleuthing regarding the ongoing saga of ACA.

Gerald Smith is in jail; Catto commits suicide. But how many remember how fraudulent Catto was with respect to ACA.

Our friend Seeds still insists shareholders were not scammed.

Remember this one:

""Atlantic Caspian Soars Ahead of Drilling Report
(Update1)
By Elena Moya

London, Aug. 11 (Bloomberg) -- Atlantic Caspian Resources Plc shares rose 22
percent as the U.K. oil exploration company prepares to release a drilling report showing ``very substantial'' amounts of oil in its Kazakhstan field, said Deputy Chairman Peter Catto.

The shares, which have lost 13 percent so far this year, rose 1.5 pence to 8.25, the highest-percentage change on the FT-SE Alternative Investment Market
Index.

A preliminary report about how much and what type of oil has been found on the
Akkul field will be released before the end of the month, Catto said in an
interview. Atlantic Caspian owns 70 percent of Akkul, while the rest is owned by BN Munai, chaired by Bulat Nazerbaev, brother of Kazakhstan President
Nursultan Nazerbaev.

The company plans to acquire five more oil fields in Kazakhstan later this year, including one in production, Catto said, and will sell new shares to finance the purchase.

London-based Atlantic Caspian is worth 45 million pounds ($67.5 million) at the current price." "

[johnboyo] 09/11/2006 00:17

anyone one heard from bradwell lately??
if your there george give us a nod

[Abuse team] 02/11/2006 12:10

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[bilpri] 01/11/2006 23:43

which papers nets??

[netcurtains] 01/11/2006 22:47

In the papers today it said Peter Catto committed suicide.

John

[fullerm] 25/10/2006 10:53

Can someone please provide a very brief update as to what's happening with this share? Thanks in advance.

[bilpri] 12/9/2006 21:51

sounds familiar!!

[bilpri] 12/9/2006 21:50

sounds familiar!!

[desert orchid] 12/9/2006 20:48

ATLANTIC HOTELS (UK) LIMITED

2ND FLOOR ALBEMARLE HOUSE, 1 ALBEMARLE STREET, LONDON W1S 4HA

[desert orchid] 12/9/2006 20:39

Orb director is jailed for £35 million fraud
By Daily Echo reporter
A HIGH-profile boss of the company behind Poole's controversial Dolphin Quays is beginning an eight-year jail sentence.

Gerald Smith, 51, defrauded a failed dot-com company, Izodia, of £35 million.

Smith was a director of Orb, which bought the Poole Pottery site on the Quay and replaced it with the Dolphin Quays apartments and shops complex.

continued...
Its empire crumbled in 2003 before Dolphin Quays had been completed. Dolphin Quays and Poole Pottery went into administration and were rescued by new owners.

Cambridge Crown Court heard that Smith, who divided his time between St Helier in Jersey, and Surrey, transferred huge sums from the software firm Izodia to bank accounts in Jersey .

He used the money for "personal and commercial means" - including a down-payment on a £1.8 million yacht.

London-based Izodia became a cash shell when the dot-com bubble burst. Orb acquired the largest stakehold and Smith began diverting funds out of Izodia.

The first tranche, £27 million, was transferred in August 2002 to an account in Jersey, where Smith told Izodia board members it would earn more interest.

He then diverted the cash again and used it to pay off his loans, covering his tracks by producing false documents.

Smith plundered another £8 million between October and Novem-ber 2002.

Jonathan Caplon QC, prosecuting, said the transfers were timed to meet bank deadlines for paying the interest on Orb's purchase on a number of Thistle Hotels.

The court heard that in 1993 he had been sentenced to two years in jail for defrauding the pension scheme of a company he owned in a failed bid to keep the firm afloat.

In a bid to repay what he had embezzled, Smith secured a loan note from Atlantic Hotels UK, which had purchased a number of Orb's hotels. Atlantic will pay £35 million to Izodia in 2013.

Smith was declared bankrupt in November 2005. In April 2006, he pleaded guilty to 10 charges of theft and one of false accounting.

In mitigation, Alan Newman QC said: "He has lost everything. He accepts he is the author of his own misfortune but the company he owned a large share in, Orb, once worth £1.5 billion, is now in liquidation and worth nothing.

"His wife is seeking a divorce and he has two young teenage daughters to support. He was very wealthy and is now completely penniless."

A confiscation hearing will be held on December 11.

11:55am today

[canford cliffs] 12/9/2006 20:04

and I remember reading hundreds of posts from "Seeds" defending the Directors including Catto, as being honorable upright citizens............oh well life goes on, but what is the current situation regarding ACA and its resurrected offshoots?

[the green manalishi] 12/9/2006 19:35

Another article

Orb director is jailed for £35 million fraud
By Daily Echo reporter
A HIGH-profile boss of the company behind Poole's controversial Dolphin Quays is beginning an eight-year jail sentence.

Gerald Smith, 51, defrauded a failed dot-com company, Izodia, of £35 million.

Smith was a director of Orb, which bought the Poole Pottery site on the Quay and replaced it with the Dolphin Quays apartments and shops complex.

continued...
Its empire crumbled in 2003 before Dolphin Quays had been completed. Dolphin Quays and Poole Pottery went into administration and were rescued by new owners.

Cambridge Crown Court heard that Smith, who divided his time between St Helier in Jersey, and Surrey, transferred huge sums from the software firm Izodia to bank accounts in Jersey .

He used the money for "personal and commercial means" - including a down-payment on a £1.8 million yacht.

London-based Izodia became a cash shell when the dot-com bubble burst. Orb acquired the largest stakehold and Smith began diverting funds out of Izodia.

The first tranche, £27 million, was transferred in August 2002 to an account in Jersey, where Smith told Izodia board members it would earn more interest.

He then diverted the cash again and used it to pay off his loans, covering his tracks by producing false documents.

Smith plundered another £8 million between October and Novem-ber 2002.

Jonathan Caplon QC, prosecuting, said the transfers were timed to meet bank deadlines for paying the interest on Orb's purchase on a number of Thistle Hotels.

The court heard that in 1993 he had been sentenced to two years in jail for defrauding the pension scheme of a company he owned in a failed bid to keep the firm afloat.

In a bid to repay what he had embezzled, Smith secured a loan note from Atlantic Hotels UK, which had purchased a number of Orb's hotels. Atlantic will pay £35 million to Izodia in 2013.

Smith was declared bankrupt in November 2005. In April 2006, he pleaded guilty to 10 charges of theft and one of false accounting.

In mitigation, Alan Newman QC said: "He has lost everything. He accepts he is the author of his own misfortune but the company he owned a large share in, Orb, once worth £1.5 billion, is now in liquidation and worth nothing.

"His wife is seeking a divorce and he has two young teenage daughters to support. He was very wealthy and is now completely penniless."

A confiscation hearing will be held on December 11.

[bilpri] 11/9/2006 22:00

Any ideas anyone as to how we can use this event???

brad

[desert orchid] 11/9/2006 21:45

Gerald Smith heads for the slammer after misappropriating £34m










The Cambridge Crown Court has sentenced former Izodia director Gerald Smith to eight years in jail for false accounting and misappropriating £34m of the IT company's funds.

Smith, who was also suspended from acting as company director for 15 years, pleaded guilty in April this year.

Izodia traded as a software company during the dot-com boom, the SFO said today, but become a cash shell when the dot-com bubble burst. In 2002 Smith, 51, used his Jersey-based property business to buy a substantial stake in Izodia and exert control over the business.

He proceeded to use his influence to transfer Izodia's main cash asset from a Royal Bank of Scotland account in reading to Jersey, where he proceeded to steal it.

The Thames Valley Police and The SFO began an investigation of the case in 2002 and charged Smith in February 2005.

Proceedings were also commenced against two other defendants, Jarlath Vahey and Peter Catto, ex-directors of Izodia.

Smith pleaded guilty to ten counts of theft and to one count of false accounting.

[crystalclear] 24/8/2006 19:10

Also, if this is floating on Aim, who is putting money into a venture now that wasn't worth supporting before? What has changed?

Is it the fact that Cedric was in charge before, togehter with people from Orb, which appeared to be a corrupt gang of crooks.
Have the fundamentals changed, eg gas suddenly appeared in the ground, or is it a fresh honest face which is making the deposits worth investing in under the Tethys name, and not under the Atlantic Caspian name?

[Abuse team] 24/8/2006 19:08

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[crystalclear] 24/8/2006 19:05

Doesn't ACA own 10% of Tethys?
I presume that holding will be diluted if Tethys is floated.

So now I will be able to buy back those millions of cubic feet of gas I previously owned and that Cedric ('the pig') gave away for me.

[canford cliffs] 12/8/2006 07:20

thanks for that AM............would you please post a short summary of where we are ref ACA and CanArgo, I must confess that I've lost touch and don't understand the current position and more importantly, where we stand with our old ACA shares - thanks in advance.

CC

[americanmoni] 12/8/2006 00:37

Yes, interesting news from CanArgo regarding Tethys. One of the interesting questions to keep in mind will be whether it's "deja vu all over again".

Will Seeds reappear? Will the value of Tethys instantly be a Billion dollars or more based on Seeds hyping all the reserves in the Akkul concession that everybody missed out on, because "darn it" -- -the rig was just not able to drill a few hundred feet deeper?

Tethys can either start out on the right foot and be a bona fide oil and gas production company; or will it simply be the ghost of ACA headed to round 2?