|Thanks for that - a copy of the letter to them too, I think...|
Guernsey operates independently of the UK regime.
Cross-border financial crime activities are the responsibility of the Guernsey Border Agency which mandates the Financial Investigation Unit to prevent and combat financial and economic crime. The Guernsey Border Agency is required to protect Guernsey’s reputation as a well-regulated offshore finance centre.|
|Letter to Marcus Stuttard, Head of AIM, is printed and will go in the post in the morning.
Tmrw evening I think the Minister. If he's considering who to award Lemphane to - and assuming Manduca ever had any chance anyway - it's important he know *exactly* the kind of man he is dealing with...|
|I imagine Manduca must be suffering from full-blown paranoia by now, wondering who LNHolder is and which of his dwindling circle of fanatics he can trust.On the other hand, as Kurt Cobain pointed out, "just because you're paranoid, don't mean they're *not* after you..."Oh to be a fly on the wall of whichever private BB the LN diehards are holed up in...|
|Agree Beeks - banter aside, you can't accuse Clubbie of not putting his money where his mouth is. At the very least, let's hope this really scares the cr@p out of PM. His ineptitude (and potentially criminal behavior) has lost a lot of people some serious money, so he definitely deserves some pay-back!
I look forward to seeing a version of the letter once the cat is truly out of the bag (or the SFO has drowned it in a pond...)|
|I have this morning screengrabbed all of the major pages on the Paragon web site. It might be an idea for a few others to do the same if they have time, as it will probably be disappearing soon, now the company is no longer in existence.
This made me smile (ironically) on the Corporate Governance page:
"The Directors recognise the importance of sound corporate governance"
so where are the 2015-2016 accounts, then?|
|Thats' why I think the case is good on this one as PM said far too much in news.
As I said at the time why the name allowed him to waffle on so bullishly defats me and even allowed to mock the city.
look at what he said about ITGT
The Company has replaced ITGT as principal investors, yet ITGT discussions are still ongoing which may see ITGT involved either in the purchase of our production or in second stage financing as we move to full production in 2017.
what a load of tosh that is.
we look forward to welcoming a significant cornerstone shareholder, which is both a highly respectable and supportive investment group, and importantly is experienced in the mining and business management sectors.
The website is still the same.
But then you will find they are with ATA Capital in the Ata fund 1
ATA RESOURCES FUND I
Ata Resources is a JV between Ata Capital and Acrux Resources. Ata Resources Fund I is an alternative mining finance fund focused on offering innovative financing solutions for junior mining and small to mid-tier production projects in sub-Saharan Africa.
No room for error here
Ata Resources is a JV between Ata Capital and Acrux Resources (www.acruxresources.co.za)
The fund is $100 mill the website has never got active. There is no evidence to suggest they are in anything right now.
PM said they are "A LEADING DIAMOND INVESTOR"
They don't seem to have any money in diamonds at all or anything else.
I've checked the small print and it says nothing about being allowed to simply make things up and lie.
"The term sheet is for a US$15 million combined convertible debt and revenue
sharing facility which introduces a leading diamond investor as a shareholder."
I know folk bought more on the back of that. Why not with such a positive statement from a lead in the sector backing them.
I did point out that claim as a pile of junk at the time.
Alarm bells should have gone off but PM and co worked overtime to laugh off what the naysayers were pointing out. They did a damn good job as many stayed in and bought more on the back of it.|
|...and I think the real smoking gun is those interviews Manduca gave: even if he relies on the Nomad having signed off the RNSs to shirk responsibility for them, nobody made him give those interviews: it was driven by ego and a desire to boost the company. And then to claim - as he did on the PDLN board - that "Paragon is not me" shows quite stunning duplicity and lack of good faith.
Anyway, the (first) letter has gone now. Let's see what happens, if anything.|
|Well the letter is pretty closely-argued. And even allowing for small-print in RNSs etc, there are plenty of other things Manduca is guilty of: failing to file company accounts for 2015-16, breach of stock market regs relating to shareholder comms, breach of Guersney rules relating to the responsibility of company directors; and more than a few others.
Don't forget: Al Capone was eventually jailed for tax evasion, not being a racketeer/gangster...|
|Super - The problem is this type of thing is proving a fraud. Same on EKT where it all has turned personal and imo will go nowhere.Whilst my early comments on here were to urge caution in throwing money at a legal case, many (if not most) holders went on to give more money showing that advice was largely ignored!Incompetence, over confidence, under qualified, mislead by others, market conditions, small print in RNSs. These can all be used in most of these cases to avoid criminal charges. Sad but true.Best of luck anyway Club. As Sanka says to Junior in Cool Runnings - "This doesn't mean that I like you". ;)|
beeks of arabia
He has done a damn good job on it too.
If it comes to nothing so be it, but I find it hard to believe that what PM has done or had failed to do doesn't breach rules and laws, be it accounts, company or criminal law related.
If he isn't and the complete shambles and deceit is allowable, then what is the point of the FCA, the regulations the AIM and the nomads etc etc.
I see you have been following EKT too and the court games there against that pillock of a CEO.|
|I would urge other shareholders to also write to Jane de Lozey, Joint Head Fraud, at the SFO. The more letters she gets, the more likely it is she'll take action.|
|Best of luck Clubby.Whilst you come across as a bit of a tool, no one can deny you post honestly and at least are taking action.|
beeks of arabia
|The letter to the SFO is printed and has gone into the post. It takes a while to print the 21-page letter plus another 10 pages of Appendices - I'll probably do one a night. Tomorrow evening the Head of AIM, the utterly useless Marcus Stuttard (but maybe he'll be stung into action by being CC'd into a letter to the SFO)...|
I hope to be in touch soon with more news. It will come from a new email address.
I wouldn't hold up on that SFO letter and supporting documents. If they open a case you can add to the evidence at any time. There is a great deal of evidence already.|
|You have to wonder if those funding documents were real or falsified.
There's another word for this type of activity, if found to be falsified.
The Central Bank of Lesotho was not convinced by the documents for some reason.|
|LNholder - if you want to see the final draft drop me a mail...|
|LNholder - are you just quoting my letter? ;-)|
|“We have realised Paragon is even selling some of the machinery at the mining site. This further called our attention to do something about the company. We expected them to use the machinery to develop the mine,”
Selling machinery? Not to pay the rent though.
“Paragon has actually breached its contract with the Government of Lesotho by failing to develop Lemphane Mine since the awarding of the tender 22 months ago. I can tell you they have done zero; absolutely nothing in line with the contract of developing the mine,” Mr Thotanyana told the Lesotho Times this week.
The directors of PRG had no answer to the mining ministers assertions. Zero. Absolutely nothing.
The Lesotho Times news item gets worse with each reading.
So who would you believe?|
|Of course - and that little nugget takes pride of place in the letter.I also quote extensively from correspondence with Vince and Barry's circulars...|
|“We approved Paragon’s takeover from Lucara in August 2015, but it seemed we had opened a can of worms when we requested the company to provide proof of its finances within 30 days. This was after Paragon claimed to have secured US$70 million to operate Mothae. They brought documents here which suggested that they had secured the funding from Trade 4 Business Finances. We then asked the Central Bank of Lesotho to verify this, but the bank could not approve this.”
Secured funding from a company that had only filed 'dormant company accounts'.
Trade Finance 4 Business Limited. They never had any capital in the company. Ever.
|Oh no not me! The chuckle brothers may turn up
|Fest, super, thanks for the kind comments. I'll send you both final drafts - just, you know, in case I have some kind of accident before the weekend...|
|"Two options for PRG folk do nothing or do something."
exactly, and I choose to do *something*. Of course it may have no effect - the SFO may choose to ignore my letter, or they may investigate and decide there is not enough evidence to support a prosecution.
but the effort to write the letter is now made, so let's see if it can have an effect.|
He put some cash up and took risk (doubt its his cash) but also got very cheap shares in the process.
Clearly he mislead/lied to shareholders on numerous occasions that is fraudulent?|