BNN Technology Share Discussion Threads

[genises] 04/2/2024 21:14

This is interesting

It’s tough to admire much about Leslie Greyling given his track record — two convictions for securities fraud, one especially sketchy property deal and a deportation — but give credit where it’s due. The man’s dedication to his craft is remarkable. At 71, an age when many fraudsters would be kicking back with a Cohiba, counting their kickbacks, Greyling is still in the game.

Hindenburg said the fraud had been going on for years.

What wasn’t part of the report, though, was the connection to
Greying
He’d been talking up Tingo Inc. for years. In his LinkedIn message to Forbes, Greyling said he introduced Tingo Mobile to a public company named iWeb. The two companies completed a reverse merger in August 2021, with iWeb acquiring Tingo Mobile in an all-stock deal for $3.7 billion. But he insisted he has no involvement today.

Another recipient of Tingo Inc. shares with a link to Greyling was a shell company called Global Fintech Trading Ltd., owned by Lightman and Peter Maddocks, according to the website opencorporates. In 2008, Maddocks resigned as chairman of MinMet, a Dublin-based company that says it explores for gold and gas, because of a “series of complex deals involving companies associated with Mr. Maddocks” and a $126,000 payment to “fraudster Leslie Greyling,” according to a report in the Irish Independent.

Bringing the relationships full circle, Lightman and Maddocks were listed on the registration of a British company called Platinum Lifestyles Ltd., where Clinton Greyling was once a director. Forbes tried to locate Maddocks for comment but was unsuccessful.

Darren Mercer, CEO of Tingo Group, told Forbes that he was aware Greyling was involved with the stock before his company, MICT, a Chinese fintech, acquired some of Tingo Inc.’s assets last year, particularly its phone business, Tingo Mobile. Mercer said he knew who Greyling was and wanted nothing to do with him.

“When we were made aware of his involvement with Tingo Inc. as a shareholder at the time we struck the deal with Tingo, it was made very clear from our side that if he had any involvement in management, the executive or otherwise or any influence at any level, that we did not want to proceed at all,” Mercer told Forbes. “We have nothing to do with the old Tingo. We bought its main assets.”

Lightman told Forbes that was hogwash. “Do you know who introduced me to Darren Mercer?” Lightman asked. “Leslie Greyling. Do I believe MICT held up their nose refusing to do a deal if Leslie was involved? No, I don’t believe that.”

[genises] 04/2/2024 12:59

Mr. Mercer founded Global Fintech and Global Fintech Holdings Ltd. ("GFH") in October 2018 and November 2019, respectively and has served as director of both companies since their inception, and as a Director of Strategic Partnerships and Business Development and Executive Director since 2017. Since Mr. Mercer joined the TINGO GROUP Board, he helped TINGO GROUP achieve substantial fund raising and introduced significant new business opportunities to TINGO GROUP.

[genises] 04/2/2024 12:16

This below is an example for capital tax losses


You subscribed £15,000 for ordinary shares in a company in 2009. In March 2023, the shares became worthless but you continue to hold them.

You made a negligible value claim for the shares in your 2022 to 2023 tax return. This return is submitted in January 2024, and so the negligible value claim is treated as made in January 2024.

You specify in the claim that the shares became worthless in March 2023, you still own the shares now.

This is a competent negligible value claim.

[genises] 04/2/2024 12:15

Thanks alzy1

[alzy1] 04/2/2024 11:17

I have submitted what I can to the SEC, which is basic info, and they have acknowledged same, suggest all invested do same, as nothing to lose

[genises] 04/2/2024 11:04

It looks as if every dealing has been hidden in the accounts from exit fee paid, Mercer loan to tranfer of assets.No full accounts
I do wonder if what was going on at Tingo also was happening at China subsidiary.No evidence but iam sure Deloitte will still have relevant emails.Dont forget Deloitte are being investigated on the shambles at Tingo.
Think they should look depeeply into Tingo mobile and Bnn Chinese subsidiaries to see if they were all legitimate at the time.


Defendants also concealed their fraud by buying and registering internet domain names in the names of their made-up suppliers and customers; they then used email addresses from these domains to pose as these entities’ representatives in sending company auditors confirmation of the entities’ reported balances with Agri-Fintech and Tingo Group.”

[genises] 04/2/2024 09:24

Found the investment company who invested £2 million and £6 million loan.Wrote their 8 million off years ago all stated in the accounts.
These people will know if what has been said to us is a load of tosh.

I suggest all of you contact SEC and complain.

Expect we will suddenly see a new update from William if activity picks up on here.

[skin18] 03/2/2024 18:45

This is an email that I received from Mark Hanson Sept 2021

We are still waiting for an update from Darren Mercer and Ben White.

We understand there are still three deals in the pipeline. For the interests of creditors and shareholders the directors are still pursuing these.

It is very frustrating for all parties.

Regards

Mark

Sent from my iPhone Mark Hanson

[genises] 03/2/2024 18:22

Previous Bnn coms
4th May 2020

FROM THE CHAIRMAN, MARK HANSON

Following the Company’s update on 3 May 2020, I have received questions and requests for clarification from a number of shareholders. I am pleased to share my responses for the
benefit of all shareholders.

Q. What does the Company continue to own?
A. I can confirm that BNN owns all the operations and assets that it did when it entered into the original transaction with Global Fintech Holdings (GFH) and ParagonEx. Prior to then, the Company’s trading activities had been restructured and streamlined in preparation for a corporate transaction or asset sale. To this end, the business comprises three core divisions:

Lottery Software and Games - developing new games for the Chinese lottery market. The division presently has two games progressing through the process for regulatory approval.
The first, a virtual ice hockey game, is now awaiting final approval from China’s National Sport Lottery. The second, a keno-based game, has been approved at provincial level in
Gansu and is also awaiting national approval. Each of these games will replace existing games which have historically generated significant revenues and, once approved, will be
rolled out across a number of provinces.

Technology and Operating Partner - our proprietary technology supports the official websites of the Beijing Welfare Lottery, Shanghai Welfare Lottery, Guangxi Welfare Lottery,
Heilongjiang Sports Lottery and Gansu Sports Lottery. In two of the provinces, we have partnered with a number of large Chinese banks to exchange customer loyalty points for lottery tickets.

Self-Service Lottery Terminals – Since 2012, BNN has been at the forefront of developing lottery terminals in China. The Company has delivered several major upgrades in payment systems for the lottery sector, allowing players to purchase tickets on either lottery terminals or their own mobile telephones, as well as printing winning tickets. On 1 July 2019 we announced a nationwide technology, promotion and marketing contract to support the roll out of a leading-edge lottery platform with one of China’s largest retail groups. This opportunity has not been progressed whilst we have been focusing on the completion of the listing, we will now however resume the roll-out whilst we are waiting to complete a
new takeover or other corporate transaction.

Q. What is the Company’s current strategy for delivering shareholder value
A. The Company owns several valuable businesses, contracts, licenses and assets, which the Board is very confident it can realise significant shareholder value from. There are a number
of options for us to consider and we have several opportunities to pursue, including takeover deals, as well as business and asset sales and also strategic mergers.
As Chairman I am personally leading these discussions and look forward to updating shareholders on progress as soon as is practicable.

Q. What are the staffing levels in China
A. Following the completion of our streamlining exercise and cost cutting programme in 2018/2019, we now employ 73 staff in China, which support our three core divisions. With
our focus on technology and online activities, the Company is highly scalable without the need for a large workforce.

Q. What is the status of the audit of the 2019 financial statements
A. The audit of the BNN Group accounts for 2019 is currently underway. The audit of the trading subsidiaries would have been completed as part of the GFH audit, had the transaction completed, whereas BNN is now undertaking the audit in its own right. The audit is being conducted in accordance with US GAASs, which are more stringent than IAASs, with the objective of presenting the business on a more compatible basis with
potential buyers. We are advised that the process will take longer than would ordinarily have been the case due to the severe impact of COVID-19. We will inform shareholders
when the audited financial statements are filed.

Q. How has the Company’s cash balance been impacted by the terminated transaction
A. As can be seen from the audited accounts at 31st December 2017, which was prior to the announcement on 26th June 2018 of our intention to pursue the deal with GFH and ParagonEx, the Group had £20.7m of cash and £19.5m of current liabilities, of which the latter included £10.8m of bank debt that was repaid in 2018, as well as a convertible loan note of £5.8m. Net cash was therefore relatively low. We alerted our institutional investors, other major investors and their representatives before embarking on the GFH transaction in 2018 that we would incur significant costs if we were to pursue what was a highly complex merger. This was met with their full approval and support, as well as their funding pledges. I appreciate how extremely disappointing it is to all the Company’s investors, as it is to me and my colleagues, that the GFH transaction has terminated, in particular as we were so close to completion. With the world’s financial markets impacted so severely by COVID-19 in February and March 2020, which caused the withdrawal of our cornerstone investor, it simply wasn’t possible to salvage the deal. As mentioned in our announcement of yesterday and also above, we are however confident of securing and completing an alternative transaction, once conditions allow, that will deliver significant shareholder value. I look forward to updating all shareholders on our progress in this endeavour in the coming weeks.
ENDS


30th July 2020
FROM THE CHAIRMAN, MARK HANSON
Dear Shareholders
Further to my previous communications of 3rd and 4th May 2020, as we approach the end
of July I am pleased to provide a further update as set out below.
As mentioned on 3rd May, despite the very challenging market conditions and economic
back drop, we hold a high degree of confidence in relation to achieving some form of
corporate transaction that would realise significant shareholder value. We mentioned at the
time that we would progress such opportunities as soon as market conditions improved and
allowed.
Whilst it remains a very challenging environment, especially for any deal requiring new
funding, such as ours, we have been able to make meaningful progress with several
potential opportunities. The most favourable of the options available to us involve a
takeover of the Company’s, business and platforms, including those relating to its lottery
business which remains intact, and/or its trading subsidiaries, which would result in BNN
shareholders receiving shares listed on a recognised stock exchange. Such deals are
expected to give BNN shareholders the opportunity to realise their investment in the future.
In terms of timings, the current climate and circumstances makes the process a slower
process than it would have been pre COVID, amongst other things in relation to interested
parties performing due diligence in China. I can, however, report that meaningful progress is
being made and that we hope to complete a transaction during the fourth quarter of the
year.
At the same time as progressing the potential corporate transactions, the Company’s
management team and work force in China is continuing to develop the business and seek
opportunities to further enhance shareholder value and make the business more attractive
to buyers. In alignment with the interests of shareholders, all management, including
myself, are highly motivated and interested to maximise shareholder value and achieve a
transaction that gives all shareholders the opportunity to realise such value at some point in
the future.
Once we have more clarity on our preferred way forward, we will consult with our largest
investors/shareholders to seek their views. We will, of course, update all shareholders as we
receive further news over the coming months and we will also convene a General Meeting
once we are at the stage of proposing any to shareholders.
Whilst writing, we are keen to clarify certain points in response to some of the most
frequently asked questions that have been put to us, which are as follows:
1. The Company’s accounts for the year ended 31st December 2019 were filed at
Companies House on 30th June 2020 and should be available to download from the
Companies House website within the next few days.
2. The Company has retained all of its businesses and trading assets, including all those
relating to its lottery business. It has not transferred or sold any businesses or trading assets
to GFH or MICT
3. The Company has licensed part of its payment technology to GFH for use in Fintech
applications, in return for a licence fee. The Board considered this to be in the Company’s
best interests as it generates additional income whilst also strengthening its relationship
with GFH and its value as a potential acquisition in the future. The Company retains the
right to continue to use the licensed technology in its own business operations and has
retained exclusivity over the technology in the lottery sector.
4. The Company sold its holding of 1,363,000 common stock of MICT Inc to GFH on 18
May 2020 for $1,800,000, which equated to a price per share of $1.32 (compared to the
share price at the time of $1.15), satisfied part in cash and part in the satisfaction of debt, so
as to generate urgently required working capital, which became necessary once its external
investment and takeover transaction had fallen through.
5. The current UK operating costs of the Company total less than £100,000 per annum
(including Directors’ remuneration). As a Board we are fully committed to controlling costs
as tightly as possible.
I look forward to updating all shareholders again in due course

[skin18] 03/2/2024 17:28

Genises, Totally agree to what you have said. It would have been interesting to have seen the PWC report on Mercer.Had the SFO investigated BNN a few years back Tingo Inc might have never happened.

[genises] 03/2/2024 10:20

Report Suspected Securities Fraud or Wrongdoing
NOTICE:
We strongly encourage the public (whistleblowers and non-whistleblowers) to submit any tips, complaints, and referrals (TCRs) using the SEC's online TCR system and complaint form at hxxps://www.sec.gov/tcr. If you submit your TCR using the online TCR system, you will receive a notice confirming that your submission has been received successfully and providing the submission number for your records.

[genises] 31/1/2024 23:09

All this info has been found on here.
If anyone would like to update on those posts please post.

[genises] 31/1/2024 23:03

BNN isn't named as this is a merger which included BNN trading companies under name of Beijing Brookfield. Previous was acquisition agreement including BNNplc and that acquisition agreement has been terminated in favour of this merger (stated on page 3 of current report in SEC filings)

No sign of any payment for acquiring Bnn platform
What I expect is the companies being wound up.
How do we know if the 2017 &2018 account are accurate with what’s been going on at Tingo not as if the auditor is going to go to china

[genises] 31/1/2024 22:43

What happened to the BNN investigation into the £450k loan and subsequent undisclosed £270k retrospective bonus ? Did the remaining £180k loan ever get paid back

[genises] 31/1/2024 22:14

So to read through the smoke and mirrors - Mercer has bought himself a position at MICT inc and effectively they will pay him via the investors funds that have been transferred from BNN.
Not sure how he can help with relationships in China as I would have thought most prudent companies would have taken contingency measures and changed suppliers as the BNN car crash became the saga it is today.
Shareholders are still hung out to dry with no sign of any hope of recouping their funds.
Update will be provided in the near future - meaning " I will continue the scam that has been going on with your money as long as I can get away with it"
Mercer still living it up as spotted in London this week and most likely wining and dining as usual no doubt on expenses that we the shareholders are funding.
SCAM !!!!

[genises] 31/1/2024 22:13

dlm260231 Jul '19 - 16:09 - 16765 of 21633
0 3 0
From today's news:

"The planned business combination between BNN Technology/BI China, MICT, ParagonEx and other parties is progressing well, and we expect to provide a further update in the near future."

I wonder who the "other" parties are in this business combination?

hxxps://www.financemagnates.com/forex/technology/new-investors-join-paragonex-mict-and-brookfield-merger

[genises] 31/1/2024 22:13

Both companies are also collaborating on their respective platforms and as an example, if you go to page 122 of the main acquisition agreement (18 Dec 2018) you will read "cash advance by BNN to ParagonEx in the amount of Five Million U.S. Dollars ($5,000,000), to be used by ParagonEx for initiating the development of a commodities exchange platform for the Chinese market, pursuant to the terms of that certain Prepayment Agreement dated the date hereof, by and between BNN and ParagonEx."

[genises] 31/1/2024 22:10

Being doing a bit of research hope some of these posts from posters and CEO may help

During the last weeks, our FinTelegram Research Team has been working intensively on the broker schemes around FSM Smart, UFX and ParagonEX. According to the documents and information available to us

the FSM Smart scheme is one of the largest in the illegal brokerage scene,
UFX brand is owned and controlled by the ParagonEX people Haim Toledano, Saar Pilosof and Dennis-Hendrik de Jong and the website operated by ReliantCo Investments Ltd, which is regulated in Cyprus,
UFX uses ParagonEX technology and infrastructure (see our report),
Trade360 is also a customer and partner of ParagonEX and is operated by the Cyprus-regulated Crowd Tech Ltd.
Connections between Lexbond, FSM Smart and Crowd Tech?

In the course of the research on Lexbond Systems Ltd, it turned out that the broker page CapitalTechFX put only recently on-line is allegedly operated by the regulated Crowd Tech Ltd. This is at least stated on their website. However, at this point, it could become critical for Crowd Tech Ltd. Without any reasonable doubt, the website of CapitalTechFX belongs to the Scam-Broker network of Lexbond Systems


Mar 5, 2020
#1
Hello fellow victims and interested parties,

ParagonEx are attempting a reverse merger involving a Chinese company as per the SEC filing link below:

hxxp://archive.fast-edgar.com//20190205/A7K2QQ2CJ222AZZ2222L2ZZ9TTOLT222I2B2/

This means that the money you have been scammed out of is being used to finance this deal and the already wealthy individuals are about to become very wealthy.
It is also an attempt, in my opinion, to legitimise an illegitimate business / product. A product which has been used to steal large amounts of money from thousands of individuals. UFX and Trade360 with then have access to wider markets.

ParagonEX will then find itself listed on the NASDAQ alongside serious institutional and corporate investors who may or may not know the full story.

[dogwalker 1] 31/1/2024 02:01

United States of America
Investigation probe into tingo ,mict.
Head of Investigation by sec can be contacted with relevant information in support for the case
[e-mail]

[sundowner2] 30/1/2024 15:10

I understand that now FT have more people coming forward with information

[simonanthrobus] 29/1/2024 22:10

The email above is very similar to what the SFO sent me

[inspector dji] 29/1/2024 20:37

Simon
Anything you can provide?

DJI