Mercantile Ports & Logis... Share Discussion Threads

[mount teide] 21/5/2019 13:19

We have been in contact with the Mumbai Port Trust Marine Department, Harbour Master's and Pilot's Offices - who are not aware of any cargo vessels being routed to and handled at Karanja Port since the 'Inauguration Ceremony'.

A most interesting development considering the monsoon season is due to commence early next month and the terminal has NO ALL WEATHER CARGO HANDLING FACILITIES - not that this is likely to concern management, who will be enjoying their 10th annual 6 month monsoon season vacation with another £30 odd million of shareholders funds burning a hole in the company's (Indian?) bank account.

[mount teide] 20/5/2019 21:55

vijay - its amazing what you can do when your institutional shareholders and CFO are based 5,000 miles away.

AIM's Greatest Ever Work of Fiction 1 to raise £37m in November 2016 was a textbook example - the document claimed that land reclamation had been going on uninterrupted since October 2015.

If any institutional investor had gone out to Karanja between June 2016 and Jan 2017 they could have confirmed that THIS CLAIM WAS A BLATANT LIE, since Google Earth has confirmed that NO LAND RECLAMATION OCCURRED AT ALL DURING THAT 7 MONTH PERIOD. What did happen though during that Monsoon season vacation period was that the management somehow managed to burn through another £24 million of shareholders funds while virtually no onsite construction activity was going on!

Ask the Mumbai Taj Mahal's white gloved butlers - they know where all the skeletons are buried!

[vijay4teli] 20/5/2019 12:52

Since few years it's a draught condition in many part of India. How it could be six months monsoon vacation...

[my retirement fund] 20/5/2019 10:16

MT I can't really comment on your efforts as I obvously don't have involvement of your own business. However its clear that your efforts have been unsuccessful. Its a shame it usually takes the efforts of other countries to bring these crooks to justice. It is a very frustrating situation for all and it casts a very long shadow across the integrity and morals of many connected British companies that wilfully enable such practices.

[mount teide] 20/5/2019 10:06

Correction - US Dept of Justice say the alleged fraud carried out by Ex Mercantile Port CEO Pavandeep Bakhshi and others was a $300 million scheme to defraud investors NOT $200 million.


From the Independent:

'British man charged in alleged £239 million investment fraud - Pavandeep Bakhshi and others allegedly used fraudulent methods to inflate the value of a London-listed healthcare company.

A British man has been charged in the US for allegedly participating in a 300 million US dollar (£239 million) scheme to defraud investors in a deal to take a London-listed healthcare company private.

Pavandeep Bakhshi, 41, was charged with one count of conspiracy to commit securities fraud and one count of securities fraud.

He was arrested in John F Kennedy International Airport after arriving in New York on a flight from London.

The US Department of Justice said Mr Bakhshi, along with Parmjit “Paul” Parmar, Sotirios “Sam” Zaharis, and Ravi Chivukula allegedly used fraudulent methods to inflate the value of the AIM-listed healthcare services company and trick others into believing that it was worth substantially more than it actually was.

To fund the deal, a private investment firm put up 82 million US dollars and a group of financial institutions invested an additional 130 million US dollars, according to the DoJ.

The conspirators allegedly sought to raise tens of millions of US dollars to fund the healthcare service company’s acquisitions of various subsidiaries, but a number of them either did not exist or had only a fraction of the operating income attributed to them.(Shades of convicted criminal Gandhi's Insider dealing MO!)

They then allegedly channelled the proceeds of the fundraising to bank accounts they controlled with the money raised used to make it appear it had substantial amount of revenue.

The DoJ said the scheme was uncovered when the conspirators resigned from their positions or were terminated from their roles at the healthcare services company which then filed for bankruptcy.

The US government filed a criminal complaint against Mr Parmar, Mr Zaharis and Mr Chivukula for their alleged roles in the scheme. The Department of Justice said Mr Zaharis and Chivukula are currently fugitives.

The government also filed a civil complaint to seize four of Mr Parmar’s properties.

The US regulator, the Securities & Exchange Commission, has also filed a complaint against Mr Parmar, Mr Zaharis and Mr Chivukula.'

[mount teide] 18/5/2019 22:32

MRF - two industry friends and i have owned just one share each since taking a 5 figure loss in early 2016(subsequently made back with interest after reinvesting what we took out into TAPTICA), when we caught the CEO blatantly lying during a telephone conversation in connection with the pace of onsite construction.

On returning to the UK after spending six months sailing my yacht down to and around the Canary Islands for the summer, was astonished to find MPL's management attempting to raise £37m from the City using a document, i described on here at the time as AIM's greatest ever Work of Fiction, in an effort to deter anyone from supporting the Placing and Open Offer.

Spent many hours attempting to deter the largest two institutional shareholders from supporting the placing. Explained how we knew the CEO had been repeatedly lying, yet incredibly, they were prepared to overlook this and still went ahead and supported it, only to find, as we predicted, that the revised construction progress timetable published in the Placing and Open offer document was a complete pack of lies.

What however, we do find even more irritating, is that the detailed complaint we sent to AIM Regulation and the SFO demanding an investigation into the behaviour of the executive management, which we consider easy to prove Fraud by Misrepresentation, is still to generate any action.

I have met some very successful PI's who were invested in MPL( some will be known to many on Advfn), who have lost more than 10 times what we collectively lost in MPL in cash terms by failing to bail out when we did.

[mount teide] 18/5/2019 19:29

Following the March 2019 'Inauguration Ceremony' and what appeared to the experienced eye, the stage managed discharge of a metal cargo from a small barge using a road going mobile crane, handling cargo direct to road trailers, which were driven straight out of the terminal without the cargo being landed into storage - we recently requested the following information:

Telephone number of the Port Terminal Operations Office

Telephone number of the Port Administration Office

Telephone number of the Port Customs Team

Telephone number of the Customs Clearance agent/s operating at the Port Terminal

Number of ships/barges handled at the terminal since the Inauguration Ceremony

Terminal Operating hours for cargo collection

Terminal Operating hours for Vessel/Barge stevedoring

Mooring and Stevedoring cost to handle a barge/ship

Number, type and capacity of jetty cranes


Is anyone surprised we are yet to receive a reply?

[diku] 08/5/2019 08:37

I hear you hear you in my old age...

[escapetohome] 07/5/2019 23:28

Very very optimistic diku.

100% on for 0p return this one.

Ill put my reputation on it.

[escapetohome] 07/5/2019 23:28

Very very optimistic diku.

100% on for 0p return this one.

Ill put my reputation on it.

[escapetohome] 07/5/2019 23:28

Very very optimistic diku.

100% on for 0p return this one.

Ill put my reputation on it.

[diku] 07/5/2019 23:05

Heading below 2p placing price soon...it might just run down to 0.9p...

[mount teide] 07/5/2019 10:12

Less than 4 weeks away from the start of the monsoon season or as it is more commonly known to IPO shareholders and the Taj Mahal white gloved butlers - management's annual 6 month all expenses paid holiday - champagne corks are likely to be popping since this is a big one; their tenth!

[shiv1986] 07/5/2019 08:56

ADVFN is hosting an investor event for a firm within Industrial Transportation; Avation plc, on the 21st May to find out about their future prospects.

Sign up to attend this event:

[pj 1] 01/5/2019 21:27

🤣👍🍗

[mount teide] 01/5/2019 20:55

Thanks for the assistance guys.


Between June 2016 and March 2018 - JNPT reclaim 225 acres of land in a 20 metre deep fast flowing harbour channel, build a deep sea container terminal with a 1,000 metre quay capable of handling the world's largest container ships and 1 mile long container freight train handling facility - while at Karanja virtually nothing is done despite telling the market in November 2016 - using AIM's greatest ever work of fiction (AGEWOF 1) to scam another £37m from Institutional Investors(since increased to £70m by way of AGEWOF 2 ) - that the land reclamation work for the 200 acre project would be complete by Q2/2017 and the terminal operational!

Nearly three years later furious shareholders and the laughing white gloved butlers of the Mumbai Taj Mahal, find out that just 15 acres more land has been reclaimed, and that the land reclamation, never mind the port development, is still not even half complete!


- JNPT Terminal 4 - June 2016
- JNPT Terminal 4 - Dec 2016
- JNPT Terminal 4 - March 2018
- Karanda - Dec 2016
- Karanja - June 2016
- Karanja - March 2018

- MPL Site Carpenters as Work

[papy02] 01/5/2019 08:44

Ditto ... for me the link comes up with a UserName + Password page

[pj 1] 01/5/2019 08:40

MT, maybe take a screen shot (print screen) then save it as a photo to the PC, and upload from there? Like you I struggle but I think general increased internet security has overtaken the 'old' systems.

[mount teide] 01/5/2019 08:35

PJ - being somewhat of a technophobe - any hints on where to start an investigation as to why the link doesn't work? Are other readers experiencing the same problem?

[pj 1] 01/5/2019 08:31

MT
The above link doesn't work. PJ

[pj 1] 01/5/2019 08:30

O/T
Some sad news of a once SPL initial investor and regular motley fool contributor 'skegby house' who passed away recently. RIP Robert.

[mount teide] 30/4/2019 19:28

What a difference two years years makes:

JNPT Mega Container Terminal 4 v Karanja Barge Terminal (a scam now in its 6th year of construction and still yet to complete 50% of the Land Reclamation)

[mount teide] 27/4/2019 09:43

Mercantile Ports and Logistics - Good to see that India has an extradition Treaty with the US - preventing the former CEO and now its high paid 'consultant' from doing a runner to avoid joining his fellow accomplices in the dock, charged by US Law Enforcement with carrying out a $200 million securities fraud.

However, what is totally unacceptable is that MPL shareholders should be picking up the tab for his 'consultancy' fees while he's in the Dock!

Many shareholders will also be interested in how much these consultancy fees are and by how much they differ from what he was PAID(Not Earned) for 9 years while he was masquerading as the self serving CEO responsible for delivering a catastrophic 99% share price fall since IPO.

Indeed, as one irate shareholder so eloquently put it - US Law Enforcement might be interested in the former CEO(in name only) obnoxious boast's to him about "earning £millions" from his other 'jobs' around the time the alleged $200 million securities fraud was carried out.

It is great to know the shyster i talked to on the phone for over an hour on a number of occasions during 2016, following which i along with my two friends sold 99% of our holdings - was subsequently arrested and charged by US Law Enforcement for allegedly carrying out a $200 million securities fraud.

What a management Mercantile has:

Executive Chairman arrested, charged and convicted of industrial scale securities Fraud at three companies but incredibly, manages to cut a deal with Indian Law Enforcement/Stock Market Regulator to just pay a fine to keep himself out of prison - and now fighting a writ alleging the siphoning of tens of $millions of cash from another company he had executive responsibility for into companies owned by him and his family!

Former CEO and now Consultant to the company, arrested and charged with carrying out a $200 million securities fraud on US soil.

Considering the colourful history of the Mercantile Ports and Logistics management - i am considering putting forward a proposal at the next AGM to rename the company:

Mercantile £200 million Never Built Port and Securities Fraudsters

Since it is obvious that with the recent company announcement that they have decided to stop any further Land Reclamation - did it ever re-start? other than to complete a further 15 acres in 3 YEARS to facilitate scamming another £70 million from totally clueless Institutional Investors in London - the land reclamation for the 100 acre Logistics Park of the 200 acre port development, as detailed in the AIM Admission Document nearly 10 years ago and for which the NOMAD representative said the November 2016 £37 million cash raising was specifically for - in fact, as we predicted at the time, posted here and told him directly via a long and heated telephone discussion which ended in a shouting match, would prove to be nothing more than a crudely crafted fraud.

How right we were!

AIOHO/DYOR