Mercantile Ports & Logis... Share Discussion Threads

[escapetohome] 03/7/2019 07:33

The white gloved butler grew up in the slums of Mumbai. But he rose from this early disadvantage. His role is as a concierge and He can get you anything or arrange just about anything having connections in both the underworld and amongst high ranking officials / politicians.

He is sought after for his connections , but is a whheeler dealer who is profiting from insider information , i am informed.

[diku] 02/7/2019 21:41

Who is this white gloved butler?...

[escapetohome] 26/6/2019 00:43

The white gloved butler is laughing his socks off, he is in direct contact with the mumbai fraud office, all are in his pocket.

All have had lashings of backsheesh, and some critical files are waiting in pile to be shredded, so when the fraud office do arrive , they will never find them, and the scam will be complete, and regulation will be seen to have worked.

Really india is another world. You cant look at it through the lens of a western eye and their syandards.

[vijay4teli] 25/6/2019 18:26

Did anyone know about Ali Baba and chalish choor ( Ali Baba and 40 crooks)?

[waterloo01] 25/6/2019 17:49

Good forensic work there MT

[mount teide] 25/6/2019 17:47

Not to be outdone - Mercantile Executive Chairman Nikhil Gandhi's involvement in the murky, industrial scale smoke and mirrors that is Karanja Infrastructure Private Limited (KIPL) and the motley crew of companies ran by Gandhi, that KIPL acted as the guarantor of huge bank loans for.




'Why should we be suspicious about KIPL’s dealings? Just because it’s owned by a company falsely pretending to be part of a global investment group doesn’t necessarily mean things aren’t above board, does it?....


.....Are there any connections between KIPL and the companies (including E-Complex Private Limited, Fastlane Distriparks and Logistics Limited, Horizon Country Wide Logistics Limited, Pipavav Defence and Offshore Engineering Company Limited, and Pipavav Engineering and Defence Services Limited.) who’ve benefitted from the £100m of loan guarantees? .........

.......There is something which connects these companies though – Nikhil Gandhi. Gandhi entered the private defence sector in the 1990s and these companies were all part of his network of companies that he established back then, directly or indirectly. KIPL also has links to the Nikhil Gandhi network, including companies it owns stakes in, such as SKIL Infrastructure Limited.....


....At least four of the guarantees were provided in 2013 and 2014, and yet KIPL reported zero revenues for the financial years 2012-13 and 2013-14. This should have proved a red flag as big as a continent for the banks, and should have led to an outright rejection of the guarantee proposals and the loans.
And yet the guarantees were accepted......

...KIPL’s auditors’ report for the financial year 2016-17 also mentions that no interest is either payable or accrued on those large loans. This raises even more questions about the loans, because ever since the Companies Act 2013, it has been illegal for companies to get loans on which they pay no interest.

....Still want more? How about this: the unsecured loans were taken on in the financial year 2015-16, or at least this is the year their older debts suddenly got noted down as unsecured debts. For some reason, KIPL did not file its returns for that year when required to, only filing them in 2018. The documents submitted in 2018, however, have signatures from 2016 and 2017. Go figure.....

..So to come back to our very first question, why does KIPL exist? It doesn’t seem to be carrying out any business, and doesn’t have much by way of revenue. Why does it have such huge loans on its books? And why is it willing to bet the house (quite literally) to prop up these private companies with parlous finances?....

.....As we’ve mentioned, nobody seems to want to answer this question about KIPL’s business, and that is perhaps the point here.....

.....KIPL continues to exist, and in its own way, thrive, despite all common sense saying this shouldn’t be the case. Where is it really getting its money from? Why do banks accept its guarantees to loan money to others? What kind of ‘business’ does a company like this really help with?'


Answers on a postcard to the Mumbai Special Fraud Office.

[mount teide] 25/6/2019 11:22

According to documents filed in the US and statements made before US Magistrate Judge Leda Dunn Wettre in Newark federal court, from May 2015 through September 2017, Bakhshi and alleged conspirators Parmar, Zaharis, and Chivukula had orchestrated an elaborate scheme to defraud a private investment firm and others out of hundreds of millions of dollars in connection with the funding of a transaction to take private a healthcare services company (Company A) traded publicly on the London Stock Exchange’s Alternative Investment Market.

To fund the transaction, the private investment firm put up $82 million and a consortium of financial institutions put up another $130 million. The scheme utilized fraudulent methods to grossly inflate the value of Company A and trick others into believing that Company A was worth substantially more than its actual value.

To present a positive picture of the company’s financial wealth, the FBI said in a media release, that the conspirators allegedly sought to raise tens of millions of dollars in the public markets, purportedly to fund Company A’s acquisitions of various operating subsidiaries. In reality, a number of those entities either did not exist or had only a fraction of the operating income attributed to them.

The conspirators, according to the FBI, allegedly funneled the proceeds of these secondary offerings through bank accounts they controlled and used the money for a variety of purposes that had nothing to do with acquiring the purported targets. The money from one of the offerings was instead used to make it appear as if the operating subsidiary had substantial customer revenue when, in fact, the funds were simply transfers of the money that had been raised in the secondary offering.

The conspirators went to great lengths to make it appear that these funds were revenue, concocting phony customers and altering bank statements to make it appear as if the funds were coming from customers, law enforcement said.

The conspirators, according to the investigation conducted by the FBI, and the U.S. Securities and Exchange Commission’s New York Regional Office, allegedly:

• Created fictitious operating companies that Company A purportedly acquired in sham acquisitions.

• Falsified and fabricated bank records of subsidiary entities in order to generate a phony picture of Company A’s revenue streams.

• Generated fake income streams and phony customers of Company A and its subsidiaries.

• Made material misrepresentations and omissions to the private investment firm and others.

The defendants’ alleged actions caused the private investment firm and others to value Company A at more than $300 million for purposes of financing the transaction to take the company private.

The alleged scheme had been uncovered in September 2017, when the conspirators resigned from their positions with Company A or were terminated. On March 16, 2018, Company A and numerous of its affiliated entities filed for bankruptcy, attributing the company’s financial demise, in large part, to the fraud scheme.

The conspiracy count with which the defendant is charged carries a maximum potential penalty of five years in prison and a $250,000 fine, or twice the gain or loss from the offense. The securities fraud count carries a maximum potential penalty of twenty years in prison and a $5,000,000 fine.

It makes you wonder where on earth Bakhshi found the time to carry out the alleged fraud that he's been charged with, since as Indian company records show, he surely would have been far too 'busy' at the time setting up yet another Financial Services Company in Mumbai - oh, and supposedly busting a gut 'running' Mercantile Ports and Logistics and gutting its shareholders investments! (As my colleague said; "It must have been during his six month fully expensed annual monsoon season Mercantile vacation period". Ah, yes of course!

I wonder if the white gloved butlers at the Mumbai Taj Mahal ran a short on the AIM Healthcare Company as well?

[mount teide] 25/6/2019 10:46

FUGITIVE ALERT !

ALLEGED FRAUDSTERS STILL ON THE RUN !

Interesting to note the accomplices of the former Mercantile CEO and now its highly paid consultant Pavin Bakhshi, recently indicted in the US for allegedly orchestrating a widespread scheme to defraud investors and others out of hundreds of millions of dollars in connection with a merger transaction designed to convert A PUBLIC COMPANY into a private entity, REMAIN FUGITIVES according US Law Enforcement.

Parmjit Parmar, aka “Pauly Parmar,” 48; Sotirios Zaharis, aka “Sammy Zaharis,” 51; Ravminder aka "Ravi Chivukula", 44; all of New Jersey and New York, and Pavandeep Bakhshi aka " Pav Bakhshi", 41, of the United Kingdom, were charged by US Law Enforcement in a three-count indictment with conspiracy to commit securities fraud, securities fraud, and wire fraud.

Parmar, Zaharis, and Chivukula were first charged by complaint in May 2018. Bakhshi was charged with the same offences in a separate criminal complaint in September 2018, which was unsealed in December 2018 following his arrest by US Law Enforcement at JFK Airport as he arrived for a break from London.

The US Authorities have a long history of being far more adept at protecting its investment community from fraudsters than our Market Regulators - who incredibly are fully financed by the very people they are supposed to be regulating!

A colleague has sent US authorities the Mercantile File we submitted to the AIM Regulator, FCA and SFO, in the hope it may contain something of use to them with their investigation.


AIMHO/DYOR

[my retirement fund] 21/6/2019 10:01

The FCA are doing a splendid job in regulating this fraud to its final conclusion and once the shares are completely worthless they will also be able to help you deduct your losses against future tax allowances.

[stewjames] 21/6/2019 08:36

Has anybody reported this to the FCA? Or they did, but got ignored?

[mount teide] 17/6/2019 19:31

Whoever sold the 1.459 million shares today at 1.8p will with the benefit of hindsight probably be well chuffed to have walked away with the £26k it raised BEFORE expenses.......... That's assuming they did't pay £3.65 million for them at the IPO!

[waterloo01] 12/6/2019 15:03

Just another way to filter money out the company. Only so much you can get away on aggregate alone.

[diku] 12/6/2019 14:41

Was that a Bollywood stage set up for publicity purposes?..

[mount teide] 12/6/2019 14:33

hi waterloo - the six lane entrance/exit to the terminal highlights well the total incompetence of the management.

Many terminals in the UK and Europe handling up to 10 million tonnes of container and break bulk cargo a year comfortably manage to do so with just one entrance and exit gate.

[waterloo01] 12/6/2019 14:16

No but they do have a 6 lane customs post. So far handled maybe 2/3 barges in the year to date.

[mount teide] 12/6/2019 14:12

So, the new monsoon commences and still no 2019 cargo volume throughput and revenue guidance from management before they shortly commence their tenth six month all expanses paid annual holiday.

[diku] 04/6/2019 20:28

Soon it will be time for another grand placing at 1p...or share consolidation and a placing...wash rinse and spin all over again...

[escapetohome] 04/6/2019 16:52

He got a very good price in my estimation reletive to current estimate though.

100pc loss on 1.8p to come.

[mount teide] 04/6/2019 14:53

Whoever sold the 1,200 shares today at 1.8p must have been well chuffed with the £21 it raised BEFORE expenses.......... At the IPO someone paid £3,000 for those!
Hopefully not the person who sold them today!

[mount teide] 28/5/2019 12:27

Part of a very short follow up note to AIM REGULATION ref: Mercantile Ports & Logistics - Aim Regulation cannot even use the well worn excuse of being asleep at the wheel, since they were provided with all this two years ago in addition to a veritable smorgasbord of additional material that should demand a thorough investigation into the Management's Governance of a listed Company.


MERCANTILE PORT AND LOGISTICS - Pre Monsoon Season Update

The start of the Monsoon season is less than two weeks away according to Met Office reports.

Presumably, the management and their former CEO and now highly paid consultant(following his recent arrest and charge by US Law Enforcement for allegedly carrying out a $300 million securities fraud while the CEO of Mercantile !), will be rubbing their hands with demob happy glee as they look forward to commencing their tenth 6 month fully expensed, shareholder funded annual monsoon season vacation - while the mugs funding their white gloved butler lifestyles and much else still await the courtesy of an update about how many ships have been handled(reliable reports suggest ZERO) and what revenue has been generated; since management put on that stage managed stunt at the part constructed terminal, where a single small barge cargo was handled over the jetty direct to road trailer months ago, together with that very expensive white gloved butler 'Inauguration Ceremony' funded by shareholders!

Inaugurating exactly what?

Ten years post IPO the 200 acres of land reclamation as detailed in the AIM Admission Document is not even half complete and shareholders are yet to see a single acre of the 100 acre Logistics Park that the convicted criminal(insider trading ) masquerading as the executive Chairman told shareholders in early 2014 to expect first revenues from by the end of that year!

AIM REGULATION - If that's not Fraud by Misrepresentation what is?

LikEwise to put in the November 2016 Placing and Open Offer Document to raise £37 million (since increased to £70m) that the port has been carrying out land reclamation uninterrupted since October 2015, when in fact the management knew very well that NO LAND RECLAMATION WHATSOEVER WAS CARRIED OUT FROM JUNE 2016 UNTIL JANUARY 2017.

AIM REGULATION - If that's not Fraud by Misrepresentation what is?

Likewise for the NOMAD to say the management had to raise the additional £37 million in November 2016 once they became aware they had insufficient funds to ensure the full 200 acres land reclamation was carried out in one go or else they would be in breach of the contents of the AIM Admission Document.

Some 2.5 years later they have reclaimed just 15 acres of the remaining 125 acres the November 2016 Placing and Open Offer Document said would be complete by the end of Q2/2017 - assuming you give us another £37 million of your money(since increased to £70 million). And yet, shareholders were recently told that at 90 acres ALL LAND RECLAMATION HAS NOW STOPPED SINCE THE PORT NOW HAS SUFFICIENT LAND TO CARRY OUT ITS OPERATIONS!

AIM REGULATION - If that's not Fraud by Misrepresentation what is?

AIOHO/DYOR

[escapetohome] 23/5/2019 22:52

1.8p is still 100% too high.

This share has no value.

[mount teide] 23/5/2019 22:44

42,500 shares changed hands today at 1.8p for £750 .......... someone paid £105,000 for those at IPO!

[mount teide] 22/5/2019 12:55

120k just gone thorough at 1.8p !

That was worth £300,000 at IPO - Mercantile's Crew of port development 'specialists' have reduced that to £2,100 over the last ten years without generating a dime of revenue and have still not completed the reclamation of even half of the port land detailed in the AIM Admission document; or even one acre of the 100 acre logistics park the executive chairman told the market to expect first revenues from by the end of 2014!

What are the NOMAD Cenkos doing about it ?

[mount teide] 22/5/2019 12:30

The ex CEO and now highly paid consultant was recently arrested by US Law Enforcement on entering the US at JFK airport and charged with allegedly carrying out a $300 million securities fraud on US soil - THE AMAZING PART OF THIS NEWS IS THAT US LAW ENFORCEMENT ALLEGED HE DID THIS WHILE STILL THE CEO OF MERCANTILE PORTS!

Without the SHAREHOLDER FUNDED 6 month all expenses paid monsoon season vacations, where would he have found the time to allegedly get himself up to such mischief.

He seems to have learned little from the Mercantile Executive chairman - that if you're going to carry out securities fraud(allegedly), do it in India not the US. The Exec Chairman was convicted of carrying out three industrial scale securities frauds on companies listed on the Indian Securities Exchange only to walk away from a prison sentence by agreeing to pay a small 'negotiated' fine.