Mercantile Ports & Logis... Share Discussion Threads

[someuwin] 22/12/2017 09:21

Updated pictures...

[deepvalueinvestor] 22/12/2017 09:15

They actually didn't expect to get bums on seats this quickly so well done Mpl. Wow after a painful 5 years, they are finally getting there. I remain a long term holder but certainly tempted to add now. As always, thanks to MT for keeping us all firmly grounded!!

[old punter] 22/12/2017 08:58

HAVE ANY OF YOU EVER READ j.j.ASTOR LANDLORD OF NEW YORK ?HE MADE HIS MONEY BY RENTING LAND TO PEOPLE FOR SHORT LEASES AND AT THE END OF THE LEASE KEPT THE BUILDING !!
I THINK THIS IS A VERY CLEVER DEAL.NO CAPITAL COST BUT LOTS OF FUTURE BENEFIT

[mount teide] 22/12/2017 08:52

This RNS should/will make extremely disturbing reading for shareholders with any knowledge of the shipping and ports industry.

The new contract is to handle shipping and cargo at the very bottom of the ports industry food chain - extremely low value and low handling revenue generating cargo.

The type of business typically handled at small little tidal ports on the River Humber - it would not sustain a £20m new build terminal never mind one with a £150m build cost carrying £50m of debt with a 13.5% interest rate.

In addition, the client has negotiated with MPL to do all its own cargo handling! Clueless, totally clueless!

Its almost as if Ghandi has carefully selected clients/cargo guaranteed to very quickly deliver an operating performance that is guaranteed to be a commercial disaster. So that when the Port fails spectacularly and the banks grab the assets back, they would probably be willing to accept a very low ball offer from a consortium of Indian investors very well known to MPL's existing shareholders.

AIMHO/DYOR

[someuwin] 22/12/2017 07:51

Nope - not currently in this. But watching.

[phowdo] 22/12/2017 07:47

The port is not going to be able to service its debts with that grade of contract.
Another equity raise next year priced at pennies to clear the debt?

[waterloo01] 22/12/2017 07:45

Lol. Hope your not in this one someuwin Customer building own warehouse. Very low value customers.

[someuwin] 22/12/2017 07:37

Mercantile Ports & Logistics enters second binding customer contract in India

StockMarketWire.com

Mercantile Ports & Logistics entered its second binding customer contract to manage cargo at a port and logistics facility in Mumbai, India.

The contract, which is with an Indian-based trading and stevedoring company, has a seven-year term, and is then extendable by an additional two years.

Under the contract, MPL will provide berthing facilities and approximately seven acres of backup land suitable for storage of cargo, which is expected to include pulses, fertilizer and construction materials.

The area of backup land will increase as the cargo volume is increased. The contract envisages a minimum of one million tonnes of cargo in Year 1, two million in Year 2 and three million in Year 3.

Under the contract, the customer shall be responsible for all handling operations and the customer will make a substantial capital investment in the facility through the construction of warehouses for storage.

The first cargo under the contract will land once the customer's warehouses have been constructed, which is expected to be in the second half of February 2018.

PROJECT UPDATE

Having announced that piling was completed on 3 November, the company is pleased to report that three berths on the jetty have been completed and are capable of receiving vessels.

Channel dredging is complete and dredging in the berth pocket is progressing in line with the jetty becoming functional.

The reclaimed land is being readied with the required finished surfaces for the different cargo types.

An initial area, approximately 50 acres, will be completed and available as the necessary back-up land by January 2018, in time for the first cargo under the contract announced on 20 August, which is scheduled to land during the third week of January 2018.

The team has focused on ensuring that the facility will be part operational by the end of the year and the company is pleased that this target was met.

The company is also pleased to report that the vast majority of the technical and engineering workstreams for the entire facility are now complete.

Reclamation work has continued in parallel with other workstreams since the monsoon eventually ceased in October and, now that the site is dry, reclamation and ground improvement activity for the balance of the reclamation works will accelerate and continue whilst the Facility is operating.

Additional surcharge material continues to arrive on site on a daily basis and, early in the New Year, resource will focus on the less technically demanding expansion of the site's footprint.

To date, approximately 95 acres have been reclaimed and reclamation material for a further approximately 10 acres is already on site.

The company's infrastructure and equipment purchasing schedule is progressing as expected.

The group's first contracted customers will initially employ their own equipment and the Board is confident that the facility's infrastructure and equipment will meet the requirements of its customers, as necessary.

As the facility approaches the date on which it will welcome its first customer, the company has intensified its marketing efforts.

One example of this was management attending the Maritime, Ports, Logistics and Warehousing Exhibition 2017, which was organised by the Confederation of Indian Industry in Mumbai last month.

The company was proud to exhibit alongside some of India's leading companies in the sector. The company's business development team leader, Umesh Grover, was a panel speaker, and the company was delighted with the profile that this event achieved.

Executive Chairman Nikhil Gandhi said: "Management is very pleased to have reached this important milestone.

"The contract announcements, together with the commencement of operations, leads management to be increasingly optimistic on the operational prospects of the company as we seek to achieve our goal of creating a modern logistics facility, which is strategically positioned to be an important part of Mumbai's logistical infrastructure."

[phowdo] 30/11/2017 09:13

"A Tale of Two Ports" would make an apt title for a piece in, say, the FT.

[mount teide] 29/11/2017 16:22

Barely two years after commencing the build out of JNPT's new Terminal 4, vessel operations are due to start next month.

PSA International took delivery of three super-post-Panamax ship-to-shore cranes for the Port Terminal in June and the second three in September.

In addition, 18 rubber-tire gantry cranes and four rail-mounted gantry cranes, designed to handle the 1.5-kilometer long double-stack container freight trains that will service the Port have arrived and are now installed.

The first phase of the Terminal includes a quay of 1,000 meters and a cargo capacity of 2.4 million TEU per year. Phase two will see the berth extended to 2,000m and the storage yard double in capacity to 500 acres. This will increase JNPT’s combined capacity to nearly 10 million TEU.

PSA have hired the waterfront workers from the local community for employment at the terminal as part of a previous government commitment to rehabilitate farmers who had surrendered land for the port development, and will continue to give priority to suitably qualified JNPT project-affected persons, according to management.

Interestingly, in addition, JNPT is positioning itself to handle higher volumes of general cargo trade, via a number of coastal general cargo berths together with a string of rail-road connectivity infrastructure projects with state investments worth Rs. 1,117.03 crore. These include a common rail yard for all terminals, a dedicated rail link to the PSA terminal, a third rail corridor between JNPT and the Jasai rail station, refurbishment of connecting highways, centralized parking lots for trucks, and backup yard improvements.


Congratulations to ITD for bringing the huge JNPT Container Terminal 4 into operation on time and budget.

[mount teide] 22/11/2017 09:04

In 2018/19 they certainly won't be generating anywhere near the cash required to pay 50% of the interest on the debt, never mind any of the Capital.

It is totally disingenuous to claim a 360m lightweight weather affected, open jetty as having 800m of 'working' quay length.

Most 4,000 dwt small dry and break bulk carriers will only be able to access the 'Port' for 4 - 6 hours a day due to the the fact that no dredging has been carried out in the three mile Karanja Creek approach channel from Mumbai Harbour, other than off the berth(Confirmed by latest Navigational Chart updates). Which is totally contrary to the management's claim that approach channel dredging has been going on for 2.5 years and is now complete!

Since a 2.5 year dredging contract for the approach channel for a minimum 4.5m depth (since reduced to 3.5m, the current natural scoured depth!), would have cost circa £5m plus, some 'organisation' would seem to have got paid handsomely for largely doing sweet FA, according to the latest Admiralty navigational charts.

AIMHO/DYOR

[phowdo] 22/11/2017 08:38

Falling on sod all volume.
Are they going to tap the market for more cash?

[diku] 05/11/2017 22:03

When is the first fisherman boat coming through?...

[mount teide] 05/11/2017 21:12

Have these venal charlatans no shame!

The Confidence Tricksters masquerading as the Scam Ports and Logistics management, is thrilled to update the market and its clueless Institutional shareholders as to how their huge scam is progressing!

Shareholders will recall after 2.5 years of so called on-site 'activity', the following project milestone was reached in June 2016:

75 acres reclaimed
58 Jetty Piles laid

Then, contrary to RNS News, the scam artists STOPPED all Land reclamation and piling for the rest of the year to take their monsoon season 4 month fully expensed (£25,000 a month plus fees) annual holiday, before returning to produce what we correctly predicted would prove to be a strong contender for AIM's greatest work of fiction; namely the 31st October 2016 Shareholders Circular to fraudulently raise by false representation another £37m from clueless II's who shamefully carried out no due diligence worthy of the name.

The Shareholders Circular fraudulently told the market that Land Reclamation and Berth Piling was continuing without interruption and the market could expect the following construction progress by the END OF June 2017:

• completed the balance of reclamation work
• constructed the remaining berths, four of which will be capable of receiving vessels


Roll forward to the 3rd November 2017 RNS: The market is told that:

90 Acres of Land Reclaimed to date
248 Jetty Piles laid


So, lets compare the progress made over the last 17 months to that expected from the Shareholders Circular:

Land reclamation - in 17 months just 15 additional acres has been reclaimed against an expected target of another 125 acres, and 200 acres in total by June 2017.

Jetty Piling - 190 piles laid in the last 17 months/2.5 a month (at JNPT Terminal 4 ITD Cementation averaged 82 piles/month following commencement of berth piling some 18 months ago). Against a target of the completion of the entire much scaled back lightweight open jetty and associated infrastructure, with 4 berths capable of receiving vessels!


Will be fascinating to see what the cash spend has been since June 2016 for such a scandalously small amount of progress - sadly for shareholders that information will be kept a closely guarded secret until June 2018.

The truly shocking lack of progress over the last 17 months suggests the hugely fraudulent £37m cash raise for a massively scaled down facility to that detailed in the IPO Documentation and found on the Company Website for the last 7 years, until the management were forced to recently change it following a series of complaints to the Nomad's Compliance Officer, will probably have largely disappeared in exactly the same way as most of the circa £90m of cash allegedly 'spent' to the end of 2016.


AIOHO/DYOR

[my retirement fund] 03/11/2017 10:45

I think theres a clause on the land and licence allowing the local authority to revoke the lease and certainly licence in anycase if they prove inept so investor's are screwed what ever happens.

[pj 1] 03/11/2017 08:49

Still looks like they are doing the MINIMUM required to keep the project 'alive' imo

[waterloo01] 03/11/2017 08:43

They don't own the land. It's leased from the maritime board.

[orinocor] 03/11/2017 08:40

Read the wording carefully. As phowdo says they've done just about nothing and no mention of generating revenue.

Does the reclaimed area have any worth as an alternative use like houses.

[waterloo01] 03/11/2017 08:18

lol. Nice to now it's making Modi happy, shame they aren't as interested in shareholders.

[phowdo] 03/11/2017 08:02

Blimey, they've done sweet FA again.

Anyone remember this porky-pie from last year?

Subject to the Company being able to secure the Funding by the end of the first quarter of 2017, the Company is working to the following timetable in order to achieve full operational completion of the Facility by the end of the third quarter of 2017:

By the end of the second quarter of 2017 the Company expects to have:
· completed the balance of reclamation work;
· carried out further ground improvement works;
· constructed the remaining berths, four of which will be capable of receiving vessels; and
· completed the sourcing of all necessary equipment.

[mount teide] 18/10/2017 12:52

Following post was made last year on publication of the Shareholders Circular crafted to raise an additional £37m via a Placing and Open Offer. We described it at the time as a strong contender for AIM's greatest work of fiction. On re-reading, incredibly, even our dire predictions, proved to understate the scale of the deception!

Latest thoughts/benefit of hindsight in BRACKETS AND CAPITALS:



'Declaration; disposed my holding in SPL earlier this year at a loss after losing all confidence in the company following a number of very long, and unsatisfactory telephone conversations with the MD, who imo is totally out of his depth. The only telephone comment/forecast he did make that proved correct - was that once the Management has something at Karanja to show the market, it will give Management the opportunity, should they so wish, to raise money from the facility, by either taking an industry partner or from new/existing investors.

(DISINGENUOUS BEHAVIOUR AT BEST, ALTHOUGH MOST WOULD CONSIDER IT OUTRIGHT FRAUD, SINCE THE TERMINAL SPECIFICATION HAS BEEN DRAMATICALLY SCALED BACK POST THE CASH RAISE)


The 'Chairmans Letter' in the Open Offer and Limited Placing taken together with previous project updates only reinforces my view that the management has lost all credibility and along with the NED's should be replaced immediately. Imo, the passage of time will prove this letter a work of fiction, as most of the development timeline forecasts are so totally unrealistic, as to be laughable considering the progress made to date.(PREDICTION PROVED 100% ACCURATE)


Chairman's Letter:

'Subject to the Company being able to secure the Funding by the end of the first quarter of 2017, the Company is working to the following timetable in order to achieve full operational completion of the Facility by the end of the third quarter of 2017:

'By the end of January 2017 the Company expects to have:
• completed the dredging requirement;
• reclaimed 70 per cent. of the land; and
• constructed two berths, one of which will be capable of receiving vessels. '

So, in the next three months, Management expect to double the land reclaimed from around 75 acres(i estimate it is currently nearer 65 acres) to 150 acres ( A total impossibility imo), even if they worked night and day they would be lucky to get close to 100acres in total.

And after taking more than 6 months to pile 100m of quay, they expect to complete another 200m of quay piling in three months and have at least 150m of the quay wall and adjacent hardstanding complete for operations! Laughable.

(AS CLEAR A CASE OF BANG TO RIGHTS FRAUD BY FALSE REPRESENTATION AS YOU WILL EVER SEE, SINCE MANAGEMENTS FORECASTS PROVED TO BE INDUSTRIAL SCALE DECEPTION - AS DURING ALL OF H2/2016 THEY WERE NOT CARRYING OUT ANY LAND RECLAMATION OR BERTH PILING WHATSOEVER!)


'By the end of the first quarter of 2017 the Company expects to have:
• reclaimed 90 per cent. of the land;
• constructed four berths, three of which will be capable of receiving vessels; and
• entered into commercial agreements with end users.'

It gets even better: in the 5 months from now to the end of March 2017, they expect to have reclaimed a total of 180acres, nearly three times the progress to date and have completed 600m of piling and 450m of berth development. (So utterly ridiculous as to be be unworthy of further comment!)

(ONCE AGAIN, AS CLEAR A CASE OF BANG TO RIGHTS FRAUD BY FALSE REPRESENTATION AS YOU WILL EVER SEE - MANAGEMENTS FORECASTS AGAIN PROVED TO BE INDUSTRIAL SCALE DECEPTION - AS BY THE END OF Q1/2017, THEY HAD RECLAIMED A TOTAL OF JUST 4 ACRES IN THE PREVIOUS 9 MONTHS AGAINST A TARGET OF 105 ADDITIONAL ACRES - MAINLY DUE TO THE FACT THEY FAILED TO CARRY OUT ANY LAND RECLAMATION OR BERTH PILING WHATSOEVER IN H2/2016 DESPITE REPEATEDLY CLAIMING TO THE CONTRARY IN RNS STATEMENTS AND THE SHAREHOLDERS CIRCULAR FOR THE CASH RAISE)

And now for the grand finale!

'By the end of the second quarter of 2017 the Company expects to have:
• completed the balance of reclamation work;
• carried out further ground improvement works;
• constructed the remaining berths, four of which will be capable of receiving vessels; and
• completed the sourcing of all necessary equipment.'

They expect between now and next June to reclaim around another 140 acres, and complete a further 900m of piling and around 800m of quay development! (Total and utter nonsense - this is so ridiculous, that the management are putting themselves at risk of being taken away in straight jackets, if not handcuffs!).

(ONCE AGAIN, BREATHTAKING DECEPTION - JUST 15 ACRES RECLAIMED AGAINST AN EXPECTED FIGURE OF 125 ACRES AND 200 ACRES IN TOTAL, AND ZERO BERTHS AGAINST A TARGET ON FOUR BERTHS CAPABLE OF RECEIVING VESSELS)


'At the end of last year it became apparent to me the executive management were either a bunch of totally incompetent idiots, or were operating a XXXXXXXXXXXXX.'

WELL THE MANAGEMENT'S UTTERLY MENDACIOUS BEHAVIOUR OVER THE LAST YEAR TOGETHER WITH FURTHER EQUALLY SCANDALOUS HISTORIC REVELATIONS SINCE EXPOSED TO THE LIGHT OF DAY, SHOULD HAVE LEFT NO DOUBT AS TO THE ANSWER NOW OF THAT QUESTION


If as management say they have enough money to get to the end of March without delaying the pace of development, it begs the following question:

BY implication, they already have sufficient funds to develop at least 150 acres and 600m of berths without the need to raise any further funds. THIS IS MORE THAN SUFFICIENT TO EASILY MEET THE FIRST 3 to 4 YEARS OF OPERATIONAL USE - SO WHY THE NEED TO RAISE MORE FUNDS?

(EXACTLY - ANSWERS ON A POST CARD TO THE AIM REGULATOR AND SFO)

It gets worse..... the operation is now being developed to have just 4.5m of water depth available IN THE APPROACH CHANNEL AND ON THE BERTHS. This is a HUGE NEW NEGATIVE as it will now restrict the operation to attracting JUST small barges and very small coasters of around 60-70m total length.

(IT HAS IN FACT SINCE GOT MUCH WORSE - POST THE £37M CASH RAISE, THE MANAGEMENT HAS ANNOUNCED THAT THE DEPTH OF WATER AVAILABLE IN THE APPROACH CHANNEL WILL NOW BE REDUCED TO A LUDICROUS 3.5M - MY LOCAL YACHT MARINA HAS MORE THAN THAT!)


'IMO - No Port Operator in their right mind would spend the best part of £150m to develop 200 acres( in reality it will not be anything like that on 'completion' next year) and 1000m of berths to handle such traffic. THIS IS WHY THERE HAS BEEN NO INTEREST FROM OTHER PORT OPERATORS - Ask yourself this question - why has no port operator been willing to pay around £30m for around 75% of the company - they could pay back the debt with the cash they currently have left and be left with the asset progress to date(clearly like me, they do not believe there is anywhere near £65m of asset value currently completed to date, and are not impressed with commercial prospects for a facility with such a massive operational draft' restriction.

(PREDICTION PROVED 100% ACCURATE)


Management now claim they are going to target container traffic from vessels in the anchorage - BIG MISTAKE - the management should do some research( a detailed investigation by a London and Mumbai based firm of marine engineers has shown that it is simply not possible to safely use the Mumbai anchorage for this type of barge operation for some 3 to 4 months of the year due to adverse sea conditions during the Monsoon season.

(PREDICTION PROVED 100% ACCURATE - A DESPERATE MANAGEMENT HAVE AGAIN MADE THEMSELVES LOOK LIKE A BUNCH OF BUMBLING FOOLS MAKING IT UP AS THEY GO ALONG)

Additionally, there has been no reported berthing delays affecting the movement of container vessels to the JNPT container terminals for most of the last 6 months following the introduction of the new terminal capacity there, and with further new terminal capacity scheduled to regularly come into operation at JNPT over the next 5 years this is unlikely to change. ALL of the problems creating delays for cargo shippers/receivers at the JNPT terminals are related to landslide terminal operations, administrative, and roadside access issues.


(PREDICTION PROVED 100% ACCURATE - MANAGEMENT HAVE SINCE CAME OUT WITH THE TOTALLY DISINGENUOUS STATEMENT THAT DISTRESSED CONTAINERS AT THE JNPT PORTS Due TO CONGESTION WILL NOW FORM A CORE TARGET CARGO FOR KARANJA - WHICH A SENIOR OPERATIONAL MANAGER AT THE ONE OF THE JNPT TERMINALS PREDICTABLY LAUGHED OUT LOUD AT WHEN IT WAS SUGGESTED TO HIM!)


Shareholders should be DEMANDING to know where the money spent too date has gone and to whom.

(THERE HAS BEEN A TRULY SHOCKING AND SHAMELESS LACK OF ACTION BY THE MAJOR II's)

If this funding proceeds - i believe shareholders will likely end up with a very modest facility by the end of next year comprising around 300m of heavily draft restricted berths capable of handling only tiny coasters and barges, and around 75 - 100 acres of hardstanding with modest load bearing capacity - at a 'cost' of close to £145m, but with a market value of probably around £45m at best(close to the bank debt outstanding on it), and with the prospect of developing a commercial operation that would be lucky to make a profit capable of even covering the interest payments on that debt , never mind make a return for shareholders!.

(TO THE II'S - IF YOU OBJECTIVELY COMPARE THE ABOVE FORECAST TO WHAT THE MANAGEMENT PUT OUT IN AIM'S GREATEST WORK OF FICTION, THE SHAREHOLDERS CIRCULAR - YOU CANNOT SAY YOU WERE NOT WARNED BOTH VERBALLY AND IN WRITING IN THE STRONGEST POSSIBLE TERMS!


AIMHO/DYOR

[mount teide] 12/10/2017 23:05

AIM International Company of the Year Award 2017 - Sponsored by CENKOS of all people!

And the winner is: TAPTICA (TAP)

[dave4545] 09/10/2017 16:15

Interesting the mm's still happy to push this higher.

Just think MT not saying you are wrong about this being a scam or not but the price is now 200% higher from the intraday low of all time at 3p offer

[mount teide] 08/10/2017 11:46

azalea - in exactly the same way, every billion dollar fraud committed in the US was aided and abetted by one of the big four auditors.

As Harry Markopolos said, "in the history of accounting it’s impossible to name even one multibillion fraud that the Big Four uncovered."

“Now, if I asked you, to name all the big, multibillion-dollar accounting frauds that the Big Four aided and abetted, we could be here all afternoon,”.


Firstly - The Nomad told me that "as soon as the Company made them aware MPL did not have sufficient funds to complete the build out of the entire 200 acre development in one go to the specification detailed in the IPO documentation - they(the Nomad) told the management they would have to raise more funds, otherwise there would be problems from the IPO investors".

However, the 'story' told to investors via company RNS, was that the company was not cash strapped in any way and wanted to raise further funds to complete the build out to the Directors 'preferred specification', which they did not reveal to the market until some 8 months AFTER the £37m Placing and Open Offer, although prior to that, some were were given specific details of it by management, without being made insiders, against stock market rules.

Secondly - despite repeated complaints of allowing the management to purposely use obfuscation to mislead shareholders via way of Company RNS - it continued to occur - one of the numerous examples given to the Nomad's compliance officer was such a crude and blatant attempt to mislead, it was frankly laughable if it were not so serious:

June 2016 - '58 Piles have been laid for the construction of the jetty'

Sept 2016 - Piling for 100 meters of jetty completed

March 2017 - 'Piling for approximately 40 per cent of the final quay length has now been completed.'

It is totally impossible to ascertain the rate of progress from the information provided - from June 2016 through to March 2017, i repeatedly asked the Nomad to confirm what the final quay length was going to be for two reasons:

To enable the market to be able to measure the rate of progress and,

To clear up why scandalously 7 years post IPO a situation existed where shareholders were still being given conflicting information regarding the specification of the terminal:

*The IPO document said the quay length would be 600m

*Arden's 2013 Note containing a plan of the terminal specification provided by the company said it would be a 1000m all weather fixed quay.

*MPL website - a '1,000m quay serviced by ship to shore cranes'

As it turns out all of the above proved to be complete rubbish, because 8 months AFTER raising the £37m, the market is told the Quay was going to be a much scaled down, open, weather affected 400m(at best) jetty, with an operational running distance to the port storage compound some 30 times longer than the fixed quay in the design given to Arden for their 2013 Note and, as notified on the MPL website. Even to this day the front page of the MPL website shows an artists impression of a terminal at Karanja with a fixed 1,000m all weather quay - which is totally different to what shareholders are going to get.

Thirdly - as a result of the totally ridiculous and completely implausible land reclamation and berth piling 'progress targets' specified in one of AIM's greatest ever works of fiction the MPL "Shareholders Circular' to raise another £30m from clueless II's in the £37m Placing and Open Offer - i repeatedly asked the Nomad from 24th September through to mid Jan 2017 for confirmation from management as to how work against the above progress targets was progressing. I was told everything was progressing in line with management's expectations and that the Nomad would arrange for the Management to give a call. I never got a call, so emailed Pavan and repeatedly emailed Jay. Both never replied. Why - because they knew NO land reclamation work or berth piling was going on at all in H2/2016, and that they had committed Fraud By False Representation in the Shareholders Circular by giving the Market progress targets that were a complete fabrication.

Clearly rattled, the MPL management's and Nomad's next move was so stupid, amateurish and clueless it was beyond satire. In late Jan 2017, they unwittingly provided the Market with photographic evidence on the MPL website of their Fraud, by cheerfully publishing photographs showing that NO land reclamation or berth piling had in fact been carried out in H2/2016 whatsoever, and that the Shareholders Circular progress targets and expected commencement date of cargo operations were nothing more than a complete fabrication carefully crafted to mislead - since the photographs showed an identical land reclamation footprint size with the same perimeter protection for the monsoon season as seen in the June 2016 photographic update.

When i put this to the Nomad's account representative, he had the gall to suggest otherwise and that more land reclamation work had in fact been carried out H2/2016, despite photographic evidence to the contrary. Only to be made to look a complete fool when MPL updated the market in late March, by reporting that a grand total of just 4 acres of land had been reclaimed IN THE NINE MONTHS BETWEEN mid June 2016 and late March 2017, against a target of 90% completion of the land reclamation, which would have meant A FURTHER 105 ACRES OF PROGRESS WAS EXPECTED.


These are just a few examples taken at random from the top of the iceberg of research we forwarded to AIM Regulation, the SFO and the Nomad's Compliance Executive.



AIOHO/DYOR