Mercantile Ports & Logis... Share Discussion Threads

[escapetohome] 07/3/2018 06:43

Market regulators please put an end to this scam.

[mount teide] 07/3/2018 01:39

Well, well - the whistleblower was right the MPL management have done hardly anything at Karanja over the last 9 months!

"A picture is worth a thousand words" - It basically refers to the notion that a single still image conveys its meaning more effectively than a MPL RNS project update, full of Fraud by False Representation ever could.

The latest Google Earth images are now available for Karanja and the JNPT terminal developments and what a treasure trove of information they contain!

As predicted back in October 2016, MPL shareholders have since had their trousers pulled down and been bent over and given a right royal rogering.

Karanja - total land reclaimed 90 acres - same as in June 2017. This is just 15 acres additional to that achieved nearly 2 YEARS ago in May 2016!!!!!!

It without doubt makes the contents of the Shareholders Circular dated 31 October 2016 to scam the London market for another £37m of UK Pension Funds, AIM's Greatest Work of Fiction with Daylight second.

The top deck construction of the lightweight jetty is barely half finished and the jetty measures 380 metres in total, and that's being generous - with access only from one end, contrary to the recent video.

The total land area currently under final preparation for cargo storage is just 8 acres at best.

There is NO OTHER Port infrastructure yet in place - For management to forecast millions of tonnes of cargo throughput for 2018 with 70 % of the entire facility operational by the end of 2018, is as we predicted a total nonsense. They won't even achieve 20% of that and the start of the monsoon season and Managements next 6 month fully paid and £25k a month expensed holiday is only 3 months away.

The Karanja Scam is without doubt a racket worthy of the Mafia!


JNPT - in barely two years, they have built a now complete 1,000m heavyweight deep sea jetty capable of handling ships over 400m long and 40 times the deadweight of the maximum Karanja can handle, and reclaimed 225 acres of land in 20 metres of fast flowing water, of which at least 200 acres is now fully prepared to handle heavyweight container cargo.

The rail access into the port is complete, all essential port infrastructure is complete, 6 'super post pananmax' container gantry cranes installed on the jetty, and 25 port and rail side gantry cranes installed to handle containers into and out of storage.

Effectively, the port is ready to start FULL cargo operations across 90% of the site within 2 years.


Tell the story of the Karanja scam to the Brinks Matt Crew and they will be shaking their heads in total disbelief, realising they are in the wrong game! Why rob banks when you can put a suit and tie on and take the London markets for £110m!

The II's could have shut the Nick-it-all Crew's Karanja scam down in October 2016 but elected to ignore professional advice, preferring to rely two UK Non Execs that hold NO Ports or Shipping industry qualifications whatsoever and who have since quietly slipped away with over £300k each safety tucked away in their offshore bank accounts - THE INSTITUTIONAL INVESTORS DESERVE NO SYMPATHY THEY HAVE BADLY LET DOWN THEIR CLIENTS.

THEY SHOULD HAVE ACTED ON THE ADVICE TO APPOINT A CONSULTANT MARINE CIVIL ENGINEER TO CARRY OUT AN AUDIT OF THE WORK COMPLETED UNTIL OCTOBER 2016 - IT WOULD HAVE EXPOSED AND SHUT DOWN THIS APPALLING, UNCONSCIONABLE SCAM IN ITS TRACKS AND SAVED ANOTHER £37M OF THEIR CLIENTS INVESTMENTS FROM DISAPPEARING WITHOUT TRACE LIKE MORNING MIST.

AIOHO/DYOR

[saikat] 20/2/2018 18:24

Shame here. You punish a petty pickpcketer or a mugging - but you can't punish knowing fully well that more than £100m has been stolen. Not even a sophisticated looting - we loot on your face, everybody can make it out, even idiots can - you corrupt London deserve it - that's the spirit. Everybody has been bribed, individuals who influence the Institutional investors; the non-execs - they bought shares at start; I bet the bottom dollar that they have been bribed with payments to buy these shares.

Port building? What a scam? The worst of Indian corruption. And London corruption.

[marvelman] 20/2/2018 12:35

Cenkos seem to follow the trail of dead bodies. OPG another Indian disaster.

[my retirement fund] 20/2/2018 12:26

fft your probably right. The bank probably knows exactly whats going on. The area bank manager is probably mates with half of the connected parties and in on in anyway if the truth be told.

[tiltonboy] 20/2/2018 11:34

Cenkos have been appointed at OPG now!

[fft] 20/2/2018 10:40

MRF,

Not sure why the bank would get jumpy if MPL delisted. It is an Indian Bank, and, afaik, has first charge over the assets. If MPL went bust, they would get all the work done so far - so maybe that would make them jumpy !

[phowdo] 20/2/2018 09:42

I'm sure they plan one more rinse cycle to ensure the laundry is fully done.

[pj 1] 20/2/2018 09:19

I suspect it probably has been spent MRF

[my retirement fund] 20/2/2018 09:13

If they delist the bank will get panicky and want its money back sooner. I should think they will want to keep it listed until the very last penny has been spent on hotel bills or helicopters or whatever. Then they will be in a position to take it over for free with some leverage to negotiate fresh repayment plan and working banking facilities.

[pj 1] 20/2/2018 08:58

NOMAD fees can then be put to errrr.......'better use'....

[papy02] 19/2/2018 18:37

Yes, I’m short, via Spreadex. Some days you can short MPL online, other days only via dealer, other days not at all, depending on the “borrow” they can get in the market.

[pj 1] 19/2/2018 16:45

Well good luck with it MT,

[waterloo01] 19/2/2018 16:44

Has anyone managed to short this? I don't short but rather wish I did as this has been nailed on for some years/since the IPO

[marvelman] 19/2/2018 16:42

Riveting stuff MT. You do have an amazing energy with a brain to match. Watching with great interest.

[mount teide] 19/2/2018 16:35

Currently validating the first tranche of written information provided and discussed at length with the individual by phone over the weekend.

He certainly knows the hear no evil, see no evil and do no evil triplets well - and the numerous secondary companies they have set up in Mumbai.

With the benefit of hindsight, having hugely over-remunerated UK Non Execs without any Shipping or Ports Industry qualifications and an Accountant all based some 4,000 miles away WAS a massive RED FLAG of industrial scale proportions.

[pj 1] 19/2/2018 16:03

Interesting- is it a ''creditable'' whistleblower MT?

[papy02] 18/2/2018 22:47

Interesting. Is there anything in the public domain on MPL/Trincomalee that you can give a link to?
Many thanks

[mount teide] 18/2/2018 21:40

With £95m of Bank Loan interest and capital repayment funds now falling due at the rate of circa £13m a year, in addition to the many other issues previously mentioned like the funds 'spent' allegedly dredging the approach channel, II's might be wondering what the management are doing spending what little is left of their clients £110m pension investment funds in Sri Lanka (Trincomalee) rather than on the 200 acres of Land Reclamation in the IPO documentation!

Particularly since the precious funds being spent on the Sri Lankan 'project' is being overseen by a recently retired international test cricket star with no direct connection to the Company !

Pleased to say a thoroughly disgruntled whistleblower has made contact and is singing like a canary!

[club sandwich] 15/2/2018 07:05

If it's a fraud you should sue the Nomad for negligently signing off fraudulent/factually incorrect RNSs. That's what we're doing over at Paragon Diamonds, and I know African Potash s'holders are doing the same. Cloudtag next, I believe...

[mount teide] 14/2/2018 14:31

Yet more Fraud by False Representation in an RNS Update - its become so routine for this management to mislead the market by making it up as they go along - it makes you wonder what they have to do before the NOMAD starts taking their responsibilities seriously to protect shareholders interests.


Project Update - 3 November 2017

'After a stuttering end to the monsoon, the site is now dry and reclamation work is expected to recommence shortly after REMOVAL OF THE REVETMENT, WHICH IS IN PROGRESS.'

Video Update - 28 November 2017

The video clearly shows THAT NONE OF THE REVETMENT HAS BEEN REMOVED - AN IDENTICAL SITUATION TO JUNE 2017! SO NO LAND RECLAMATION HAS TAKEN PLACE

PROJECT UPDATE - 9 FEBRUARY 2018

Conspicuous by its absence was any mention of further land reclamation.

SO, contrary to previous RNS there has been NO LAND RECLAMATION ACTIVITY WHATSOEVER between June 2017 and 9 Feb 2018.

And only 15 acres between JUNE 2016 AND FEB 2018 to lift the total to 90 acres.

Unquestionably now one of AIM's greatest ever works of fiction, the 31st October 2016 Shareholders Circular to scam another £37m from clueless Institutional Investors claimed:


By the end of the first quarter of 2017 the Company expects to have:

Reclaimed 90 per cent. of the land;(180 acres)


By the end of the second quarter of 2017 the Company expects to have:

Completed the balance of reclamation work;(200 acres)


By February 2018, as we predicted back in November 2016, they have completed just 15 more acres taking the total up to 90 acres. From June 2016 through to Feb 2018(21 months) by the company's own updates they have only been carrying out reclamation work for a maximum of 4-5 months - so for 80% of the time NO RECLAMATION WORK WHATSOEVER HAS BEEN CARRIED OUT - COMPARE THAT TO THE CONTENTS OF THE SHAREHOLDERS CIRCULAR AND RNS UPDATES DURING THAT PERIOD.

Then in the Feb 2018 Video Update the market is hit with the Coup de Gras ( as predicted by us in November 2016) - the 90 - 100 acres of the current site is Phase One - leaving the rest of the site footprint available for future expansion

We would estimate the current market value of present facility when complete to be £40m at the very most - a firesale would be lucky to raise £30m.

All disappointed shareholders should FORWARD THEIR COMPLAINTS TO AIM REGULATION AND THE SFO.

AIOHO/DYOR

Edit:
Nickitall's(thanks PJ1) Karanja Scam is making the infamous Brinks Matt heist look increasingly like a loose change job !

II's can't say they were not warned and, that serial scam artist Nickitall had serious previous "form' with the Mumbai Regulator and Serious Fraud Squad including raids on his offices and residences.

[mount teide] 10/2/2018 01:05

MRF - MPL's two largest shareholders

They elected to rely on the former Non Execs with no shipping and ports industry qualifications - sadly, with entirely predictable results.

Incredibly, one was even prepared to give the management further funds post the £37m placing should they need it to complete the construction.

Clueless, totally clueless.

[mount teide] 09/2/2018 13:06

This is a very poorly executed attempt at a damage limitation exercise to defend the ludicrous claim that the existing layout meets the terminal specification detailed in the 2010 IPO Documentation.

They have sensibly not made any attempt to defend the charge of industrial scale Fraud by False Representation carried out in one of AIM's greatest ever works of fiction - The October 2016 Shareholders Circular - to support the raising of another £37m of funds for a port specification that should have generated cost savings of at least £25m over the original design produced by Royal Haskoning.

Where, not for the first time management seriously misled the market by being found out to have made materially inaccurate claims so outrageous(claiming land reclamation was progressing uninterrupted since October 2015 and detailing ridiculously optimistic progress expectations that were wholly impossible to achieve since for five months before the £37m fundraising to two months afterwards THEY WERE CARRYING OUT NO LAND RECLAMATION WHATSOEVER! How the management have not already been incarcerated for their behaviour since 2014 is a complete mystery and probably says more about the woeful standards of our regularity authorities than it does the venal behaviour of the MPL management.


Which brings us to the details contained in their latest children's cartoon video masquerading as a Corporate Update.

The Nomad's representative Stephen Keyes stated to us via a very heated telephone conversation in October 2016 that the reason the MPL management had to raise the additional £37m was because once they brought to the attention of the Nomad they had insufficient funds to develop in one go(not in phases - this is not allowed claimed Stephen Keyes) the 200 acres of land reclamation detailed in the IPO document, the Nomad had to tell the management they had no option but to raise the necessary additional funds otherwise they would be in breach of the IPO placing documentation, and all the issues that go with that.

We told him that extremely naive comment would come back to haunt him big-time! Particularly, as it was from someone who like the MPL management and both former UK Non Execs (who let this farce proceed without comment for 7 years before running for the exit doors after having safely tucked away £300K+ each in their offshore bank accounts) do not hold ANY professional shipping or ports industry qualifications.

Six months later the market finds out about a complete change in the berth configuration (not mentioned in Oct 2016 placing documentation) and a revised layout that suggested a reduction in the maximum terminal size of some 30 to 50 acres to 150 to 170 acres in order to facilitate access to the inner berths of the now lightweight 380m open jetty that was replacing the previous all weather fixed quay( this was as a result of the site having a fixed 1000m sea front footprint).

Now, just as we predicted, the video tells the market that the existing 90 - 100 acres of reclaimed land is actually PHASE ONE - with further expandable development! THIS COMPLETELY DESTROYS THE ARGUMENT PROFFERED BY THE NOMAD UNDERPINNING THE £37m CASH RAISE - WE SUGGESTED TO HIM IN OCTOBER 2016 THAT THE PASSAGE OF TIME WOULD DO JUST THAT. Never mind the fact that Shareholders Circular stated a completely different reason for the cash raise (it actually claimed the company was not cash strapped thereby completely undermining Stephen Keyes previous comments) and was raising the cash to complete the terminal to the Directors preferred specification.

Making it up as they go along would best describe the behaviour of the Management and Nomad.

The video laughingly describes the revised terminal as ALL WEATHER - it is hugely flattering that they find the time in their busy working schedules to read all my posts on here!

Of course, once again, like the totally ludicrous claim that transhipment containers from deep sea vessels anchored in Mumbai Harbour were a key target cargo, the ALL WEATHER CLAIM IS A complete nonsense.

An all weather terminal has a fixed quay and a warehouse canopy extension that extends out over the berth/vessel moored alongside to ensure 24/7 cargo operations regardless as to the weather conditions. The link below is an example of a working ALL WEATHER terminal for dry bulk coasters of the size that Kajanja is looking to attract:



Where is the 100 acre logistics park that Gandhi told the market to expect first revenues from by the end of 2014? Another example of misleading the market by way of an RNS statement - in February 2018, the land reclamation to build the logistics facility is yet to commence!


And then we come to the totally unbelievable cash burn - £44m disappeared before the principal contractor was even able to gain access to the proposed site after 'winning' a so called construction 'tender'( we are not aware of any other marine engineering groups being involved) with a £57m offer accepted by the management to build a 200 acre facility with 600m - 1000m ALL WEATHER fixed quay within 2 years - we'll let the SFO now deal with this and the other expenditure totalling £96m to June 2016 for a tiny fraction of the progress expected compared to ITD's £57m tender winning offer for the entire port civil engineering! Where has the money gone? Because one thing is certain its not in the foreshore at Karanja.

After showing an old friend of ours from Nautical School days - who is a Master Mariner too and now a highly distinguished Marine and Shipping Solicitor at Norton Rose our file before submitting it to the SFO - he commented that as 'port building' scams go - this is as close to a textbook example as he has come across!

With serial crook Nikitall Gandhi orchestrating events from his £1,000 a day white gloved service Mumabi Hilton private room - some might say, Institutional shareholders are getting nothing more than they should have expected !

However, investors have a right to expect more professional behaviour from a representative of an AIM Nomad with oversight responsibilities.

AIOHO/DYOR