NQ Minerals SCAM8 Sep 2023 13:50
I found this articles on Linkedin last week, seems like we all victims of this scam !
"Shocking Truth Behind a Green Fraud Scheme: NQ Minerals Case Study
Executive Summary:
NQ Minerals PLC (NQ) is an OTC-listed company with mining assets in Australia, including the Hellyer Lead/Zinc Mine, Beaconsfield Gold Mine, and various exploration projects. The company's main source of revenue is the Hellyer mine, while the other assets have the potential for future development and revenue generation. In 2020, NQ generated $56 million in sales and $25 million in EBITDA but reported a net loss.
Between May 2018 and mid-2020, NQ sold approximately $100 million of Retail Bonds to investors worldwide. These bonds were marketed as having security over NQ's mining assets worth A$286 million. However, it was discovered that during these same years substantial commissions were paid to various parties involved, including Bedford Row, Doyle, marketing agents, and consultants. Doyle and his associates also channelled money out (allegedly, around $70 million ) through mining subsidiaries via discounted inventories, inflated procurement expenses and various arrangements. All these contributed to NQ's poor financial situation.
In May/June 2020, an alledged rigged vote orchestrated by Bedford Row and Doyle gave away the bondholders' security for no consideration.
In 2020, NQ defaulted on its bonds, leading to a restructuring plan and intended listing on the LSE mainboard. However, the listing did not happen due to the company's 2020 financial accounts not being signed off by its auditor PKF Littlejohn. The auditor raised concerns about going-concern issues and irregularities surrounding bond commissions and claimed marketing and consultancy expenses. The LSE also recommended replacing the entire management team.
In August 2021, NQ went into administration with approximately $200 million in debt, including a $55 million senior secured loan from ING, second ranking bonds issued by Audley Funding PLC, unsecured convertible loans, and gold and silver streaming agreements. Begbies Traynor was appointed as the administrator to assess the company's state of affairs and gather claims.
In December 2021, Munich Partners acquired Keen Pacific, the holding company for Hellyer Gold Mines, out of administration. However, it was discovered that Walter Doyle's associate James Dean’s family member held a registered charge over Munich Partners. Dean's involvement raised concerns about his role (from the rigged bondholder vote, an unauthorized royalty granted to his company without board approval and the sale of Keen Pacific).
Despite creditor concerns and warnings about potential insider dealings, Begbies Traynor proceeded with the transaction and closed the deal with Munich Partners in August 2022."
The whole thing is just a scam from the beginning.
#Bedford Row Capital Scam , Scott Levy scam, Truva Trustee Scam, Alper Deniz Scam, Stuart Gordon Scam, David Lenigas scam, Wa