Here is one for you, lets see how long it takes real regulation to work , the UK as this FCA. Compare.. this would and does fly under the radar and gets ignored in the UK City because this type of action is acceptable. Read it and look at the time lines https://www.sec.gov/news/pressrelease/2016-95.html
Its very easy FC, take a close look. First Bazarni M, refuses to leave office as president, nothing new here, this is the man that sided with Saddam Hussein twice. Before getting carried away, look at the 4 members of Parliament all elected by the Kurdish people, but thrown out by the Bazarni KDP and parliament could not sit, they were even stopped at gun point entering parliament. These are elected officials, so parliament becomes defunct..then N Bazarni appoints 4 thugs from the KDP secret police to take there place..
So you have a coup..What does the UK do, not a lot Hammond FO goes to erbil and embraces the thugs who stop elected members entering parliament, now tell me who is propping up these thieves, none other than the UK government and who buys the oil, try alan ducan MP oil trader..
THROW INTO THE MIX THE KURD GROUP AT WESTMISTER FOR KURIDTAN LOBBYING GROUP, AND THEY PROP UP THIS REGIME WHO STEAL HIDE AND EMBEZZLE MONEY.
Now we have that covered what chance do say Gorran stand, if countries like the UK are hell bent on supporting and encouraging corruption, try MacFee, another UK government employee who attends to Bazarnis every need.
The UK Government as supported corruption and actively encouraged it, if they had not, then they would have acted to get IOC paid and shareholders protected. Does that make sense, and yes its been going on with GKP since 2011. So 5 years of it, and he Likes of Hawrmi UK Passport holder, gets full backing for the missing money from the UK government..if it was not so, then the UK Kurd lobbying group would cut ties, oil trades like MPs. would halt doing buisness there..
So in effect elected members of kurd parliament are barred from government , and the UK position is to support it. When they react they get shot at, dissapear, have there homes surrounded and stopped from going anywhere.
Of course they look at the UK and see its complicit UK MP's minsters hugging the bazarnis and all the time there people dont get paid, shareholders dont get paid...
GKP as the easiest option to stop it, easier than the members of Gorran, GKP board list arbitration, of course most KRG members cant believe GKP board can be so stupid not too, but then why does the GKP board have a CSA who is a member of the UK government who are complicit ...
Investors act with pressure and launch legal action against the GKP board fro dereliction of duty? They raise the serious issue of new PSC and inappropriate accounting say? Call for a EGM, any number of options.
Problem shareholders dont act, they take whats given as the norm its the British way to be shafted, its a national past time, world champions at getting shafted. Amazing not one UK newspaper covers it, but then look at owns the media, without getting into deep water, look at the BBC board and trust, try the Sunday Times, where old Left foot gone, or slippery Forston. Finally KRG mps dont turn up in Baghdad and that become unable to sit as a govern
If Gulf Keystone needs USD 50 million in new Equity Issue, that is equal to an Equity Offering of about 34 million GBP, or about 680 million new shares @ 5 p. If current equity owners demand a discount to current market price in order to put up new money, say Equity issue @ 3 p per share, the number of new shares could increase by 1,3 billion new shares.
I guess the bondholders will guarantee such an Equity Issue through April interest claim and partial D4E at that price, but Shareholders will be given Rights in order to give priority to shareholders who do not wish to be diluted.
Another alternative is a full D4E of the CB at 3-5 p, where Shareholders will be given Rights in order to give priority to shareholders who do not wish to be diluted. That would increase the number of shares by 7 billion new shares @ 3 p and 4 billion new shares @ 5 p.
DF31 'The other KRG members not KDP report $1.2 billion missing in oil revenue for Jan, Feb March.'
And what have or do they intend to do about it? It's not like it just started in January. If pi's are guilty of letting the asset of GKP be stollen from them what about those other KRG members? It's their country, their fellow countrymen, their oil? Easy peasy from an armchair I know but God helps those who help themselves, apparently. And Mr Hawrami could verify that as true bill.
The payment reflects part settlement of the invoiced amount of $22.45 million for April 2016 Taq Taq oil sales. This figure incorporates $18.76 million towards contractor monthly entitlement and $3.69 million towards recovery of historical receivables
.***** The balance of the April 2016 invoice is expected to be paid shortly***
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