Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Cheers Ziggy, you raise very valid point regarding FTI and it would be good if you can dig out anything in the NY papers as I can't believe Green Capital is deemed to be a suitable and capable company to farm out Frontera's assets. With regard to the Georgian court case, I questioned whether the BoD was aware of it and as you also have speculated, FTI was probably in the dark as well.
Welloiled - It just seems too much of a coincidence that both companies are called Green Capital.
Apologies, cant figure out amidst the wealth of listings, who are FTI?
(A bunch on non FRR calling themselves frontera something something in georgia isnt helping)
Welloiled
I do like your speculation posts . Think an element you have not included is FTI and their impact on the story . They have liquidated FRGC and have it under Caymans Court supervision . I believe Georgia and Caymans as well as USA are party to United Nations UNCRITAL agreements re cross boarder legal disputes including insolvency cases .
Mole in his thoughts the other day speculated that maybe FTI had asked Zaza to represent the Co because of his knowledge etc .
Not sure if I agree with that view as FTI have documented a number of times in Caymans and US courts how unreliable , unresponsive , and misleading Zaza ( and others) have been re their investigations .
Not got it to hand but in their NY papers didn’t sure they (FTI) refer to the asset farm out to Green Capitol , linking that to their “charge “ of was it at fair value , and you have to imagine after over 12 months of investigations they would have delved into that crucial part of their case .
No idea how Zaza came to be the rep in the case in Georgia and I am going to speculate a very left field reason, i.e. FTI were not aware of the case listing in Georgia ......yea I know ...but I think thats more feasible than them trusting Zaza to do the right thing in representing FTI ....and errr....HOPE .
As a further thought, if Green Capital was misrepresented in the contract or it contains misleading information, I believe it would amount to fraud and be invalid. I expect the BoD and lawyers have been all over it with a fine toothcomb.
Perhaps time is right to now get in contact with any contacts in Georgia media, ask Zaza some questions re FRR shareholders/ Green capital or even get senators involved.
Waited long enough.
Madpunter, the reason why I'm speculating the the BoD did not know about the Green Capital contract is that they would have had to carry out due diligence on the company and, as I have discovered, it has no track record in the O&G industry being owned and run by a Professor of Radiology. In addition, the BoD would have required guarantees from Green Capital that not only it had the wherewithal but also the finance. All this would have been documented in the contract and presented before it was agreed and signed off by the BoD. As far as misleading the court, Zaza could have represented Frontera in a way that confirmed Green Capital's claims but the court was specific in it's ruling by identifying Green Capital by it's company number 402052372 and Otar Urushadze as director.
cheer up pj
lots of people having **** lives with nothing at all and no hope
it looks as bleak as ever but who knows how this will turn out
This is the lowest I've felt with this share, I always had a little bit hope but not now
Green Capital Ltd is obviously a different company to Green Capital LLC, but with both companies having the name Green Capital, it's possible Zaza has misled the BoD of FRR and maybe even the court in Georgia.
Jim, you are right in thinking there is a Green Capital with an office in New York which JonBoy and Aurora previously posted this link to it: http://greencapitalllc.com/. It's a private investment company which runs a Green Energy Infrastructure Fund and boasts it has "a recognized energy sector track record comprising 65+ years of combined energy industry experience, $5 billion in acquisitions and project development investments in over 20 countries". It's focused exclusively in the energy sector and with a specific interest in renewable and green energy investment.
There was a historical mention of $150m from a Green Capital but think this was a New York based fund.
Goit, it would be interesting to have details of the 150/160 million loan you mention which I assume is in US dollars. The last loan I am familiar with was when FRR signed a term sheet with a New York, U.S.A.-based fund for a loan of up to $60million on 11/12/2018 (https://www.investegate.co.uk/frontera-resources--frr-/rns/financing-update/201812120700021694K/). From researching the origins of Green Capital and their owner, a Professor of Radiology, I can't in the life of me see how he or the company (which is less than 4 years old) could have access to that amount of capital when there is no indication Green Capital or it's 3 year old subsidiary, Caucasus Energy Supply. are successful and profitable businesses with substantial assets.
Welloiled, while I can't quote the evidence or date for what I'm about to say, If my memory serves me correctly Green capital LLC were mentioned prior to this date as a source for a loan in the region of 150/160 million which we presumed had fallen through. The BoD may not have known about this latest 'transaction' but they must of known about Green capital. It probably doesn't affect your speculation but GC have been knocking about for a while
Agree
I filtered the waste of space, low life weeks ago & much prefer seeing a green line then the drivel that it posts.
FFS. Why, on earth, do you all keep on replying to his posts?
PJ. Don't rise to the bait, just ignore. :-)
Mxc I'm surprised your boyfriend hasn't left you!That's if you've ever had one you Richard the third!
On what we know would think that BOD did not have much, if any imput into any deal with Green Capital.
Will say though on the info that you & couple of others have found concerning the strong link between ZM & GC then Frr should hold a strong hand in dealing with ZM.
We now though wait for the next bit of news of which would be good, if it could come officially. As usual though it will probably come from the excellent work by you & other investigators.
Cheers Arsenal, wouldn't it be good to get our hands on the minutes of the BoD's meetings to see if they ever discussed the Green Capital deal let alone approved it?
Welloiled
Even though this is as you say speculating. It is a very good piece of work & reads very well.
Speculation Part 2
There are 4 Frontera companies registered in Georgia; Zaza is still registered as Director for LLC Frontera Resources Georgia (FRG) on 06/04/2015 and Frontera Resources Georgia Corporation (FRGC) on 11/05/2020. He is now General Director of Frontera Eastern Georgia Ltd (FEGL) as of 02/04/2021 but he was replaced as Director for Frontera Resources US LLC (FRUS) on 12/01/2021 by Dustin John Aro. In recent interviews in March, Zaza has been keeping up appearances and has been addressed as Director and Head of Frontera in Georgia and President of Frontera Resources. Although Zaza is no longer part of Frontera’s US management, his status in Georgia remains as a Director of Frontera companies and he therefore can arguably speak for the company in an apparent legitimate capacity. Consequently, it is not surprising that in the Georgian court case Zaza was identified as the Defendant representing Frontera Resources Georgia Corporation CR-72227/USA/, Branch of Frontera Resources Georgia Corporation in Georgia. It was an oral hearing and, as Looed pointed out, legal representation seemed to be absent. It is unclear when Green Capital brought the case but the translation from Looed mentions 5000 GEL paid by on 04/03/2021 so it gives the appearance the case was done and dusted in a month without detailed documentary evidence. It begs the question; did Zaza vigorously defend Frontera’s interests or did he concede to all of Green Capital’s claims? The judge’s decision strongly suggests the latter. More importantly, was Frontera’s BoD in the US aware of the Georgian court case? I doubt they were because it would have been their duty as Directors and on behalf of Frontera shareholders to attend as lawyered up defendants, preventing Zaza from representing Frontera.
As I said, this is pure speculation but it is based on information I have been able to gather.
I consider Frontera’s fate is far from over.
Speculation Part 1
I’ve been rolling over in my mind a possible explanation of what has been going on with Zaza. Please note I am speculating and I am not accusing anyone of illegal activities.
The first mention of Green Capital that I am aware of is in Case 3:19-cv-01996-RS Document 23 Filed 02/05/2019 on page 7 which states: “Outrider has learned that Frontera has approved a production sharing contract through operating company FRGC, which improperly grants unknown party Green Capital LLC a security interest directly in the operating assets, in violation of the OMF loan agreement. Despite numerous requests by Hope, both in his capacity as secured creditor and board member, Frontera has refused to provide meaningful basic detail regarding the Green Capital transaction.” What if Frontera’s BoD was unaware of this transaction and as director of FRGC, Zaza did the deal in behind their backs? This could explain why Frontera refused to provide meaningful basic detail regarding the Green Capital transaction because the BoD did not know about it, but when it did, it took action against Zaza. Hence the recent communications from Frontera confirming the company is aware of Mr. Mamulaishvi's attempt at illicit activities and this could be the background behind the US court case.
Speculating further, a clandestine deal could not have been done on the fly as groundwork would have to be prepared beforehand. There is credible evidence that Zaza knew the owner of Green Capital, Otar Urushadze, from his medical studies at TSMU where Otar also studied and worked throughout his career and is now the Professor of Radiology. As owner and director, Otar registered Stream Georgia Ltd on 14/01/2016 and on 29/05/2017 he registered Stream Capital Ltd a 100% owned subsidiary. On 09/06/2017 Green Capital Ltd was registered with Otar as owner. Later that year on 27/10/2017 the ownership of Stream Georgia Ltd was transferred to Manana Mamulaishvili and Otar remained director. On 27/04/2018, Caucasus Energy Supply Ltd, a 100% owned subsidiary of Green Capital, was registered with Otar as director (and therefore owner). I have tried to find more information on Manana Mamulaishvili but I’ve only found a dentist in Tbilisi. However, her personal number is only 477 lower than Nikoloz Mamulaishvili (see my post on 07/04/2021 17:20 for info on Nikoloz's involvement in Frontera companies) so Manana is of a similar age and it is reasonable to think she is related to Zaza as a sister or sister-in-law; it’s possible she could be his wife as she is around 5-6 years older. Note that all of these Otar companies share the same address, 30 Alexander Griboedov Street, Tbilisi.