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Following the recent meetings in US, the US and EU have now issued a joint statement that calls on the other side to accept the compromise and cease their activities. It would seem that the viewpoints promoted by ZM have been refuted by the west.
Some of those meetings in US are with the same people who wrote the critical letters which referenced FRR.
Mind you, If they've got to pay a team of expensive lawyers to do their business for them, then it's going to be a very expensive pea! (I could put some sort of joke in here - but people might think I was taking the pea).
Ruling party signs EU proposal amid political tension: ‘it’s opposition’s turn’
Think we’ll see the opposition take up their mandates soon enough. Zaza also mentioned 2-3 months for this green project, we are about to enter that period so should see where we stand.
Indeed WellOiled its the Green Capital security/farm out bit that is the gap.
We first knew of a Green entity and a security through FTI. Security I took must be security on a loan of some sort. There had to be some consideration to grant block 12 as full security surely! Given the shares for block 12 had already been pledged by FRR as security under the Outrider mortgage its puzzling how that security could gain precedence over the existing security that was in place. Outrider had been relying on holding the FRR shares in FRCC and control of FRGC and the Hope board veto. While hope was off the board and before enforcement of the Outrider security Zaza pounced.
We can see evidence of the FRR US transfer from FRGC in the Georgian registry. Registering the transfer of share in FEGL was repeatedly blocked. The FRR US or FRGC to Green part is the missing part. FRR US appear to have transferred something to Green - FTI believe that occured but its not been till the last 2 weeks we have seen Green suddenly be able to force the transfer of FEGL share of block 12 through by going to court - such that 100% of FRGC (or FRR US) interest has landed with them.
How that transaction occured and how we and all other creditors fit into that is where the trail has currently not turned up anything.
FRR board or FTI must know something more - we are at the limit of what we can find unless we can track it back through the Georgian Court cases or something pops up in Zaza vs Steve case or FTI ones.
The strong circumstantial evidence is of a link between Zaza and Green however. Conversely FRR and FTI comments seem to indicate they are not linked to Green.
Hence my conclusion that unless games of bluff and double bluff are at play here then as of today it looks like Zaza and some Georgian interests have so far been able to grab the ball and attempt to run off with it.
You would expect an attempt to try to blow the whistle on that - but depending on who really is behind Green unwinding it may not be easy. We can only hope that its some sort of clever plan and not what on the face of it looks like a bold attempt by a former director to put the asset beyond both shareholders and creditors.
Quite unbelievable. And finally just because people are fighting over the box does not tell you how big the box is or whats in it. This lot I think would fight over a matchbox with a pea in it.
This does not read well. We look stitched up?
According to Article 95 of this Code, the administrative body is authorized to submit to the administrative proceedings on the basis of its request, and in the case defined by the law is obliged to ensure its participation in administrative proceedings.
No. 399588/17 As a result of inspection of an administrative complaint, it is reported that he answers All conditions envisaged by the General Administrative Code of Georgia, Article 177, 182, 195 of the General Administrative Code of Georgia shall not exist.
"According to paragraph 5 of Article 29 of the Law of Georgia on Public Registry, registration Appointment of the decision on registration of registration, termination of registration proceedings does not stop the decision of the proceedings.
National Agency of Public Registry, in accordance with Articles 177, 182, 195 of the General Administrative Code of Georgia, decided:
1. Received in the production of "Green Capital" (Identification Number 402052372)
Representative of Nikoloz Mamulaishvili, representative of Ivane Imnadze (personal number 01008003153) ?399588 / 17 (06.10.2020 Year) administrative complaint;
2. The interested party was involved in the discussion of the present administrative complaints:
Giorgi Tsadzikidze (personal number 08001001001931) and Giorgi Benashvili (personal number 01013009902);
3. The copies of the administrative complaint and the documents attached to it will be sent to: Giorgi
Tsadziakidze (personal number 08001001931), Giorgi Benashvili (personal number 01013009902) and Kakheti Regional Office;
4. Interested Parties to Deliver to Persons with the Project
In connection, they have the right to submit written considerations, evidence, as well as petitions, as well as solicitations, to get acquainted with the materials of the administrative proceedings, to apply to the administrative body of the administrative body, to apply to the representative and to use the rights of interested party In accordance with current legislation;
5. Entrusted to public registry administrative provision and public
Public Relations Department of the Public Relations Department of the Public Relations Officer to the Public Department of Justice at Tbilisi (Address: Tbilisi, Sanapiro str. ? 2) and representation of information in the Public Center of Dedoplistskaro Municipality and publicly declaration;
6. This correspondence is also publicly declared publicly to public registry
7. The decision will enter into force upon signature.
This Administrative Act shall not be subject to separate appeal.
Head of the Legal Department David Devidze
Dom, that's a great find as it links Nikoloz Mamulaishvili with "Green Capital" (Identification Number 402052372and Ivane Imnadze. I'll be investigating further but meanwhile here's the translation:
Ministry of Justice of Georgia
National Agency of Public Registry
Address: Tbilisi 0114 Vakhtang Gorgasali N22;www.napr.gov.ge;Hotline: 2 405 405;08 009 009 09
# 377881 09 / October / 2020
G. And Sha F
On receipt of administrative complaints
Administrative complaint number: 399588/17;Date: 06.10.2020
Representative of the administrative complaint: Nikoloz Mamulaishvili, representative of the "Green Capital" (Identification Number 402052372) Ivane Imnadze (personal number 01008003153).
Name of the Structural Unit / Territorial Service Procedural Solutions: Kakheti Regional Office of the Regional Registration Management Service of the National Registration Service of the National Agency of Public Registry (next time: " Regional Office of Kakheti ').
Decisions for suspension of registration proceedings ? 882020631288-03 (14.09.2020), ? 882020631288-05 (17.09.2020), ? 882020631438-03 (14.09.2020), ?882020631438-03 (14.09.2020), ? 882020631438-05 (22.09.2020), ? 882020631407-03 (14.09.2020), ?882020631407-05 (22.09.2020), ? 882020631169-03 (14.09.2020), ?882020631169-05 (22.09.2020) and ?882020633641-03 (15.09.2020) Decisions.
Request of the Administrative Complaint Person: Disagree on Suspension of Registration Proceedings ?882020631288-03 (14.09.2020), ?882020631288-05 (17.09.2020), No. 882020631288-05 (17.09.2020), No. 882020631438-03 (14.09.2020), No. 882020631438-03 (14.09.2020), No. 882020631438-03 (14.09.2020), No. 882020631438-03 (14.09.2020), No. 882020631438-03 (22.09.2020), ?882020631407-03 (14.09.2020), ?882020631407-05 (22.09.2020), No. 882020631169-03 (14.09.2020), No. 882020631169-05 (22.09.2020) and ?882020633641-03 (15.09.2020)) Decisions and require their cancellation.
Rent addresses: district Dedoplistskaro, village Mirzaani, village Arboshiki.
According to paragraph "b" of Article 2 of the General Administrative Code of Georgia, the interested party is interpreted as any natural or legal person, an administrative body issued by an administrative-legal act, as well as directly and directly affecting the administrative-legal act or The action of an administrative body; According to the first part of Article 13 of this Code, the administrative body has the right to consider and decide only if the interested party is entitled to which the right or legal interest is restricted by the administrative-legal act, the possibility of submitting its opinion. In accordance with Article 13, paragraph 2 of the General Administrative Code of Georgia, the person in paragraph 2 of this article shall be communicated to the administrative proceedings and shall be ensured in the case;
Great to see the sleuths still digging out the nuggets of info!
Ive not lost a life changing amount but still enough, i feel sorry for guys here with pensions wrapped up in this outfit
Just shows what a big gamble aim is! Seems these directors are above the law or think they are
had a lot of health issues with partner over last couple of years so it makes you look at things alot differently
hope you guys are all keeping well take care
In Bryce we trust. I think we are still in the game. There have been so many opportunities to get rid of us yet we still get communication from a well respected lawyer telling us the lack of communication is necessary and temporary. These lawyers statuses are built on reputations for success, if this fails his reputation will take a big hit.
jonathan, dustin might not have known the asset was going to be seized
Although, lets face it, we ve known for long enough that this is the way its been heading
I wonder what exciting restructure is happening lol
Green capitol may be part of it and we some how are too but some how I dont think so
Mole. I too am looking at a loss that will curtail any chance of a life of retirement above that of the pension provided by the state. The twists and turn of this debacle are like trying to hold onto a slippery eel, but I keep looking in everyday hoping to see if a court ruling has actually gone our way for once, or if the G D have finally been deposed.
I do not think the "box" is as empty as you make out, because of the fighting going on over who owns it.
How do you see Dustin Aro's words describing the potential of the asset compared with what he'd seen in Texas, and why would he retake up a position as a director if we were so screwed?
As Arsenal would say we will have to wait till the courts settle it one way or another.
Ziggy, I'm not surprised you are finding it difficult to keep track of events as I too find it hard to understand how and why Green Capital have been awarded B12 and other assets. If you haven't read my posts since 02/04/2021 21:01, please do so as they provide all of the info I've been able to dig out, my thoughts and speculation.
Out of all of the issues, the contract with Green Capital is the most puzzling for me. It appears to have been signed before 02/05/2019 (from the court documents Case 3:19-cv-01996-RS ) so it must have been agreed at the time or just after the Farmout agreement of 13/04/2019. The court document states "Outrider has learned that Frontera has approved a production sharing contract through operating company FRGC". But the Farmout states "FRGC desires to assign a 100% Participating Interest in the PSA and the entire Operating Company Interest to FRUS" but there is no mention of the Green Capital deal in the Farmout and I can't find any mention in accompanying documentation that was filed with the transfer application. From the award of B12 to Green Capital, it would appear that the contract provided the B12 licence and accompanying assets as security, so why was it not included as part of the transfer application. Also, if the contract was through FRGC and B12 was to be farmed out to FRUS, why is there no provision in the Farmout agreement for the Green Capital deal?
Just had a few moments to look while having a tea.
That looks very similar to me to an extract I looked at 2 weeks ago. Whatever a seizure/prohibition means in a Georgian registry entry is a question I spent a bit of time investigating then. The seizure when I last looked was a different entity to Green. The prohibitions from around June were all Green.
Whoever Iva is has requested an extract of the registry as of 15th and has been given it. Its just information.
The key bit is that it still shows Zaza in position as MANAGER of FEGL and Green as 50% owner with GOGC . That just confirms what we already know. Zaza was left in position by FTI.
FEGL is the joint operating company that owns the Block 12 license and does the work on the ground. It was 50 % FRR and 50% GOGC.
The 50% FRR share used to pass through FRGC and FRCC back ultimately to the FRR parent in Cayman which we hold shares in.
FRR attempted the transfer the 50% out of FRGC into FRR US and then to a Green entity in 2019. That occurred per the company while Hope off board and before the mortgage was enforced but the Georgians never accepted and registered the change. Since then FRCC and FRGC have been controlled by FTI investigating the transfer. FEGL has carried on (in my opinion doing nothing) with Zaza still in position as FTI have not replaced and FRR seem not to have asked or not been able to register his replacement. I suspect most staff in the field were employed by FEGL.
Green have managed however to transfer the 50% out of FRGC and into their own Green (non FRR entity). FEGL still exists but as of today FRR have no interest in Block 12 UNLESS Green is in some way associated with FRR OR owe money /royalty to FRR and FTI (Outrider) and other creditors so we have an indirect interest in the asset.
FTI security on the outrider loan was through FRCC - so loss of the asset (if they were not involved) would be a major blow to them as well as the other creditors let alone us as FRR parent shareholders.
If a director has been associated in effectively a transfer of assets beyond other creditors you can expect that to be challenged robustly. But I keep coming back to where the security interest that enabled this came from, how could Green be capable of fulfilling the technical and monetary obligations that FRR US (effectively the current licensee) were rejected over. It looks to all intents and purposes as if its one rule if your western and another if your Georgian (perhaps you need the right connections). Zaza having lambasted the Georgians for just that sort of thing means this to me still doesn't quite add up.
Creditors pursue FRR or Steve and Zaza personally in US for debts or guarantees. FRR Directors are also being sued by Zaza on our behalf for breach of duty with allegations around covid loans and FRR directors. The orginal FRR vs Outrider case in Cali is unresolved.
Looed, regarding the reason behind the new registration application B21038559, please see my posts yesterday 19:40 and on 05/04/2021 13:15 which covers the previous registration document B21033280 dated 02/04/2021. Mole's post today 07:35 explains the likely reason why the entries for Green Capital have been removed from B21033280.
The oddity in the new registration application B21038559 is the involvement of Ivane Imnadze (01008003153) as the applicant for the change in registration. The applicant for the previous registration document B21033280 dated 02/04/2021 was Giorgi Kishmaria, Georgian Law House, legal form: Individual Entrepreneur (makes sense a lawyer/legal representative was used). On the other hand, Ivane Imnadze's legal form is listed as "Individual" and his status is "Unidentifiable / Cancelled". I dug into his background yesterday and found he is listed under Leadership/representation for Adapt LLC (204923707), which is/owns/runs the Adapt Angiocardiology Clinic in Tbilisi. Why was he (and by implication Adapt LLC) involved in making the application for the FEGL registration changes which has removed the entries dealing with Green Capital from B21033280?
From JimSlade's post of FRR's reply on 09/04/21 :-
Please know that Frontera is indeed aware of Mr. Mamulaishvii's attempt at illicit activities, and it is taking appropriate steps in Georgia and the United States to legally address this on behalf of all of its stakeholders. Since Mr. Mamulaishvili was dismissed last year, Frontera have progressed a cleanup and reorganization of the company's management team under the direction of Frontera's board of directors. Updates will be shared in due course.
Note the 'taking appropriate steps in Georgia'.
The latest news from Tbilisi seems to fit.
It reads more like the seizure of physical assets.
Agree that cannot see how ZM can just offload B12 to another company & just him gain from it. As it is clearly not legal ,& surely that would be same in Georgia..
My state of confusion in this matter is as bad - possibly worse - as everybody else's, so please forgive any ignorance I now show. But is SN's FRR (that's the one in which we are invested) now (re)claiming money (from oil sales, etc.) and/or goods which have been illicitly taken by ZM's new organisation?
How can it be legal for a directory to conspire with a creditor to expropriate assest from a company? Consideering the number of court cases there have been Id be surprised if this is the end of it. Were it the case there is nothing to be done I would still expect some sort of message from FRR to say such
All done and dusted
So that's it then?
so at present block 12 has been seized and frontera have lost it ?
It's the translators understanding that the goods have been seized from FEGL.