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Fingersadtoes : No . and No . "One of my first business ventures in Romania was in the early 1990s as a bulk iron ore and steel trader, a role I held for almost seven years before moving back to Australia to develop a career in the property and earthmoving sector. Having built a successful business in Australia, I returned to Romania in 2003 to apply the skills I had developed to this growing economy." See earlier discussion should you be interested .
A little information re South Pacific : South Pacific Discussion in 'Romania property' started by TomW, Sep 21, 2010. TomW TomW New Member Does anybody know if the above firm of Sydney, Melboure and Adelaide developments has now gone under? I had the following sent to me South Pacific joins string of insolvencies marti, 23:57 Autor: Cristi Moga Australian real estate developer South Pacific has filed for insolvency in view of reorganising subsidiary South Pacific Group Melbourne Residence, which is developing a 71-villa project in the Tunari commune area, near Bucharest, with less than half the villas sold so far. The Australians, which have developed another 100 villas in northern Bucharest as part of Sydney complex, are putting the decision to file for insolvency down to disagreements with representatives of Hardwick Holdings, the company's partner in the project.
"Works on the project have been 98% finalised, but we need money for the finishing touches, with works likely to take around ten weeks. We have the approval for the money from the bank, but our partners declined to sign the financing contract, so we decided to start the insolvency proceedings in view of reorganising, and let the court of law decide how the project is completed," Andrew Prelea, CEO and shareholder of South Pacific, told ZF. Investment in the project amounted to around 9 million euros, with more than 5 million euros being sourced from a loan from the Banca Comerciala Româna (Romanian Commercial Bank - BCR). TomW, Sep 21, 2010 #1 thebutlins thebutlins New Member Tom, We bought in Sydney (due for completion June 2008). Wasn't completed so took S.P. to court Jan 2009. Had 6 court appearances and making very very slow progress. As far as I know. S.P. Melbourne has filed for insolvency, the rest of S.P. is still afloat but are being taken to court by unpaid workers on Nov 19th 2010, after that point we will know whether S.P. has staved off insolvency or not. Hope that helps. Contact me on 0 1 2 0 2 4 6 6 4 7 8 to chat further if you like. Thanks, John thebutlins, Oct 23, 2010 #2 woodcliff woodcliff New Member We were notified by LI , MRIs legal side kicks, that SPG were gone under and that last chance to be registered as creditor coming up next Friday 29/10/10. Send them a load of money to represent us but they cannot guarantee anything.......no thanks.....good after bad. What happened to 9,000 sent them already to take SPG to court because Melbourne development not completed?? Total loss I fear, deposit gone and a furniture package to go with it....what a load of gangsters !!!!!! woodcliff, Oct 29, 2010 #3 tmn64 tmn64 New Member hi does anyone have any information on what has happened with south pacific development have they gone into insolvency. i have been trying to speak with them regarding our property in the sydney de velopment but cannot contact them., can anyone help. thanks ~~~~~~~MMMmmm
`From AP statement when he became the CEO :` No Professional qualifications necessary , proven or demonstrated . That statement is so vague it really needs `Fact Checking` and `Detail Confirmation` . Perhaps people were just so glad to see the back of Pritchard , even the Janitor would have been acceptable . A bit late now , but after everything that has happened here I am very suspicious of everything Prelea .
What would be good (but we may hear stuff that we would not like to hear) would be a Monthly update on the key items in Roumania and Zimbabwe - as I say even if it is saying x is delayed because of y and will be expected in z. Based on that PIs can decide that they are happy to stay invested or that they have not got confidence that the items will come off. I know that most companies (especially AIM ones) would not do monthly reporting across all areas but until we are up and running and delivering in at least one area of Roumania and one in Zimbabwe then it would really help and would only take AP or Andrew hall (Investors Relations) a short time to produce.
"I have of course been involved with Vast for quite some time, and my involvement in the Romanian mining and metals sector goes back some 26 years. One of my first business ventures in Romania was in the early 1990s as a bulk iron ore and steel trader, a role I held for almost seven years before moving back to Australia to develop a career in the property and earthmoving sector. Having built a successful business in Australia, I returned to Romania in 2003 to apply the skills I had developed to this growing economy."
Anyway you can read again the all statement for a good laugh or cry. He has not demonstrate any CEO skills yet, he has bring assets to VAST but not able to take any to production yet. I am in the hope that this is goig to change in the next months.
No, this is what is so ludicrously unprofessional and proves they are a bunch of clowns. On a Q and A session the question was asked do we need the BP license and producing to get and pay back T2, AP's answer was no, Manaila could be enough to pay back both tranches.