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Perhaps the issue for the Banks is the connection between Sviblov and the President of VTB Bank, Andrey Kostin.
Kostin is sanctioned and has personally signed off Bank funds in the past for Sviblov …….. although we are unaware of the source of funding for the Kun Manie purchase.
If it is this connection then surely it is RY’s responsibility to let us know officially as the deal would be unable to proceed.
OTL
Hi Julian
The Know Your Client procedure enables companies to identify and verify the identity of a customer and to ensure that the customer is actually who they say they are. As part of Due Diligence, the aim of the KYC check is to prevent business relationships from being established with persons who are associated with terrorism, corruption, or money laundering, among other things.
https://www.gov.uk/government/publications/russia-sanctions-guidance/russia-sanctions-guidance
1st section 3rd paragraph:
"The prohibitions and requirements imposed by the Regulations apply within the territory of the United Kingdom (UK) (including Northern Ireland) and in relation to the conduct of all UK persons wherever they are in the world. UK persons includes British nationals, as well as all bodies incorporated or constituted under the law of any part of the UK. Accordingly, the prohibitions and requirements imposed by the Regulations apply to all companies established in any part of the UK, and they also apply to branches of UK companies operating overseas.
KEY POINT
"... all bodies incorporated or constituted under the law of any part of the UK."
I'll let you read the rest of the regulations and instruments on your own......
Hopefully RY and the team are still reaching out to China to see if any interest has been rekindled.
Hi Mike,
Could I please trouble you to indicate the exact wording and whereabouts of it on the Government Website whereby it is stated that money cannot be transferred either directly or indirectly to the bank of a uk company
oh and I never did get a response to the email I sent last week.
So we will never see any of this $35m. Of course RY will take his monthly salary for as long as there are finds available in the Company Account but what actually happens to the Kun-Manie project if the funds never land? Does it require AMC to go into administration and then Sviblov swoops to take it for an administrative fee only?
Depressing in the extreme but it's clear RY is out of his depth and has either been well and truly kippered or....he knew all along the transaction wouldn't and couldn't happen and so simply agreed a deal with Sviblov he knew share holders would approve and between the two of them he runs the accounts dry taking as much of it for himself as possible and eventually AMC goes bust and then Svib is handed the project for nothing.
It is certainly looking that way now. Time to run for the hills. I don't hold much - only now worth about £3k but I may as well have that rather than nothing.
Bad luck AMC share holders. I think Drmike33 has most likely hit the nail on the head.
Hi Roger (et al.)
Whilst I agree with most of what you are saying, I differ in my opinion in relation to the KYC process.
I have seen others here question "how can it be taking so long?"
My opinion is that it's been completed a long time ago and the result is that Sviblov's cash is likely deemed to be tainted and therefore cannot be accepted into accounts implementing Russian sanctions.
Talk of opening an account in Austria or Cyprus or China or anywhere else us irrelevant. If the origin is tainted and the final destination (I.e. your personal bank account) is within a jurisdiction implementing sanctions then, irrespective of whatever circuitous route the funds may take, it can't happen. Financial organisations in the countries implementing sanctions will be heavily penalised for breaking the sanctions. (The gov.uk website provides full details of the UK laws for anyone that wishes to explore further.)
All talk of opening bank accounts in other countries is really only suggesting that AMC attempt money laundering and that simply won't fly.
For those reasons, and after holding AMC shares for a very long time (pre the 40p peak) with occasional trading, I took the decision to bail out the other week at a little over 0.9p per share. That's half of the potential dividend. The cash in the bank is dwindling as every day passes, contributing less and less to the potential value of a shell company.
For a long time I was a supporter of RY and trusted him to pull a Kun Manie deal off. I don't believe that will happen now before AMC is wiped out, so I have cut my losses and run, to allow me to invest and build the residual funds elsewhere.
All that said, to those that still hold and plan to take their chances, good luck. And finally thanks to all those posters who, over the years, have provided insight, opinion and a few laughs too.
Share holders should hark back to the initial offer to buy AMC and work out what RY was going to make out of that personally. My feeling is the new deal that was approved was far less fruitful for his own pocket Long term and so what ever is happening now it will be based on making RY as much money as possible . Sviblov was initially in no rush to buy AMC for what ever reason. Current situation suits him and RY and I seriously suspect absolutely nothing is being done by any banks regarding KYC. It’s a ruse to delay transferring any cash and if, as time goes by, an opportunity arises by which Svib can take AMC off RY’s hands for nothing then he’ll of course do exactly that. Said before, think our money has gone here. Written it off as RY puts his feet up week after week watching the monthly pay cheque drop into his account. Lucky devil
If a transfer or a deal could not go through why put it to the sh’s.If you are wanting to carry out a transaction such as this you surely do the research.You don’t have a egm and then find out it can’t be done and then ignore those sh’s.We are 4 months down the road.We have been in this position before thinking no news is good news or the old chestnut of “things going on in the background or behind the scenes”Always with the same result NADA..
I don’twish bad things on him as some do,but the time for niceties and patience are gone.
As I said before where’s the @##king money.
MD
If only it were that easy. Truth of the matter is none of us know if it is or if it isn't.
TDT
My point entirely open an acc. In a country that will accept it and get the money under AMC’s custody and control and out of Russia GET SOME BUSINESS DONE
MD
Patience
MD
My point is he is a useless businessman and your mention of the international situation is misplaced.As I mentioned previously companies such as Red Bull have continued to sell their products in Russia for the past 12 months,I am sure they are receiving payment.
RY deserve no allowance of any patients because he is inept and costing shareholders money
MD
Gaz- how can you even try to defend this guy or the situation share holders find themselves in now?
There’s a degree of loyalty, faith & hope beyond which lies stupidity/madness. I believe you’re there mate!
Think RY is a bit more KFC than KYC !!
OTL
Russian government ok’s the deal and 4 months later Robin Young and his bod cannot find somewhere to bank the Money.
MD
There is not a single case in the history of Robin Young’s leadership that puts up a good case for having patience. He never comes up with the goods.He has never come up with a good deal to take Amc forward.
Good Geologist,completely useless deal maker!!
MD
Roger65, that's not a fact. That is your opinion.
We ate an exploration company with money in the bank for now so until I see an rns stating that I will exercise patience.
GLA
Whilst unlikely to yield a response of any kind, it may be worth messaging the Company via their website to request an update on the sale of the mine. If they see enough volume of similar requests from shareholders then they may be prompted to issue an update via an RNS.
RY can’t hold negotiations of any kind for a new venture until he knows the money can reach the AMC bank account. We’re currently in limbo where effectively we have an asset worth zero. If the deal falls through which is looking highly likely then AMC will be bankrupt very quickly. Sviblov might even be playing for this and then swoop to take it for real peanuts! RY has royally fu..ked up. He may well have rapped back in Nov and done a deal with Svib to are no solution is found for say 6 months - so he at least gets some salary out of the deal. Then it all goes t.ts up and shares holders left with nothing. Wouldn’t put anything past these two. Nearly 4 months now without a word from the company. Gotta admit it looks dead in the water and RY just horribly out of his depth.
The only hope I am clinging to is the fact that they haven't issued an RNS stating the Banks have outright refused the money, I suspect that if there was any leak of this the SP would drop like a bomb down to 0.2 and below!!
No news the SP will draft slowly down.
with Theodoros here, Good luck all!!
“On one of Sviblov's yachts, drinking champagne and having caviar spooned into every orifice?”
Until the deal is done.
Then he’ll accidentally fall out a third floor window
Buys outweighing sales and the sp is falling.
Doesn't make sense unless this deal is going to fall through and we are stuck with no asset. Hope AMC have a new venture in the pipeline, and we get a false rise to a good rns
Good luck all, hope we can at least turn a profit for the years of patience
tks ffoxsake. I don't often smile when reading anything related to AMC and especially RY. Turd that he is.
On one of Sviblov's yachts, drinking champagne and having caviar spooned into every orifice?