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Source : veridicus.org
Investors who participated in XTCC’s carbon credit investment scheme have encountered unexpected challenges. The scheme, initially presented as an attractive opportunity for eco-friendly investing, has led to some concerns and questions.
XTCC’s promotional materials highlighted an appealing offer, seemingly supported by reputable financial institutions. One of the key claims was the promise of principal protection, allegedly backed by Blackrock, a well-known global asset manager. However, a response from Blackrock has raised questions about this claim. Blackrock clarified that they do not guarantee capital protection, indicating that some of XTCC’s representations may have been misunderstood.
“Option 4 offers a four-year principle protected investment with potential performance bonus based on the price of carbon credits. The BlackRock ICS Liquid Environmentally Aware Fund, globally recognised for investment and risk management solutions, provides principal protection. “
XTCC’s marketing material boasted of an enticing offer backed by the credibility of financial giants. Prominent among these claims was the assurance of principal protection, supposedly underwritten by Blackrock, the renowned global asset manager. Investors were led to believe that their investments were secured by the AAAm-rated Blackrock ICS Liquidity Funds.
Dark past of the bond Arranger:
The entity responsible for arranging this carbon credit bonds is Bedford Row Capital PLC, led by Scott Levy and Stuart Gordon. Levy and Gordon’s involvement has drawn attention due to his past legal issues in Malta and Luxembourg. Furthermore, Bedford Row Capital has experienced a number of bond defaults since 2018, which has raised questions about their reliability. Some of their bonds are :
Audley Funding PLC
Invenio Capital PLC
Intergroup Mining 1
Just Cashflow PLC
Balise Springs PLC
Ethika Finance PLC
Dover Hartcourt PLC
Omnia Bond II PLC
Minerva Lending PLC
WELLESLEY SECURED FINANCE PLC
NQ Minerals PLC
Sustainable Capital PLC
The Resort Group
My Club Betting
Chip chip Holding
Questionable Issuer Reputation :
Sustainable Capital PLC, the issuer of the carbon credit bonds, stands at the center of this controversy. Previously flagged for its negative reputation, as highlighted in Bloomberg articles dating back to January 14, 2022, under the ominous title “Green Debt Market Faces a Rare Default,” Sustainable Capital PLC’s involvement only adds to the skepticism surrounding XTCC’s investment scheme.
Dark track record Bond Advisor and Trustee:
To add another layer of suspicion, Truva Trustee, helmed by Mr. Alper Deniz, an attorney at Keystone Law in the UK, assumes the role of bond advisor and trustee. However, a closer inspection reveals a troubling pattern of involvement with defaulted bonds since 2018, raising serious questions about his competence and fiduciary responsibilities.
Source : veridicus.org
Scott Levy, a lawyer turned investment banker, and his partner Stuart Gordon, were the faces of Bedford Row Capital, a firm that had issued multiple bonds amounting to nearly GBP 1 billion. However, beneath the surface of their successful venture, a storm was brewing. Their firm was under investigation by hundreds of investors, and their past was catching up with them.
Levy and Gordon had found themselves embroiled in legal battles with investors in Malta and Luxembourg, prompting a strategic relocation of their operations to the UK. Their most recent scheme involving an Australian mining company named NQ Minerals, a brazen deception that had lined their pockets handsomely, had seen Levy fleeing to Tallinn, Estonia, while Gordon opted for a quieter existence in Pattaya, Thailand,mingling with the Brits and becoming an active member of the local golf club. But behind the façade, he was the mastermind of the billion-pound scam.
Taking advantage of the weaknesses in the UK law system, they targeted mostly unaware retirees, and now, the Islamic group, by joining the Islamic membership forum.
Reference :
https://www.bloomberg.com/news/articles/2022-01-14/green-debt-faces-rare-default-from-bonds-bedford-row-helped-sell
Going Green Can Carry Costs, Warns Advisor On Islamic, Other Finance (wealthbriefingasia.com)
Source : Veridicus dot org
Alper Deniz was making a name for himself. A lawyer by trade, Alper had spent years honing his skills at the prestigious Keystone law firm. His specialty? Advising on bond issuances. Over the years, he had advised on multiple issuances, with a total close to GBP 1 billion.
However, Alper’s role was not as straightforward as it seemed. He was also acting as a trustee for Truva Trustee, a position that put him in direct conflict with his duties as a lawyer and the bond structure he advised and marketed by third party IFAs. As a trustee, he was supposed to work with the bond issuers to ensure they paid their debts. But Alper had other plans.
Using a complex structure that took advantage of the weaknesses in the UK law system, Alper worked with the bond issuers to avoid paying the bonds they had issued. His targets were mostly unaware retirees, who had invested their life savings in these bonds, trusting in the system to protect their interests. The list of bonds Alper was involved with was extensive:
Audley Funding PLC
Invenio Capital PLC
Intergroup Mining 1
Just Cashflow PLC
Balise Springs PLC
Ethika Finance PLC
Dover Hartcourt PLC
Omnia Bond II PLC
Minerva Lending PLC
WELLESLEY SECURED FINANCE PLC
Sustainable Capital PLC
The Resort Group
My Club Betting
Chip chip Holding
As Alper’s web of deceit grew, so did the stakes. Would he be able to keep his secret hidden, or would his actions catch up with him? Only time would tell.
Alper Deniz experience https://www.keystonelaw.com/lawyers/alper-deniz )
Thank you for posting this .Disgusting and unbelievable. Amazing that no one has gone to jail. I lost almost a £1000 so not good but could have been so much worse.
I found this articles on Linkedin last week, seems like we all victims of this scam !
"Shocking Truth Behind a Green Fraud Scheme: NQ Minerals Case Study
Executive Summary:
NQ Minerals PLC (NQ) is an OTC-listed company with mining assets in Australia, including the Hellyer Lead/Zinc Mine, Beaconsfield Gold Mine, and various exploration projects. The company's main source of revenue is the Hellyer mine, while the other assets have the potential for future development and revenue generation. In 2020, NQ generated $56 million in sales and $25 million in EBITDA but reported a net loss.
Between May 2018 and mid-2020, NQ sold approximately $100 million of Retail Bonds to investors worldwide. These bonds were marketed as having security over NQ's mining assets worth A$286 million. However, it was discovered that during these same years substantial commissions were paid to various parties involved, including Bedford Row, Doyle, marketing agents, and consultants. Doyle and his associates also channelled money out (allegedly, around $70 million ) through mining subsidiaries via discounted inventories, inflated procurement expenses and various arrangements. All these contributed to NQ's poor financial situation.
In May/June 2020, an alledged rigged vote orchestrated by Bedford Row and Doyle gave away the bondholders' security for no consideration.
In 2020, NQ defaulted on its bonds, leading to a restructuring plan and intended listing on the LSE mainboard. However, the listing did not happen due to the company's 2020 financial accounts not being signed off by its auditor PKF Littlejohn. The auditor raised concerns about going-concern issues and irregularities surrounding bond commissions and claimed marketing and consultancy expenses. The LSE also recommended replacing the entire management team.
In August 2021, NQ went into administration with approximately $200 million in debt, including a $55 million senior secured loan from ING, second ranking bonds issued by Audley Funding PLC, unsecured convertible loans, and gold and silver streaming agreements. Begbies Traynor was appointed as the administrator to assess the company's state of affairs and gather claims.
In December 2021, Munich Partners acquired Keen Pacific, the holding company for Hellyer Gold Mines, out of administration. However, it was discovered that Walter Doyle's associate James Dean’s family member held a registered charge over Munich Partners. Dean's involvement raised concerns about his role (from the rigged bondholder vote, an unauthorized royalty granted to his company without board approval and the sale of Keen Pacific).
Despite creditor concerns and warnings about potential insider dealings, Begbies Traynor proceeded with the transaction and closed the deal with Munich Partners in August 2022."
The whole thing is just a scam from the beginning.
#Bedford Row Capital Scam , Scott Levy scam, Truva Trustee Scam, Alper Deniz Scam, Stuart Gordon Scam, David Lenigas scam, Wa
I wonder if Alper Deniz, Scott Levy, and Stuart Gordon will ever be arrested for defrauding their investors through their bond issuance?
1. NQ Minerals PLC
2. The Resort Group PLC
3. My Club Betting
4. Allied Care
5. Intergroup Mining
6. Apex Aero Ltd
7. Just Cashflow PLC
8. Chip Chip Holding
9. MORTEZA HOSPITALITY BONDS PLC
These are the companies details to be reported to SFO :
NQ MINERALS PLC - Company number 09540926
BEDFORD ROW CAPITAL PLC - Company number 10010194
TRUVA TRUSTEES LIMITED - Company number 12641510
AUDLEY FUNDING PLC - Company number 10364982
INVENIO CAPITAL PLC - Company number 12421405
BEGBIES TRAYNOR GROUP PLC - Company number 05120043
https://find-and-update.company-information.service.gov.uk/company/10010194
https://find-and-update.company-information.service.gov.uk/company/09540926
https://find-and-update.company-information.service.gov.uk/company/05120043
https://find-and-update.company-information.service.gov.uk/company/10364982
https://find-and-update.company-information.service.gov.uk/company/12641510
https://find-and-update.company-information.service.gov.uk/company/12421405
Received this in our group , we all need to file a complaint to SFO using this link.
https://sforeporting.egressforms.com/
Also email to nq minerals investigator
Karen.washington@insolvency.gov.uk |
Direct line: 0300 304 7182 | Mobile: 07800 529350 |
Hello All
"Notice of move from administration case to Creditors Voluntary liquidation". Audley funding has invested 75 million into NQ Minerals. This is been treated as an unsecured loan ? . There does not seem to be a favorable outcome for Audley Funding investors.
Ladies and gents,
Just for your information, we have requested a meeting with the trustee (as our group has already exceeded the minimum requirement to convene a meeting).
Please get in touch with me if you're interested in joining our group.
My email address is: jojohanes2021@gmail.com.
Thank you.
own by the same guy (Walter Doyle)
In fact their office is on the same building, different floor.
What I heard IG Mining also run into some problems lately.
FYI : The more you google those names, the more interesting information you will find.
is there a link between NQ Minerals and IGmining?
@JAV3LYN,
Begbies Traynor are seeking to sell the asset as quickly as possible to "anyone" (read: Doyle appointees / Insiders or their proxies) who will: A) provide enough $$$ for their fee; and B) acquire the assets without any conditions or creditor approvals.
This amounts to an unresolved sale to the "quickest" buyer (ie. a “hospital pass”) as opposed to a sale to the most credible bidder who offers the most recoveries to creditors. The sale will generate peanuts (a few million $$) which will go largely to BT and their lawyers/agents fees.
Put simply - BT is not focused on securing maximum creditor recoveries. They are focused on their fee, statutory minimums and will leave the creditors to fight against the new owner. BT will continue very minor recovery work in the background (a few million of NQ loans to directors) but that’s it.
Creditors will be on their own and at the mercy of the new owner. Who will be Doyle-linked.
Note that Audley / bondholders have no enforcement rights at all. Only ING does and ING will not enforce. So once the sale is complete and BT exits the picture, bondholders will be powerless and at the complete mercy of the new owners.
BT are acting in breach of their fiduciary duties and their actions (e.g., delayed/under-reported investigations, repeated award to Doyle appointees/proxies, failure to award the most credible/highest bidder etc) amount to gross negligence or incompetence.
This is a sham of a process and put simply, we are dealing with a lazy/corrupt Administrator.
The earlier poster was correct. There are only two avenues now for bondholders:
1) Police / regulatory action at the highest level
2) Legal action against Begbies Traynor and Stephenson Harwood
BT, Hilco and Stephenson Harwood are under the spotlight right now.
There is a dossier of evidence showing fraud at NQ and corruption of the Administrator.
And media are ready to publish on this matter as soon as the award/sale is completed.
JAV3LYN,
please reach out to me.
my email address is jojohanes2021@gmail.com
thank you
Lads,
I just got a response from Begbies, and their ambiguous response, as well as their failure to address the issue I raised MULTIPLE TIMES, got me thinking.
There are only 2 ways to get our money back.
1. Regulators. If regulators step in now, then they launch a full investigation. We may have a chance.
2. Lawyer. Hire a professional lawyer to assist with our case, and request a full investigation as part of the legal action.
The fact that Begbies Traynor insists on getting the asset sold first, then investigation will come later, makes me question the true motive behind it.
a. Will Begbies Traynor be willing to help us until we all get our money back, even if the new asset owner is from a different jurisdiction?
b. Or perhaps Begbies will stop responding to our queries because the job is finished (afterall the asset already sold) !
What announcement by audley ? I never received any information from audley !!
To:
NQMinerals@btguk.com
Paul.Cooper@btguk.com
paul.appleton@btguk.com
adam.shama@btguk.com
as-team@btguk.com
CC:
julian.cahn@shlegal.com
jamie.stranger@shlegal.com
Rubin.Weston@shlegal.com
stuart.frith@shlegal.com
Nick.Axup@shlegal.com
Ian.Benjamin@shlegal.com
Katherine.Hudson@shlegal.com
MakeAReport@sfo.gov.uk,
intel@sfo.gov.uk,
Public.Enquiries@sfo.gov.uk,
MIUMailbox@fca.org.uk
Consumer.Queries@fca.org.uk
email sent, thanks
At the moment we represent quite significant numbers of bondholders.
Please let me know if you want to join.
My email address is jojohanes2021@gmail.com
I have contacted Nq Minerals directly in relation to Audley funding bond GB00BDCJX280 which I have invested in.
As I am not a direct investor of the company In Administration, Nq Minerals are not in a position to correspond with me.
Audley funding just send out a announcement to keep us quiet and the financial institution I used to invest the money, Cornhill Capital, Jarvis, inform me that they are a execution only provider. What can be done when those that invested the money want to wash their hands now????????.
Lads,
I’m not sure if you are covered by FSCS, but I managed to get compensation from FSCS. However, you need to be able to prove that the investment recommended b ty your advisor is not appropriate for you and that you have contacted Action Fraud, regulators, and Begbies (and their lawyers too).
@missthatcher
Begbies responded to my email, and they were generally very helpful. They requested that I inform them of the situation, and they would do their best to help the creditors and shareholders.
They also encouraged me to cc the regulators on all email correspondence because there is an ongoing investigation.
Perhaps you can share your issue with them too, so both begbies and regulators can assist.
If you want to email them, you will need to email Begbies, and regulators, and Begbies's lawyer too for all the emails and reporting you made.
See below :
Paul.Cooper@btguk.com
paul.appleton@btguk.com
adam.shama@btguk.com
as-team@btguk.com
CC:
STEPHENSON HARWOOD (Begbies's lawyer)
julian.cahn@shlegal.com
jamie.stranger@shlegal.com
Rubin.Weston@shlegal.com
stuart.frith@shlegal.com
Nick.Axup@shlegal.com
Ian.Benjamin@shlegal.com
Katherine.Hudson@shlegal.com
REGULATORS
MakeAReport@sfo.gov.uk,
intel@sfo.gov.uk,
Public.Enquiries@sfo.gov.uk,
MIUMailbox@fca.org.uk
Consumer.Queries@fca.org.uk
Invenio Capital PLC
I hold an Invenio Capital plc bond, and I read Begbies Traynor's progress report for the February 2022 period. FCA appears to have only looked into Audley Funding Plc and not the other NQ Minerals bonds.
Shall I inform Begbies Traynor and the regulators too?
I’m very concerned because this is where I invest the majority of my pension.
Hi Max,
I think you should contact Begbies Taylor, and the regulators regarding your situation.
I invested in NQMI.PL shares, because of David lenigas’s information on the group chat, but now he has put the company under administration.
I informed Bebgies that, this is a pure pump and dump scheme, which also happened in some of Mr lenigas’s previous companies. They stated all wrongdoings will be reported.
I believe Begbies just wanted to make sure your investment was due to the pump and dump and not a mistake on your part. As a result, I believe it is critical that you inform them, as well as the CC regulators, of your situation.
These are their email addresses I got from the group :
NQMinerals@btguk.com
as-team@btguk.com
Paul.Cooper@btguk.com
adam.shama@btguk.com
intel@sfo.gov.uk
MakeAReport@sfo.gov.uk
Is there anyone know, what we should do now?
My financial advisor keeps telling me to stay put because Mr. Bernie Walsh told him that bondholders only have to wait and that we'll get my money back once the asset is sold.
He's never been able to explain to me how I'll get my money once the asset is sold. After the bank is first in line, and if there is anything left over, it will be passed on.
I'm getting very worried about the waiting.