Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone 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.
Started: missthatcher, 13 Aug 2022 14:28
Last post: missthatcher, 13 Aug 2022 14:28
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
Started: whitegold1, 11 Aug 2022 07:24
Last post: missthatcher, 13 Aug 2022 14:16
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.
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?
Started: jav3lyn, 21 Jun 2022 18:54
Last post: BillClinton, 22 Jun 2022 16:38
@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) !
Started: whitegold1, 18 Jun 2022 01:48
Last post: madmax3000, 19 Jun 2022 19:09
What announcement by audley ? I never received any information from audley !!
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????????.
Started: johanes, 12 May 2022 06:20
Last post: missthatcher, 18 Jun 2022 20:39
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
@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.
This is latest uodate report from Begbies Traynor
Investigations
• Correspondence with the Company’s IT providers with regard to accessing data.
• Analysing the Company’s financial records and bank statements in order to establish the reasons for the
Company’s financial position.
• Dealing with creditor concerns regarding the following:
o the level of accumulated debt set against the levels of investment;
o Performance of the underlying subsidiaries;
o The fact that investment was being secured as late as early 2021;
o The manner in which investment was secured either by loan notes, equity or underlying bonds;
o Alleged mis selling of convertible loan notes under the guise of secured bonds;
o Alleged voting issues at Audley Funding plc level;
o The levels of related party loans; and
o A review of alleged accounting issues. In particular, the classification of commissions as
administration expenses.
• Securing and analysing Company data including email accounts.
• Reporting to the Insolvency Service on the Directors’ conduct and subsequent correspondence regarding
the same.
• Liaising with the FCA regarding ongoing investigations.
Started: madmax3000, 4 Jun 2022 06:05
Last post: londonpitbull, 17 Jun 2022 15:35
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).
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.
Started: johanes, 30 Mar 2022 06:22
Last post: johanes, 15 May 2022 12:23
List of troubled bonds by Bedford Row Capital part 2
16. Audley Funding PLC – My Club Betting ( ISIN : GB00BDZC8S53 )
a. https://www.investegate.co.uk/audley-funding-plc--irsh-/rns/audley-funding-plc-delisting-announcement/202104070700135634U/
b. https://www.londonstockexchange.com/news-article/IRSH/audley-funding-plc-company-announcement/14669554
17. Escher Marwick PLC – Chip chip Holding ( ISIN : GB00BD36YT22 )
a. https://www.londonstockexchange.com/news-article/IRSH/escher-marwick-plc-company-announcement/14632205
b. https://www.londonstockexchange.com/news-article/IRSH/escher-marwick-plc-company-announcement/14842187
18. Escher Marwick PLC – ISIN : GB00BD0FRG07
a. https://www.investegate.co.uk/article.aspx?id=202205131602144980L
b. https://www.londonstockexchange.com/news-article/IRSH/escher-marwick-plc-company-announcement/14976377
19. Escher Marwick PLC – ISIN : GB00BDD88415
a. https://truvacorp.com/wp-content/uploads/2022/02/Escher-Marwick-plc-Series-2016-5-Notice-to_Noteholders-25.11.19-1-1.pdf
b. https://markets.ft.com/data/announce/full?dockey=1323-14184239-6A9VGNUA1EVDDDAHHIRCA1E6QP
20. Escher Marwick PLC : ISIN : GB00BF0L7628
a. https://investegate.co.uk/escher-marwick-plc--irsh-/rns/escher-marwick-plc-company-announcement/202112310938351760X/
21. Escher Marwick PLC : ISIN : GB00BFYLD592
a. https://investegate.co.uk/escher-marwick-plc--irsh-/rns/escher-marwick-plc-company-announcement/202101270938480452N/
22. Escher Marwick PLC : ISIN : GB00BF0L7628
a. https://investegate.co.uk/escher-marwick-plc--irsh-/rns/escher-marwick-plc-company-announcement/202012311122412992K/
23. Escher Marwick PLC ETP : ISIN : GB00BD4F3X58
a. https://www.londonstockexchange.com/news-article/IRSH/escher-marwick-plc-delisting-announcement/14926531
b. https://theresortgroupplc.com/wp-content/uploads/2017/05/EMFactApril17.pdf
List of troubled bonds by Bedford Row Capital part 1
1. Audley Funding PLC
a. https://www.investegate.co.uk/audley-funding-plc--irsh-/rns/audley-funding-plc-company-announcement/202204211610299442I/
2. Invenio Capital PLC
a. https://www.investegate.co.uk/invenio-capital-plc/rns/invenio-capital-plc-company-announcement/202204211609499445I/
3. Intergroup Mining 1
4. Intergroup Mining – Escher Marwick
a. https://www.investegate.co.uk/escher-marwick-plc--irsh-/rns/escher-marwick-plc-new-series-announcement/202109101130004303L/
5. Escher Marwick PLC – Just Cashflow ( ISIN GB00BDH37892 )
a. https://www.investegate.co.uk/escher-marwick-plc--irsh-/rns/escher-marwick-plc-company-announcement/202204081140078182H/
6. Escher Marwick PLC – ISIN GB00BFYFCF43
a. https://www.investegate.co.uk/escher-marwick-plc--irsh-/rns/escher-marwick-plc-company-announcement/202205131602144980L/
7. Balise Springs PLC
a. https://www.investegate.co.uk/balise-springs-plc/rns/balise-springs-plc-company-announcement/202107260925404313G/
b. https://investegate.co.uk/balise-springs-plc/rns/balise-springs-plc-announcement/202202181606001841C/
8. Ethika Finance PLC – ISIN : GB00BD3H2N59
a. https://www.investegate.co.uk/ethika-finance-plc/rns/ethika-finance-plc-delisting-announcement/202104070825286474U/
9. Dover Hartcourt PLC – ISIN : GB00BYMV4732
a. https://www.investegate.co.uk/article.aspx?id=202203151040148266E
b. https://www.sharesmagazine.co.uk/news/market/LSE20220315104014_4303581/dover-harcourt-official-announcement
10. Dover Hartcourt PLC – ISIN : GB00BF0MWT35
a. https://investegate.co.uk/dover-harcourt-plc/rns/dover-harcourt-plc-company-announcement/202205031122551131K/
11. Omnia Bond II PLC – ISIN : GB00BFM7CV87
a. https://www.londonstockexchange.com/news-article/market-news/omnia-bonds-ii-plc-company-announcement/15439047
12. Minerva Lending PLC – ISIN XS1713668520
a. https://www.investegate.co.uk/minerva-lending-plc--irsh-/rns/overdue-principal-on-maturing-notes/202007241535040662U/
b. https://www.investegate.co.uk/minerva-lending-plc--irsh-/rns/statement-re-series-c1-and-c2/202112171433010187W/
13. WELLESLEY SECURED FINANCE PLC –
a. https://www.wellesley.co.uk/wp-content/uploads/2020/01/wsf2017.pdf
b. https://www.investegate.co.uk/wellesley-secured--irsh-/rns/delisting-announcement/202108181541500816J/
14. Sustainable Capital PLC – ISIN GB00BM8QTK66
a. https://www.investegate.co.uk/sustainable-capital/rns/sustainable-capital-plc-company-announcement/202201111648329676X/
15. Audley Funding PLC – The Resort Group ( ISIN : GB00BYWLR183 )
a. https://www.londonstockexchange.com/news-article/IRSH/audley-funding-plc-company-announcement/14982164
Previous bond
Omnia Bonds II PLC
https://find-and-update.company-information.service.gov.uk/company/10729418/officers
https://www.investegate.co.uk/omnia-bonds-ii-plc/rns/omnia-bonds-ii-plc-delisting-announcement/202104070700135586U/
https://www.londonstockexchange.com/news-article/market-news/omnia-bonds-ii-plc-trustee-announcement/15244402
Familiar names ?
1. Bedford Row Capital
2. Truva Trustee
I wonder if Audley Funding PLC's bondholders (NQ MINERALS FRAUD PLC) will end up the same as Omnia ?
Bloomberg article on Bedford Row Capital
Green Debt Market Faces a Rare Default
- Energy Storage fails to wire funds for January coupon payments
- Bonds sold by Sustainable Capital Plc, part of Bedford Row
January 14, 2022, 6:10 PM GMT+7
An Australian company that promised to penetrate the $662 billion market for clean power storage by the first half of this year is struggling to drum up $1 million to pay interest on two green bonds. If it doesn’t find the cash by the end of next week, it’ll be a rare default in the green bond market.
Queensland-based Energy Storage Pty Ltd failed to send funds to an issuing entity owned by London-based bond originator Bedford Row Capital when coupons were due on Jan. 6, according to a statement Tuesday. The company has now 14 days to pay them before default. Energy Storage, which is set to launch onsite clean power storage by the first half of 2022, didn’t respond to a request for comment from Bloomberg News.
The two $55 million bonds sold in 2020 issued in both dollar and sterling were sold by Sustainable Capital Plc, a debt issuance vehicle set up two years ago to fund green projects. It’s part of the Bedford Row group, a bond originator that owns platforms to sell notes to investors on behalf of small firms that don’t have direct access to capital markets.
If there’s no payment by the deadline, the securities will join a small group of five bonds that have defaulted, out of a global pool of more than 5,300 green bonds recorded by Bloomberg. It’s a corner of the market that’s been growing fast on the back of investors demanding ESG-compliant securities. Last year, there were $540 billion green bonds sold globally, more than double the 2020 tally, according to data compiled by Bloomberg.
The Energy Storage securities are the latest notes issued out of Bedford Row vehicles poised to go awry. In recent years, the firm arranged about 140 bonds for a variety of businesses, according Levy, some of which have paid coupons late or went insolvent, filings show. Among them a Cape Verde hotel developer, a company that leased sculptures by Auguste Rodin to raise financing and an Australian mining company, according to filings.
“Deals don’t always work as they are supposed to,” Bedford Row’s Chief Executive Officer Scott Levy said in a telephone interview on Wednesday when asked about defaulted bonds.
================================================================================
Bedford Row Capital Fraud
Bedford Row Capital PLC Fraud
NQ Minerals PLC Fraud
Audley Funding PLC Fraud
Bedford Row Management profile : https://bedfordrowcapital.com/investor-login/team.html
Their current bonds : https://current-mandates.com/
Started: johanes, 30 Mar 2022 07:07
Last post: johanes, 30 Mar 2022 07:07
For those of you who are interested in getting your money back from these scammers / fraudsters .
Feel free to join us in our Facebook group : wwwDOTfacebookDOTcomSLASHgroupsSLASH500058791795764
DOT = .
SLASH = /
Alternatively, you can contact me via email at jojohanes2021@gmail.com.
Started: johanes, 18 Mar 2022 13:03
Last post: johanes, 24 Mar 2022 16:35
url is : wwwDOTfacebookDOTcomSLASHgroupsSLASH500058791795764
DOT = .
SLASH = /
There are a few of us now in the group, so for those of you who are interested in getting your money back from these scammers.
Feel free to join us in our Facebook group : https://www.********************500058791795764
Alternatively, you can contact me via email at jojohanes2021@gmail.com.
Hi Johanes, thanks for directing us here last week. I think many may find this difficult to find as its not specifically London stock exchange's site but London South East's. I emailed you too but from your initial message on this group, it was an incorrect email. I'm wondering how best we can get all the other note holders on here too. Any ideas?
i think besides nq, i wonder where is bedfordrow hiding. every other bond they issued defaulted
For those who managed to attend NQ Minerals online meeting today (18th March 2022, at 11.00 GMT).
My email address is : jojohanes2021@gmail.com (not jojohanes@gmail.com).
thank you
Started: johanes, 20 Mar 2022 12:55
Last post: johanes, 20 Mar 2022 12:55
Other defaulted bonds by Bedford row capital and Truva Trustee.
https://www.bloomberg.com/news/articles/2022-01-14/green-debt-faces-rare-default-from-bonds-bedford-row-helped-sell
Started: johanes, 18 Mar 2022 15:09
Last post: sam4224, 19 Mar 2022 16:45
First of all absolutely amazed that there is no fraud investigation into this company, either in UK or Australia. I had shares in it. Am I right in saying I have zero chance of getting any money back ? Hope whoever can can get these gyys debarred from holding office and hopefully prosecuted
https://forms.gle/tEEzZzJikm9NscTDA
G'day ladies and gentlemen,
Please fill out this google form in order to request a Audley Funding noteholders' meeting with the trustee.
Our goal is to reach a total of USD 10 million (or currency equivalent)
The total amount of notes issued by Audley Funding is around USD 100 million in three different currencies.
Ref : https://investegate.co.uk/audley-funding-plc--irsh-/rns/audley-funding-plc-trustee-announcement/202112020851513587U/
Trust deed : https://drive.google.com/file/d/17oct05m73AdoLXNw1djMkQAdc9_BIHKr/view?usp=sharing
Trustee’s response for meeting : https://drive.google.com/file/d/1pyMv-_k2g_RMHuj8Z-xlPsbvqlOsZIYb/view?usp=sharing
Thank you
“a written request by Noteholders holding Notes of at least ten per cent of the principal amount of the Notes for the time being outstanding of any Series”. -- Trust deed page 94-95 (schedule 3 paragraph 4)
Trust deed : https://drive.google.com/file/d/15p5U-feJIugLWuHkBv7RykNHCEzlre62/view?usp=drivesdk
Started: whitegold1, 10 Mar 2022 21:57
Last post: johanes, 18 Mar 2022 15:14
@bugerov,
The didn't mute the microphone, so you can hear everyone is talking . Interestingly Begbies wasn't even attend the meeting.
It's adjourned due to attendance issue.
Afternoon/evening Johanes. For various reasons I was unable to join in the meeting today. In what way was it chaos and why adjourned? Is this another adjournment to magically 'find' 98% of positive votes for the motions they put forward.
Regards....... Bugerov.
Meeting adjourned till April, and the online meeting just now was a total chaos .
If you're a bondholder , please reach out to me. There's a few of us now in the group to discuss what's the steps moving forward.
my email address : jojohanes2021@gmail.com
thank you
Hi all.
Notice to noteholders on 25 Feb 2022. Online meeting on 18 March 2022 to vote on notice. Does anyone know what it is all about?
regards Pat
Started: BillClinton, 11 Jan 2022 01:48
Last post: BillClinton, 12 Jan 2022 15:08
iii) That Doyle’s appointed HGM Directors who have been awarded Keen Pacific executed deals that have resulted in extensive cash leakage to the detriment of NQ shareholders and creditors. These transactions include, among others, streaming agreements that deliver HGM’s gold and silver to NQ Director Kevin Puil at 70%+ discounts to market (specifically the sale of HGM’s gold at $400/oz and silver at $6/oz). Also, HGM Directors signed an exclusive, life-of-mine offtake contract with intermediary Traxys in Nov 2020 for no consideration at all. Since the start of the former agreement with Traxys in 2018, HGM / NQ has received a 60%+ discount on its Lead and Zinc production against its contained metal value. Further, market participants are well aware that Traxys is selling HGM’s production to another intermediary instead of end-buyers, demonstrating a chain of intermediaries and significant foregone revenue.
iv) That in 2020, Audley fiduciary Bedford Row (Scott Levy) appropriated in excess of £10mm from the Audley bondholder’s “liquidity reserve” account to himself, resulting in the default of Audley bonds.
v) That in excess of US$70mm was paid in commissions, consultancies, and “marketing” or administration expenses to Scott Levy and Walter Doyle associates, the latter including Doyle’s relatives, James Dean, David Lenigas, Steve White, Mike Barden and others.
6. That Begbies Traynor have been informed of multiple of the above instances of fraud, some including the provision of documentary evidence.
7. That despite the foregoing and claims of “investigating Company affairs”, that Begbies Traynor have not as yet made a report to the FCA and SFO.
8. That there are a number of other transactions at NQ and its HGM subsidiary that amount to fraud / embezzlement or are highly off-market, the latter including inflated procurement contracts at HGM in favour of parties linked to NQ Directors.
These are known facts, many of which Begbies Traynor has been provided reporting or evidence of.
Before addressing the matter of who the right buyer of Keen Pacific should be, a key question for shareholders and creditors must surely be:
- What is the status of Begbie Traynor’s investigation into NQ fraud with the FCA and SFO?
- How can Doyle-appointed Insiders, be awarded control of NQ’s flagship asset if they are (as Begbies claim) being investigated or demonstrably linked to significant cash-leakage schemes at HGM and NQ?
These are certifiable facts that we (certain shareholders) have discovered recently:
1. That (NQ Founder) Walter Doyle-appointed Directors at NQ subsidiary HGM have been awarded control of Keen Pacific for either US$2.5 or 3mm.
2. That the award to Doyle insiders by Begbies Traynor came against bids from third parties offering more cash and/or recoveries to creditors
3. That nearly all of the $2.5 or 3mm consideration is for Begbie Traynor’s fee
4. That following Doyle’s resignation in 1H21, Begbies Traynor was appointed Administrator at the recommendation of NQ’s CIO Suresh Advani. Advani was hired by Doyle and worked closely with him to execute NQ’s financings. Begbies was ultimately appointed as: i) Advani had a “close friend” there and advocated for them; and ii) unlike other firms, Begbies would agree to work unpaid for the first month.
5. That certain NQ directors and insiders have reported to Begbies Traynor testimonies and/or evidence of fraud at NQ that led to its demise, including among others:
i) A “rigged” Audley bondholder vote on or around May 2020 resulting in the loss of their security. The vote was “engineered” by Bedford Row / Truva Trustee (bondholder arranger and security agent who share the same office address), Walter Doyle, James Dean and James Dean controlled funds (including KIWOZ). The “rigged” vote involved, among other actions, the issuance of deeply discounted Audley bonds to parties related to the above so as to satisfy a bondholder vote quorum for a first vote. A second and determinative vote was then held at the office of Bedford Row and passed with only several of the above-cited funds participating.
The “rigged vote” resulted in the loss of security for Audley bondholders in favour of ING with the vast majority of bondholders receiving no consideration at all for their loss of security.
ii) That following the closing of the ING loan, $30mm+ was paid to NQ Director Kevin Puil (RIVI-RCA), James Dean Controlled funds (KIWOZ) and James Dean personally. Further, James Dean received an additional £8.5mm commercial royalty (booked under Eldorado Gold) for no consideration at all. There is no known record of the NQ Board approving this transaction.
Started: LatvianPrince, 7 Jan 2022 12:41
Last post: LatvianPrince, 7 Jan 2022 12:41
Private release:
Begbies estimated that Doyle had personally taken around US$30 million off the NQ table and Scott Levy personally benefited with around $20 million, but what the hell, report this to the SCO or the LSE, no way, lets sweep this under the carpet collect a large fee (US$500,000 per month) cover it all up, rig the sales process, give serious bidders 10 days to review hundreds of documents and then only when you know no one is going to bid, extend the evaluation perod. Then “after all the boxes had been ticked”, here you are “Doylie Boys”, screw the bidders who I hear offered hard cash, you can have the project for nothing, just payme some money and off Paul went as fast as he could trot to Nassau in the Bahama’s with family in tow of course, patting himself on the back for a job well done.
So the scum from down-under not only get away Scott free (no pun intended) with screwing everyone, we find out at the last moment that the Administrator had close connections with NQ prior to joining Begbies. Good one Paul, all this for US$3 million, my god, all I see from here is a $3million *****.
So guys, now that we know that Begbies are above the law and that the U.K. authorities are more impotent than an 80 year old eunuch, how about we do the same???? After all, copying is the ultimate form of flattery!
Let’s bring in some guys from overseas maybe the U.S. instead of Australia, and we all work together to do another Doyle??? Of course, we will have to do a deal beforehand with Paul Cooper so we can have the ‘final fix’ in place before we act. After all we now know that crime does pay as in the NQ debacle we have the perfect example.
I suggest we each list a project on AQUIS, work out a sweetheart deal with Scott Levy for some bonds, sell them to unsophisticated investors, arrange 40% revolving commissions to ‘smooooth’ the process with all concerned, pay a few guys with NQ money to ‘fix’ the bond holder meetings (even Lenigas confirmed the fix), line up a friendly Administrator and then offer a Banker a deal he can’t refuse to approve a large loan after which he can leave the bank and join the company. After that, and only when you can’t squeeze or steal any more money from the company, you put the company into Administration and pay your friendly Administrator to ‘give’ you the project back.
Wow, it’s so easy, why isn’t everyone doing it, I mean the authorities don’t care a flying cook, the stock exchange doesn’t care, the entire system is unregulated, so why not take advantage of the system and milk those suckers dry? No-one is going to do anything about it!
On that note, where is the FCA and the SCO right now?? Sipping tea enjoying a life of comfort whilst getting paid to fool the public that they actually do something??
When you know the system, you can get away with anything.
Started: LatvianPrince, 7 Jan 2022 12:32
Last post: LatvianPrince, 7 Jan 2022 12:32
Talk about preferential treatment, ask yourself this why would Paul Cooper give White and Moroz two Doyle appointed nobodies permission to use an inter-company loan of £15M owed by NQ to Hellyer Gold Mines to bid for the project with only one condition, Cooper gets paid US$3million? Have they paid Cooper yet, I hear not yet as between White and Moroz, they don’t have ten cents to pay their best buddie. Never mind, they are running around offering equity in Keen Pacific to anyone who will give them the money to pay Mr. Cooper.
Good one Paul, free money to freeloaders who are now running around to raise money to pay you! Maybe it’s time the SCO investigated Begbies, and the Cooper NQ connection as there is something rotten in the State of Denmark. Even as far away as Wembley, the stench of yet another corrupt deal linked to NQ Minerals is today wafting through my office.
I guess we should have seen this coming because right from the getgo, Begbies had set the Hellyer Sale Process up to fail. No-one gets a fair chance with a compromised administrator and that point has certainly been made by NQ’s pet, Paul Cooper. Take a look at Hilco, a company chosen by Begbies to provide the mine valuation; guess what, they have ZERO experience in valuing mining project. So, rather than use an experienced, qualified mine valuer, Begbies chose Hilco a virgin in the game who rolled over when told, and not surprisingly the so called “independent valuation” came in exactly as the Administrator had requested.
Shoddy business?? You bet and who loses, everyone except the Doyle appointees who just keep winning time and time again.
Started: Zoot63, 30 Dec 2021 10:33
Last post: Zoot63, 30 Dec 2021 10:33
Has anyone heard anything about the outcome of the offering and bids received?
Started: Ivanhoes21, 30 Oct 2021 13:22
Last post: Totalaccess, 19 Nov 2021 09:45
@billclinton ,
My email address is jojohanes2021@gmail.com , can you please reach out to me ?
I and @Nickkdog is in the same group.
thank you
@Nickkdog - I avoid whatsapp but is there an e-mail group instead? If so, let me know your address
@BillClinton some of us are wondering if you would like to join us on a whatsapp group. Your interesting takes have us intrigued. What say you?
Good to see these insiders are in a panic and playing the game. They must have a guilty conscience. My bet it is these slimy middlemen who were termed introducers basically get a lovely fee for doing nothing then when things come crashing down suddenly they know nothing. They didn't face the investor, didn't handle any money, didn't speak to NQ and the only information they used was from company presentations.
I think I know who you are talking about.
Then again, having met most of the board and management team at some point in time, they only care about themselves.
Your information is helpful thank you.
I know who to pursue and I know in which way I will do it.
I’m learning more each week as insiders in a panic and playing the blame game.
Don’t believe the claims of parties saying they weren’t in the know or aren’t to blame. At the end of the day, this was a coordinated act.
- Ask yourself why NQ (claiming all sorts of profits) was OTC listed instead of the ASX? Why did the Directors pursue multiple OTC listings instead of a real exchange?
- Why was a third-tier auditing firm appointed instead of a proper one?
- Why was a third-tier Administrator appointed?
- Why was an east end bucket shop appointed to underwrite debt instead of a real investment bank?
- Why were the bonds distributed by the CEO’s relative and sold through a shadowy group of “financial advisory” firms?
- Why is it the same arranger acting on every bond issue including on a Sukuk?
- Why are most of Bedford Row’s employees in Estonia?
- Why is the Sukuk shariah advisor also the owner of the Trustee for Audley bonds?
- Why didn’t NQ actually have a real office in London or anywhere for that matter?
This was a heist pure and simple and it was all planned from day one.
From 2018 to 2020 the Doyle cabal raised US$250mm in various financings for this project.
I spoke to a mining guy who told me based on the operations of the company that max $30mm would have gone into the actual assets, tops $50mm.
Started: BillClinton, 10 Nov 2021 13:50
Last post: Ivanhoes21, 11 Nov 2021 19:20
Hi BillClinton, I am not sure someone's contractor mate in Tassie is a reliable source of information if I am completely honest, while tailings operations are notoriously difficult to get right.
Spiking the asset sounds a bit far fetched as well. You give the Doyle crew too much credit in my opinion. If they were that switched on then NQ Minerals Plc would be a FTSE 250 company. Having met most of them I can assure you this is not the case.
I do agree with your last point however. Stakeholders should be updated on the actions of the Doyle Cabal to take back control of a company they destroyed.
A fellow shareholder was just informed by a contractor mate in Tasmania that Hellyer is having operational problems. Production down significantly and issues relating to non-functioning equipment.
I found this incredibly surprising as Hellyer a simple dredging/milling operation and has been performing very steady and very well. What's more, operators always have spares. If anything breaks down, it should be a several days or a week downtime, not months.
Why now?
Is this an attempt by Doyle crew (James Dean, Scott Levy) & team to spike the asset and prevent others from buying the asset?
Administrator needs to provide updates here, both on the operational issue and the actions of the Doyle Cabal to retake control at this rather convenient time.
Started: BillClinton, 2 Nov 2021 17:15
Last post: Nickkdog, 3 Nov 2021 14:37
BillClinton, just looking at Keystone, indeed it looks as if Alper Deniz is a partner. However, they seem to have a lot of lawyers on the staff - a very large firm. I am afraid they will say Mr Deniz was not part of the drafting of the covenants and consent mechanisms. That he now serves on Truva as a appointed nominee. Could the claim they have ring fenced all this within their firm. I am afraid they will likely do so and if so, very difficult to prove otherwise.
Having said that, it stinks to high heaven. But if that were a crime the entire City of London would be in the box.
Thanks for this info BillClinton. You have done quite some digging and it seems very valuable. So what do you suggest we noteholders do about it? Got any advise?
Madmaxx3000 - good idea writing FCA about Avenir. I've been writing them and others about them and Truva Trustees who I also believe are FCA regulated.
Who is the law society? Regulators ? UK Police is not like the FBI which can help to investigate this sort of case.
I think it will be challenging to go head to head with armies of lawyers, but we must report them too, as they are the mastermind behind all this scam !!!
Many of us didn't know anything about voting since the beginning, and based on the information from Audley Funding, it is the responsibility of the Avenir Registars Limited as bond registrar to pass this information to bondholders. So I say, Avenir as a licensed firm by FCA has to be reported too!
Keystone Law advised on a shedload of Bedford Row bonds including $150mm of NQ bonds.
Alper Deniz a close associate of Scott Levy
https://www.keystonelaw.com/lawyers/alper-deniz
Note that as underwriters counsel, Keystone drafts the covenants and voting / consent mechanisms to restructure the bonds.
Guess who is CEO of the Trustee acting for all of the bondholders?
https://find-and-update.company-information.service.gov.uk/officers/_Yssms0CSi-b9BOsKHJKOH6up1Q/appointments
So the lawyer drafting the consent covenants is also the trustee controlling the vote.
If bondholders are looking for remedies, they have one more avenue now - informing the law society ASAP and seeking damages against Keystone. Keystone had multiple lawyers involved with this client.
Started: BillClinton, 29 Oct 2021 01:30
Last post: Ivanhoes21, 29 Oct 2021 12:45
@moxx
Many distributors of the Audley paper milked this deal to make a fortune and now when things have gone wrong they try to play the good guy and pretend to play dumb even on this lse chat. It's all NQ and Scott Levy's fault they say. Come on, they were all in on it. Many were made millionaires off the back of Audley commissions, happy to turn a blind eye while the cash kept rolling in.
The actual investor had no idea that 40 cents in every dollar was never invested with the company. That was a company killer. Where's the ethics in not disclosing your commission to your investors?
The key issue for us Audley bondholders is the vote which was facilitated by Scott Levy/Bedford Row/Audley/Truva. That should be the focus. That's where we lost our security.
Secondly it is the 40% commission scam and where the money went as this brought down NQ and led to the Administration.
Gallows humour that lot. Have a look at what is opposite Peter Doyles correspondence address.
@Billclinton
That's a shocker.
Btw here is a reminder of ING's compliance pledge from their website.
ING is committed to the preservation of its reputation and integrity through compliance with applicable laws, regulations and ethical standards in each of the markets in which it operates. All employees are expected to adhere to these laws, regulations and ethical standards, and management is responsible for ensuring such compliance. Compliance is therefore an essential ingredient of good corporate governance.
@Madmax3000 & @BillClinton,
Thanks mate.
I'm wondering if any of these forum members already filed a complaint to any regulators about this issue ?
So it appears the Doyle cabal ripped up to $40mm out of the Audley bonds.
- How much was taken out of $55mm ING loan? (which did not repay a single cent to Audley holders)
- How much was taken from the convertible loan issuances?
- How much was taken from the undisclosed royalty streaming deals with Rivi/KIWOZ/Maui/RCA?
- How much was taken out of the Traxy offtake agreement (where NQ gets less than 30 cents on the dollar for its contained metal)?
- How many other unnecessary or off-market transactions are there with "third parties" that we don't know about?
It's clear where bondholders and shareholders go to get our $$$ back.
Started: Nickkdog, 30 Aug 2021 11:35
Last post: madmax3000, 28 Oct 2021 11:58
Previous Director
Name: BRIAN STOCKBRIDGE
Address: 125 Old Broad Street London Ec2n 1ar, United Kingdom
Born: 28/08/1973, HIGH WYCOMBE, UNITED KINGDOM
Appointment date: 14/10/2014
Cease date: 29/06/2021
Name: KEVIN JOSEPH DOYLE
Address: Unit 282, 60 South Beck Drive, CONDON QLD 4815
Born: 09/03/1937, PROSERPINE, QLD
Appointment date: 05/09/2013
Cease date: 21/06/2021
Name: WALTER DANIEL DOYLE
Address: 16 Bd Princess Charlotte 98000, Monaco
Born: 06/12/1955, CLONCURRY, QLD
Appointment date: 05/09/2013
Cease date: 21/06/2021
Thanks to you all for your input. Glad to see we have a few new participants.
I too have wondered how a conservative, large Dutch bank could have stepped into this dung hill. I also believe that they are a sophisticated group and would not have extended this loan to this type of company unless handed questionable accounts/info. I believe a letter to the link Johanes kindly gave us for Netherlands financial regulators is a good idea and one I will follow up on.
I am very interested to read this "there is absolutely legal grounds for the subordination to be deemed invalid for lack of consideration" from BillClinton. I had not known that and can't help but wonder if this is also the case in the UK. Can anyone offer an opinion on this?
Some of us are "gathering" on a whatsapp site. This vote was rigged in my view. I've yet to hear from a noteholder who was informed in advance of the vote on May 1, 2020 to subordinate our assets. I don't think we should go quietly.
FCA emails are : MIUMailbox@fca.org.uk and Consumer.Queries@fca.org.uk
As for shareholders to file a complaint to SEC, I think there are a few angles to look into.
If I'm not mistaken, NQ minerals have been pledging their shares too to raise funds under Invenio Capital PLC.
And if I may suggest, in order for us to have a better discussion on what to do, I would suggest if we do it in a closed group rather than an open forum like this.
If we all think that ING is part of it somehow, I think we all should write an email to Netherland financial regulators ?
https://www.dnb.nl/en/contact/reporting-complaints-and-wrongdoing/
And also we file another complaint about NQ Minerals to SEC (since they also raising fund from US Investors) too.
https://www.sec.gov/tcr
As for the UK firms, at the moment Avenir seems the only firms that regulated by FCA, and we've sent 3 emails to Avenir about this voting , but they didn't respond at all.
FCA did respond about this and they suggested to write email to :
MIU Mailbox
@moxx - that was precisely my earlier point. Beyond the matter of bondholders not being aware and the vote 'rigged', bondhonders were not provided any consideration for taking subordination. Under US case law, there is absolutely legal grounds for the subordination to be deemed invalid for lack of consideration.
ING are a conservative bank and appear to have done extensive DD and obtained legal opinions and reps + warranties. Culpability here rests entirely with the actors orchestrating the "restructuring".
Where did the $60mm of ING proceeds go if not to Audley bondholders to repay / partially repay or compensate them for subordination? Only prior debt I'm aware of is James Dean's Rivi/Kiwoz (converted to equity and getting $8mm+ per year for their streams).
Where did the $60mm from ING go? How much went into the hands of the Doyle cabal?
There is where the accountant must shed light.
Are these the supposed 'marketing and other expenses' that the accountant could not reconcile? Where is PKF (accountant) on this? I notice Walter Doyle's registered address is also at PKF's London office. ODD