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"SOLG the place to be... the place where FOMO lives and breathes. The place where those on the sidelines have sleepless nights... and fear the bid RNS every day.."
Confirmed, CD is delusional....
$4.6m still adds up to a lot of money...systematic...and I would struggle to believe only one person knew about it...
Oh BIG MAN are you Damers, you wouldn't be saying that to my face, that I do know.
I've always believed that Priy was ousted for something he was pressing on, or resigned as a matter of principle...
Sorry addickt...been embarking on a cruise...
I did mean of course
Q1 FY23
To me it sounds like local companies or individuals have been invoicing for services or labour that they didn't provide. I assume in running the exploration camps and drilling rigs etc they use a lot of contract labour and services. Sounds like alongside all the legit invoices some made up ones have persistently been finding their way through the payments system.
Is it just people spotting an opportunity for a bit of grift? Or is it greasing the wheels with the locals? Would it surprise you if the village bigwigs who live around the areas where Solg has its camps might have sons or nephews who were taken on as contractors but might possibly have accidentally forgotten to ever show up to work?
I notice the action steps include better procurement processes and ABAC assessment and training as well as hiring some better local finance and accounting personnel.
It sounds like (and is) a large amount of money, but over the course of 4 years probably non of the spurious invoices was ever so large as to set off an alarm bell.
I'm not condoning this of course, this would just be my guess at what's being going on, rather than some rogue employee just stealing $4m by themselves.
Hi Boys, I've nothing against your great board of investors into Solgold, but can you have a word please with the DICK who now infests the GGP board called Colonel (Charlie) Drake.
How do you guys put up with such a plonker ?
Rich3, quite right. I'm afraid only an ostrich investor ignores such things.
CD, don't talk such utter nonsense, "such a good/solid external audit system"...you're having a laugh, aren't you?
As for selling out, yet more total tosh from you. I have a large number of shares and the fact I find today's announcements unusual and concerning should tell you that I care sufficiently about my shareholding to take such things seriously.
Only an utter eejit would believe that fraud perpetrated by an employee and undetected by a quite obviously lazy management team, is anything other than concerning.
From 7th Sept 2021 RNS: "The Company also continues to seek strategic partners to advance certain projects with discussions underway with several interested parties."
Folks, its happening.... all foot soldiers in place now for the big re-rate....mega jigsaw puzzle fitting nicely.
ATB
Colonel - you can’t polish a xxxx and this was one of those imho. How can that amount of money have been taken out under the radar? Checks & balances non-existent? Paints a very poor picture of how the company was being run at that time.
Thank goodness we’ve had a new CEO since the relevant time frames, or else there really could have been carnage for the sp today.
And I’m with add in wondering what if any consequences there will be for the alleged offender(s). Surely a criminal investigation? And surely the alleged ‘perps’ are long-gone?
Nevertheless a decent blue day to end a rough week.
All in my humble opinion of course.
Lovely way to end the week a nice round 27p. Here’s to next week have a good W/E all ONWARD AND UPWARDS!!!
I wonder what our main shareholders think of all this? Indeed, did they know about before December's agm? which may explain why they were lobbying to force a re-election vote for Mather.
Regardless as to whether they knew or not, they are not going to be happy and I'm sure DC has been rushing around assuring them everything is in hand. Was Jason removed from the board because of this?
I'm genuinely surprised we've had a pretty good day today (so far), this sort of scandal normally scares the bejeezus out of the market.
Decent buys coming in ,more news ??
No wonder we had a new auditor's - 12th Nov 2021 RNS - BDO LLP resign - obviously they didn't do a good job balancing the books !!!
You go there tinyray!!! always hanging onto the coattails of the biggest bully out there, well done respect to you ; )
Not sure if buddy will communicate this to you if not already asleep :o\ zzzzz... Not sure you following me around my invested stock BB offers any value either but at least you get to see the best stocks for future growth ...
by all accounts Cuzzubbo seems to be doing an excellent job..............
Seconded buddy, he adds FA anywhere, just cheesey one liners and insults all day everyday. Notice most of the rampers ignore him too....
Sorry buddy I'm not usually pedantic like that, just couldn't resist the open goal.
What's your excuse for being here then buddy, apart from telling us what fools we've all been investing here for the last 10 years ? Pray tell us
Thanks for your comments addicknt.
Sharket I get that and uts a risk as always but there are quite a large number of shares in shall we say safe hands who would not accept 50p.
How long can bhp and Ecuador wait and will someone else pull the trigger 1st.
As I said earlier, I'd like to know who the criminal is and what action is being taken against him/her. Can we expect to see someone facing trial/execution?
Woody, 1&2) the amount was taken over a period from 2017 to 2021 so would have been easier to disguise. But you are right, someone i.e the CEO and FD, weren't paying much attention to the costs. Both are no longer in position.
3) I think you know the answer to that.
4) Possible, but unlikely.
I've got some queries:
1. The sum seems a significant proportion of the annual spend to slip through the net?
2. Why would £4m+ not have shown up as an extraordinary blip on the relevant year's accounts compared to others?
3. Who was CEO when all this was going on?
4. Maybe this has come to light as part of confidential due diligence going on?