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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