Have to give it to MW10 Feb 2020 07:41
“ Problem is now the market won’t believe anything! How can you trust the figures if you can’t trust simple reported shareholdings?!
When searching online, we found a $105 million three-year facility arranged by First Energy Bank. Khalifa Bin Butti became chairman of this bank in May 2016. In a salacious coincidence, Mr. Bin Butti replaced Khadem al-Qubaisi, who was arrested for his role in the “Billion Dollar Whale” / 1MDB / Jho Low scandal. NMC made no disclosure or announcement of this facility, which we see as unusual based on its history.
In recent weeks, the web page on the bank’s site announcing this facility has gone into the Memory Hole. (Fortunately, we still have a copy.) Given the lack of disclosure, close relationship, and possible coverup attempt, we wonder whether this facility is on the balance sheet. It is not shown in Bloomberg’s debt table. We recognize that Bloomberg might not have all issuances; but, the facts surrounding this facility give rise to several questions, and yet the company ceased engaging with us as we sought to reconcile to its reported debt.”
They are all crooks!