RE: ZM v SN etc - cut & paste job of the defendant motion for Stay11 Feb 2021 09:53
This is probably the best insight we've had into the company for a while, since the revelations of subsidiary companies being created in order to avoid seizure by receivers acting following Cayman Islands actions. That raises the question, who was behind those actions and whether they were aware of ZM's behaviour at that time. The motion to stay indicates reasonably well, that is not the case.
ZM was brought on board with his reputation and connection/understanding of Georgian business to grease the wheels and smooth the way forward for what was once determined an incredible opportunity, potentially with oil and gas to match that of the Shah Deniz field operated by BP. His future would have been secured and had he achieved that he would have likely wanted for nothing, being the 'main man' on the ground in Georgia. Transitioning and connecting the country, whilst it emerges from old Soviet habits into a new era operating a Western style business model.
What went wrong that a man, with so much potential, business-wise, reputation, exposure and financially secure future decided to risk all that for the sake of potentially circa $1M, an amount he apparently had access to anyway, and go rogue. To deliberately discourage 3rd party investors and establish alternative offices/headquarters with all chattels and belongings of his employer removed for his own benefit? What drove him to think that this was not only acceptable but also necessary?
What was the thinking of ZM that drove these actions when the public perception of FRC was so positive?
What did he know that no-one else knew?
Why did he not communicate this?
Could he have even been colluding with SH?
Very important questions and given the country where all this was taking place the truth may never be determined but may also prove stranger than fiction.
But this also raises many questions about SN. Clearly as one of the key players he has not invested a complete interest or position of what is/was going on under his watch. He has been the company for 20 plus years and taken his eye off the ball. He should have gone long ago, when he realised he was not really any longer in control.
The way forward has to be one that does not include SN. He has proven inept and unreliable. Incapable of operating the company and allowing this almighty mess, which in spite (not despite) of everything thats happened still somehow manages to cling to life. Possibly resultant of SN's wealth. It is now time for him to step back completely. If he wants to be invested fine, do that through a 3rd party who will oversee proper control of expenditure. Its time SN retired, he is not fit to be involved in business given this shambles that has evolved over the last few years.
The way forward, as b20 implies, is M&A. As commented previously the final iteration of that is yet to emerge but that and this latest expose suggests what once was will now be subsumed into something greater wh
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