Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
Mrd - I doubt that business has any value - he will have borrowed against it
The whole thing is a scam - the fact they didn't alert the market earlier this year they must have known it was going t**ts up - all the BOD are culpable along with EY and they should be brought to book.
I was long on FIN until the RNS in NMC on the 26th - bailed the next day - it was a nailed on short - I wish I had put one on - that is screwed as well IMO, as all Shetty's companies are IMO - he is leveraged up to the nuts on them all
KSH - early days, the law moves slowly
NMC suspended the shs but the FCA would have the next day - all along they have played the game of obfuscating the real position - getting in Freeh, Moerse etc. - no one is innocent at the top either - they must have known - all the independents and allowed the fraud to carry on.
Shetty has done far worse than Green - and as he is an Indian citizen I think it would be impossible for the UK Gov to get at him. He will no doubt live a luxury life in India until he dies - after scamming many in the UAE and the UK
EY need to be heavily fined for this lack of regulation - fraud from IPO possibly.
Totally agree KSH - this is about regulation, or complete lack of it - EY need stringing up.
EY's audit fees (apparently) made up for only 50% of the total - Shetty et al was bribing all and sundry IMO
I believe the hedge funds knew Shetty was after cash - he probably kept it in the UAE until last year but was running out of cash so he went outside and MW picked this up
adzy, I suppose it depends if Shetty and co. had the right to borrow on behalf of the company - as they were the senior directors, I suppose they may have? - big court battle maybe?
The RNS today did give the impression there would be continuity of operations. The wages for Feb have been paid - the company will carry on. I am not sure how much shareholders will get though?
The sort of shorting a PI does will never harm a company, i.e. with CFD/SB, I have mixed views on it, it can be used to destroy the s/p of a good company or like in NMC expose a fraud
Good call tindrum
Hi ripley - Sorry no idea about Petra - I believe BOD is a well run company with an honest CEO and potentially great assets. VAST is different, it's potentially mid cap, but it depends on an African Gov. delivering - it will I think in time.
I personally mistrust TW and think he has ulterior motives much fo the time. As I don't know him personally I cannot be certain however.
They could be good opportunities - you have to DYOR though sometimes the shorters are incorrect
I should think he is still worth a few hundred $mil - enough for many bodyguards and in his home territory he will be pretty safe IMO
I think he loved the lifestyle and status - you can only have so much money - the fact he was pictured with his medal etc. with the hoypoloi - these type of people are narcissists - he is probably fine with it and will have absolutely no conscience of the carnage and damage to people's lives he has left behind - he should do time, but I think that chance of that is nil.
Matty - your not alone, this will cause pain for many PI's, especially as it was FTSE 100 and supposed to be blue chip - good luck.
If you look at how NMC started he was up to his nuts in debt then - got bailed out by Centurion (from memory) the other Chairman - so they either conspired or Shetty conned him - either way it looks like a fraud from the IPO
Special Shetty is 77 no doubt he will live the rest of his life in luxury in India, I doubt Modi will allow him to be extradited and if he does it will probably take decades - Shetty will be alright!