RE: Thanks for the replies guys18 Dec 2019 06:25
Geordie, they had him on board for his money and connections. He provided them with cash when they needed it the most but then they discovered that he wasn’t as well connected as he claimed to be in that part of the world so Osa, the newly appointed CEO took the lead, he presented a plan to develop the company & to recruit two new key directors with massive experience in Africa’s O&G sector, he also requested another big fundraising (backed by the company’s guardian angel Andrew Frangos) for potential acquisition(s).
Things started to get out of the “honorary” president control who apparently wasn’t more than a hot air ballon, it hurt his highness’s pride so before he loses his title as the major shareholder in the company (his last straw of power) he chosen to treat them like a money shop (being a young immature sheikh) and he got back the money he lent them but with a substantial profit (multiple times his initial investment).
The company is currently in far better position than when it was under the shiekh’s leadership.
I very much believe that he’ll do the same with ORCP in a couple of months.