The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
I was told in an unrelated PM from OPUS there would be no funds for shareholders. Unless some surprise happens it doesn't look good; I don't believe the events that led to the firesale are a pure Russia play and that people are complicit our side of the border...
If anyone is interested in trying to find out how many shareholders in UK and Russia were affected, I have found an email with the insolvency service. There are limits on requesting data, so I could do with someone else asking.
https://www.gov.uk/government/organisations/insolvency-service
FOI@insolvency.gov.uk
Where did you get that info Lawrence about the steal???...At the end of the day the level of Sanction, 100% ban to sell gold/pay debt to Gazprom essentially disrupted their entire core operation. Many companies did not get this brutal approach, so it reverts back to someone being complicit our side of the border.
The term unilateral sanctions was used in one of my letters, to suggest a joined effort; however according to the UN, they leave it to individual member states to determine the specific Sanction!
Also, as I found out by ombudsman being unable to get involved, no accountability for FO, all internal controls.
Leaves unanswered questions...
Still writing my liable letter...
Based on my recent response from administrator, its like any comeback is set up to be difficult, no funds for shareholders, holding the company/directors to account requires deep pockets. The FCA passed me the insolvency service number, has anyone spoken to them???
I would be interested to know how many UK shareholders were left when the ship went down; it would also be interesting to compare how many Russian Shareholders in same position.
Lawrence13<< 'But its important to stress that if the UK government had exempted POG as a UK company with many personal UK investors from the Russian sanctions then POG would still be in existence today in my opinion'
I agree and refer you to Q3 trading statement of Poly with 7 gold mines in Russia - 'Polymetal also highlighted that it had experienced "significant disruption" in traditional supply chains and sales channels despite NOT being directly targeted by Western sanctions against Russia-linked companies back in March.'
Something about this situation doesn't sit right, particularly the speed of it all. I highlighted the FCA fines below for money laundering, I think someone is involved our side of the border. The level of Sanction imposed was brutal, it was either negligence not recognising it was a UK PLC, or there's something fishy going on.
Speaking of corruption...FCA Fines for 2021 totalled: £567,765,219.95
https://www.fca.org.uk/news/news-stories/2021-fines
The biggest fine was for Natwest PLC, you know the bank the government still own part of. Coincidence???
petra53<< I have all the information required, including where there are clear breaches of policy/law, problem is as an individual they are not listening; I am trying to avoid having to bring a civil action as it's unnecessary upfront costs and more time, for something which can essentially be addressed with the willingness to organise meetings and get people around a table.
If anyone can collate contacts, including who their MP is, I would be willing to finalise a letter.
I would like to know how many people have contacted their MP???
In order to get a treasury select committee hearing, we need multiple complaints in some kind of co-signed letter and a forward from an MP/department.
https://committees.parliament.uk/committee/158/treasury-committee/
Yuri.F - You will have to take action...
I have pursued government, up to 3rd letter, took 4 months for reply, they failed to comment or reply to any of my legal or policy breaches, and instead blame individuals for investing in Russia or businesses related to Russia.
I am currently reviewing my options, if we could get a joint signed letter and MP's on board we could get a treasury select committee to review the whole thing. Including why the FCA don't regulate mining companies, and why there is no real accountability structure for the Sanctions, because they Sanction themselves with their own oversight body, which is essentially a conflict of interest.
Also why are they collecting stamp duty for over 20 years if its unregulated, if the government facilitates it they put their stamp on it, its a bit like selling dodgy goods off the back of a lorry...
The administration notes make you feel sick. Daylight robbery...How did a so called insolvent company manage to hire so many specialist consultant firms in the run up to its administration??? Trail of deceit and lies, why is no one higher up taking this case to task??? How far up does it go???
CWWX<< 'Enlighten me with Ferrexpo'
Ferrexpo is different company and different situation, however you can see from the semantics of the situation that a sale dating back to 2002 under questionable means has succeeded in terms of a legal challenge. Ferrexpo situation was not even half as dodgy as POG's acquisition, so it really depends upon whether we have someone to put in a strong legal challenge. I am petitioning for a judicial review but that is more about claiming compensation that refuting the sale.
Tiger16<< 'I guess we all knew the risks as soon as the GOVT set out the sanctions'...'Unless anyone here has any news , of a positive nature , then I see no reason to post on here information that is complete irrelevant ...'
Speak for yourself, some of us were LTH, as the Sanctions exceeded conventional norm's we can challenge the legal basis...
In respect of emergency budget, is it not relevant that the person in charge of FO when the Sanctions were implemented has had their plan's U-turned and credibility questioned??? Does it not improve the conditions for the ombudsman investigation and to work towards a fair impartial judicial review???
In the middle of yesterday's emergency budget, Penny (whilst covering for Liz) managed to praise her leadership with joining the EU over Russia response, and state that all of Ukraine's diplomats would be in support of her. It is a shame they have not yet worked out who is voting at the next election. Jeremy Hunt is now racking his brains to be George Osbourne 2.0 looking for savings/efficiencies, so whilst they pay for the pension plans of the Ukraine and destroy the savings of UK shareholders, they will almost certainly be looking to shrink welfare; perhaps they can target disabled people again. However, do not worry now the energy plan is due to be reviewed in April 2023, so there will still be money to keep illegal immigrants in hotels and the life of luxury they have become customed to, and whilst pensioners sit in the dark freezing, Ishmael can still turn the knob up on the radiator whilst watching Netflix in a leather recliner chair...
CWWX<< 'Nothing suggested it was still being processed, everything past tense and confirming what was paid etc'
A deal may have been done. However, the deal was dodgy!!! Why was there a hight court meeting post deal??? Have you read the letters from the hearing? Do you think everyone is leaving it there? Did you not see what happened with Ferrexpo?...The stock is still in our broker account, and I also am waiting to hear from OPUS regarding JM.
Regardless, as I mention I am pursuing this with government with aim of Judicial review. What makes me think I can challenge this??? I would say a no confidence vote in the middle of this, followed by critique of growth plans and sacking of chancellor is a good start...
Wilfred1<< I can't give out Lawrence's email without his ok...Yes, he did give me a recent update, I believe him and the others from the high court have an online group. I think he is looking at a potential petition and some of the others are looking at legal routes. I recommend reading some of the letters from October 5th it gives you some insight into the complexity here.
Lyndhurst1973<< Not sure what your connection is here, whether it's government or BOD, but this is not a normal administration, so I do not need to smell the coffee...You only have to look at Ferrexpo's legal challenge from 2002 to see that these things can even change many years later (although I'm not waiting 20 years); however, here the government intervention and Sanction/governance rules involve many legal infringements. I have my own course of action and an investigation is underway, which I hope to petition to a full judicial review.
I was reading through the high court judgement and update from October 5th, and I am somewhat confused as to whether everything is final. According to the absolute litany of letters highlighting administrative and legal infringements and errors, it seems hard to believe this is all done and dusted. Are there any more actions scheduled??? Or are we just waiting for paperwork closure???
Source: Wikipedia / Property rights...For all preparing legal cases...
Incomplete property rights allow agents with valuation lower than that of the original owners of economic value to inefficiently expropriate them distorting in this way their investment and effort exertion decisions. When instead, the state is entrusted the power to protect property, it might directly expropriate private parties if not sufficiently constrained by an efficient political process.[47] The necessity of strong protection of property for efficiency has been however criticized by a vast legal scholarship, originated from the seminal contribution by Guido Calabresi and Douglas Melamed.[48]
Calabresi and Melamed argue that in the face of transaction costs sufficiently sizeable to prevent consensual trade, legalized private expropriation in the form of, for instance, liability rules can be welfare-increasing. To elaborate, when property is fully protected, some agents with valuation higher than that of the original owners will be unable to legally acquire value because of sizable transaction costs. When the protection of property is weak instead, low-valuation potential buyers inefficiently expropriate original owners. Hence, a rise in the heterogeneity of the potential buyers' valuations makes inefficient expropriation by low-valuation potential buyers be more important from a social welfare point of view than inefficient exclusion from trade and so induces stronger property rights. Crucially, this prediction survives even after considering production and investment activities and it is consistent with a novel dataset on the rules on the acquisition of ownership through adverse possession and on the use of government takings to transfer real property from a private party to another private party prevailing in 126 jurisdictions.
Just watched the talk from Liz Truss, talking about tax cuts, and that taxes are not government money, it's right that people spend their own money, when people have less, they feel smaller...
Can someone please explain to me how this translates with Sanctions, when you treat investors savings like an ATM machine???
I seriously hope someone takes a legal stand for all and every person affected by these financial war games...
Obviously, I have written to Panorama, and I may submit again if I don't hear within 6 weeks...
I am writing one more letter to FO, then I am considering getting a paper article done as essentially, I can hand out a copy in court, bit like show and tell!!!...What papers other than Daily Mirror are not pro tory???
So interesting to see the BOE bail out pension plans, so glad they thought of us when POG fell under Sanction...
Who else is getting their pension protected??? You guessed it, Ukraine military/people...so why we lose our savings and face rising costs from Sanction, according to yesterday's white house conference the aid package is paying their wages and pensions. I don't know if UK is contributing, but these were unilateral Sanctions, so I would guess some money might be heading that way.