The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Yes BBC Panorama : https://www.bbc.co.uk/iplayer/episode/m001b7jh/panorama-the-billionpound-savings-scandal?page=1
No not on telegram. I sent you my email, so we can continue to see this through.
Lawrence if you have time to watch the panarama. It looks like a judge led enquiry led to compensation that was supported by MP letters. Given that the UK takeover panel was monitoring Petropavlosk Plc for some time, including stake building by main shareholder in 2020; then this is a paper trail here. What do you think???
I understand your pain. I will continue to pursue my claim with FO as without their intervention the situation would not of spiralled the same. The BOD were probably content with their FTSE250 listing and the benefits of being in the financial market but given the circumstances they would take the opportunity to exit.
Why do you believe OPUS are not impartial??? They are in London, looks like a big firm and detailed descriptions of the team on the website.
Lawrence<< Sounds like the response I got, as certain companies are covered under the FSCS, however mining is not covered. They referred me back to the foreign office. This does sound somewhat ridiculous because it's a bit like we regulate the financial markets some of the time, but we let some companies do what they like and don't get involved in corruption, although we can log it for our database, remember to have a nice day...
Where does that leave us now then??? Are you still chasing FCA who was recently found to fail to regulate: https://www.bbc.co.uk/iplayer/episode/m001b7jh/panorama-the-billionpound-savings-scandal?page=1
Are you going back to the government???
You couldn't make this stuff up: https://www.msn.com/en-gb/money/other/cineworld-group-handed-liquidity-lifeline-as-embattled-cinema-chain-is-granted-first-day-relief-by-us-bankruptcy-court/ar-AA11DG5F?ocid=msedgntp&cvid=3904cbe7010844d598d109c6b34af561
Lawrence what did the FCA tell you??? The UK takeover panel had been monitoring Petropavlosk Bod for some time, but lose jurisdiction in administration. The FCA referred me back to FO stating they don't cover gold mines. Doesn't some body have regulatory responsibility here??? The administrator's document's do not mention the process of raising finance (I understand problems with debt payment); however given that indebted exploration companies continuously raise finance, this is a BIG and UNDERSTATED element here requiring investigation, there should be clarification over why they could not go the markets to raise finance and negotiate. Otherwise they can't palm off responsibility either side of the continent with restrictions in UK and Russia.
Jcreek2020<< How low do you want to go??? Your mum must be proud...
Tiger we will be informed by administrators; there is still some due diligence and sources investigating concerns, so waiting game.
Lawrence13<< What did you make of the latest documents from OPUS??? Sounds like their trying to palm off shareholders by blaming either side. Wouldn't you get more than one valuation???
If you made an official complaint, then you can take it further if you are unhappy with how a department handled it. I am waiting to hear from FO before I can take it forward, so it depends on outcome there. I will keep you updated.
Thanks for the update Lawrence. Unintended consequences is a phrase I coined in some of my responses, I have also petitioned things through my MP, and I've tried to point out the bigger picture here to the FO and am waiting a reply. I have also set up a parliamentary ombudsman enquiry.
It would be nice if something was to change the course with OPUS, but I have slim hopes there. In the meantime this waiting process is like watching paint dry...
Lawrence where are you at with your situation??? You still in touch with your MP??? I am waiting to hear from my enquiry, there is 6 month back log with NHS so it may take time.
TotheMoon1<< 'The UK taxpayer shouldn’t be in the business of paying people for their failing investment strategies.'
The irony when the reason the investment didn't work was government interference!!!
Do you work for government or Russia??? You certainly are not here to offer diversification advice or portfolio construction lessons.
TotheMoon<< 'Hedging risk isn't mumbo jumbo'
I reiterate Charlie Monger (Warren Buffet's partner) DIWORSIFICATION. You can buy many assets in many jurisdictions, it still does not provide a guarantee. Take Polymetal which had 14 mines, 50% in Russia; it has still lost 80-90% of share value. What if you bought multiple air lines across multiple countries pre-pandemic??? All airlines were affected. Diversification can add value to a portfolio, but it is irrelevant to this situation.
As for the KPMG report, it was supposed to be at request of shareholders to tighten governance, and the SP performance in the previous few years does not correlate with your response. It never would of crossed 10p if sentiment was so poor, that is plain and simple fact.
TotheMoon<< Why have you come back to repeat your diversification mumbo jumbo???
As for POG, share price had been declining since gold came off high and with temporary pressure; the shares sold off 90% after invasion. You are trying to justify the unjustifiable, go back to your office at HQ...
How many years had POG been successfully raising finance??? (20+ years) Did POG have new processing hub??? Was POG FTSE250 which is a representation of liquidity and capital???
Well the risk wasn't Russia, it was the UK government. And if you were LTH then you didn't know the risk...
Additionally, taking stamp duty even post Sanction is questionable given the governments intervention. The CREST records represent property rights and beneficiary ownership, what are the gov doing accepting stamp duty on assets they are essentially manipulating and working to destroy???
Who are you CWWX??? Are you part of the POG BOD???
It wasn't a small number, there was a lot of PI on FTSE...
I wasn't talking about them stepping in, once in admin I understand the situation.
I have spoken to FCA and various legal / rights workers and I think the government have some liability here.
I will not rest until there is some kind of justice.
I understand James Cleverley is going to be new foreign secretary, was it Lawrence he wrote to???
Not sure where us POG holders stand with new foreign secretary, but I intend to take this as far as possible, they were happy to take the stamp duty so they should be happy to do what is right when they break the free market. The same free market that the new PM has been championing during the hustings and her leadership win speech.
'I believe in the free market and less red tape, where we put more money back in peoples pocket instead of taking it away in taxes.'
I thought I saw on an earlier post that UMMC and the owner are both sanctioned???
I understand where your coming from LewisMJ but the UK PLC is a shell, and it still benefits Russia, and has adverse impact on UK shareholders.
Obviously not good news with administrator update, even under the circumstances, it does not seem legitimate that the deal can go through if it essentially transfers assets and money to Russia, whilst under Sanction.
Are people still looking to challenge this legally??? Seems to have gone a bit quiet.
We are still following this through with our local MP and an official complaints procedure...
It will be interesting to see how new PM responds to energy crisis...Media still trying to spin that Russia decided to weaponize Gas, as though it was a surprise; a big surprise when you try and Sanction a country into isolation and get the leader removed...What is most amazing about this situation, is how the UK (who crazily self-sanctions) is also experiencing worst energy prices, worse than even Germany that is relying on the Nord Stream pipeline.
Shaun<< From Fridays update...
At a hearing on 25 August 2022, the court directed that the application be adjourned
to a later date, on the following terms:
a. Any person who, in the absence of a contrary direction, has a right to inspect
the court file, or obtain from the court a copy of the court file, or of any
document in the court file pursuant to rr. 12.39(3-5) of the Insolvency (England
and Wales) Rules 2016 has permission to put in evidence in response to the
Application, such evidence to be filed and served on the Administrators no
later than 4pm on 7 September 2022.
b. The Administrators have permission to file evidence in reply, such evidence to
be filed and served on any person which has filed and served evidence
pursuant to paragraph 1 above, no later than 4pm on 12 September 2022.
c. The Application be adjourned to a further hearing, with a time estimate of 2
hours, to be listed as soon as possible after 15 September 2022 before a High
Court Judge (and, if possible, before Mr Jonathan Hilliard QC sitting as a Deputy
High Court Judge) (the “Final Hearing”).
d. Pending the Final Hearing or further order of the court, the documents
identified in schedule 1 to the order must not be made available under rule
12.39(3), (4) or (5) of Insolvency (England and Wales) Rules 2016 without the
permission of the court.
e. Costs reserved for determination at the Final Hearing.