RE: Zaza and the missing oil.22 Feb 2021 20:09
"The document also talks about the funds, which, according to the chairman of the board, were illegally transferred from the company to the personal bank account of Zaza Mamulaishvili.
"Frontera Resources Corporation has subsequently learned that in 2019, Mr. Mamulaishvili was wiring money out of Frontera's operating account for his personal benefit. For instance, on July 12, 2019, Mr. Mamulaishvili wired $34,000 out of Frontera's operating account into an account in his name. Again, on July 24, Mr. Mamulaishvili wired $108,000 from Frontera's operating account for his benefit. Frontera is in the process of auditing accounts and tabulating the amount of money misappropriated by Mr. Mamulaishvili. Mr. Mamulaishvili was not authorized to transfer funds from FRC's operating account to accounts he controlled,” - the lawsuit reads.
Zaza Mamulaishvili also denies this accusation and states that the funds received by him were payments for his work as CEO corporation, and none of the transfers were made illegally.
Zaza mamulaishvili has filed a lawsuit against members of the board of directors in the Harris County Court of Texas on January 21, 2021. Currently Mamulaishvili is a minority shareholder and a major creditor of the company.
According to the court documents, the board of directors has signed a secretive
lobbying contracts without informing him, the volume of which was $440,000 in 2019-2020. According to court files, Frontera has hired a lobbying firm Cornerstone, but at the same time, the principal of the lobbying firm, Mr. Tyler Nelson was holding a position in Frontera’s board of directors."