Member Info for Looed

Cazbraz - thanks.

B-2-O - Typically (though nothing is typical in this story) the final report is issued once the court sets a date to hear the motion, as in theory stakeholders should be informed and have the right to attend. However in previous statements, Deloitte spoke of an "administrative strike-off" which is a different process. If Deloitte do contact me as they said they would, I will try to get more information from them on timelines etc.

Deloitte have advised that they intend to file the dissolution application within the next 1-2 weeks. They have said that they will let me know once it has been filed.

SN appears to be up to something, though it could also be (a lot of) coincidence and / or poor admin.

FEC filings show that FRC-related payments to Sen. Mullins appear to have stopped in May 2024, which is consistent with the Senator saying that he hadn’t had any contact with FRC for the past 1-2 years and that his present-day actions regarding MEGOBARI are general in scope. But FRC, in liquidation and controlled by the JOL's, shouldn’t have been making any payments. Deloitte is aware of these filings.

In May and October 2024, SN made two small donations to 2 PAC’s supporting Sen. Mullins, however these payments were made by / on behalf of CSN & Co, another SN company.

Recent FEC filings show that as late as July 2024 SN made donations to various PAC’s connected to other politicians and these filings state he is “Chairman/CEO” of FRC when he most certainly was not given FRC has been under the control of the JOL’s. Again, Deloitte is aware of these filings.

SN also made some relatively small donations in 2025 using his home address and each filing states he is employed by “Frontera”.

You can search the filings via the “individual contributions” tab which you can find here - https://www.fec.gov/data/browse-data/ (use Nicandros, Steve and filter by date)

WHamBoy - This is the link to the source article that all these websites are rehashing to generate their own clicks. As you can see, FRC is referenced anecdotally rather than in the present tense.

https://thehill.com/homenews/senate/5488713-mullin-blocks-georgia-sanctions-act/

According to Open Secrets, payments to the Senator Mullins ended in 2023 -

https://www.opensecrets.org/donor-lookup/results?name=nicandros%2C+steve&order=desc&sort=D

As Njames noted a few days ago, the court heard a Mourant motion for Entry Of Judgment against SN. The docket now shows ‘U/A’ (presumably, "Under Advisement"), indicating the judge did not rule from the bench and will instead issue a written order.

The claims against the other defendants should continue in open court unless those parties also apply for and win their own motions to compel arbitration. Some FRC-related material could still surface, but the focus is more likely to be on intra-trust comms rather than FRC itself. Unlike the civil court the probate court seems to move at a much faster pace.

The court has granted SN’s motion to compel arbitration, so the SN-specific claims will now proceed in private rather than on the public docket. VN had already filed her consent to arbitration for the SN portion of the case. Should arbitration fail, it will return to the court.

Njames - It looks like the Mourant hearing has been reset to 09/09. If you are using the Harris County website, the reset is listed on the case "settings" tab.

The latest Cayman Gazette has been published and this edition includes strike-offs as of 31 July 2025. No mention of FRC.

The court will hear SN’s motion to compel arbitration today (Tue 26 Aug). VN’s has now responded and agrees that while her claims against SN as a CSTN partner can go to arbitration, she also argues the other defendants cannot be compelled because they are not trust signatories. At the same time, defendant Kanaly also opposes SN’s motion stating he never signed the trust in a personal capacity.

Extract -

“The “Frontera Resources” case: a failed concession

In January 2017, the Environment Ministry signed a concession with Frontera Resources International LLC for hydrocarbon exploration in Moldova. The Ministry says the concessionaire failed to observe core requirements for subsoil research—specifically, works must be registered with the State Subsoil Information Fund.

The company was notified to correct breaches but did not properly submit work plans, budgets for each activity, or the geological data obtained. Notifications were not received by the concessionaire and the mail was returned to sender.

An Official Gazette notice was published 18 October 2024, granting 15 days to remedy; the company did not comply. Consequently, contract termination proceedings began on 5 March 2025.

Who manages production now?

By Government Decision no. 282/2024, the right to operate the Văleni field was transferred to the state enterprise EHGeoM for five years (extendable). EHGeoM is responsible for research, reserve re-evaluation, and crude extraction, the Public Property Agency says.”

https://agora.md/2025/08/22/r-moldova-are-circa-15-milioane-de-tone-de-petrol-cat-s-a-extras-si-cine-administreaza-zacamintele-explainer

I don’t think VN’s allegations regarding her mother are included to only paint SN as the “bad guy”. I expect they are there to offset any potential objections from SN’s team that they might raise in relation to statute of limitations.

Lifeishard - FRC’s liquidation was triggered by an unpaid debt to Mourant. As the JOLs (Deloitte) have noted in their First Report, there are other creditors as well, with the GOGC being the largest. If SN paid the GOGC, that would settle only one claim. However, FRC would still be under the control of the JOLs and the other creditor claims, and the JOLs’ costs, would remain.

In short, paying a single creditor doesn’t end the liquidation.

Lifeishard - That phrase means that although the MoU and PSC have been terminated, some clauses still apply, especially the obligation to pay any unpaid amounts. Hence the next line stating that the GOGC still has the right to claim GEL 15,399,000 from FRC/FRUS. The GOGC has decided that amount is now uncollectible and it has been written off for accounting purposes, but the contractual right to seek payment remains.

Though they have written it off, the debt remains one of "the provisions thereof intended to survive such termination.”

Just to clarify when the report states that "the Company continues operations", the Company is the GOGC itself as that is the subject of the report.

The GOGC have just released their 2024 consolidated accounts.

The “Frontera Case” is discussed between pages 34-36. The section concludes as follows:-

"By the most recent amendments to the MoU and the PSC FRC (represented by FRC’s JOLs), FRUS, the Company and SAOG, agreed to postpone the deadline provided for performance of the Payment Obligations to 30 August 2024. Nevertheless, FRC and FRUS failed with the Payment Obligations, which resulted in automatic termination of MoU and the PSC, except the provisions thereof intended to survive such termination.

According to the MoU and the PSC, the Company still has a right to claim the Payment Obligations equal to GEL 15,399 thousand from FRC and FRUS. Management believes that the consideration is not collectible and should not be recognized in the financial statements of the Company and Group. Currently, the Company continues operations on the Block XII based on the provisions of the Georgian law and the respective instructions from SAOG.”

You can access the file here – https://www.gogc.ge/en/investors-overview

A lot of new filings in this case. VN’s team have filed an amended petition that fine tunes some details, dates etc. from the original petition. The references to FRC / FRH remain in this amended petition.

VN’s team also filed detailed responses to the defendants seeking summary judgement. VN’s side does not appear to be backing down.

On 14th August I posted that in “VN v. SN – VN’s team has now requested records from parties involved in the family’s estate planning and financial transactions. These include certain (historical) FRC entities, such FRH, as part of their forensic accounting review.”

VN’s team has now filed an amended motion that removes all references to FRC-related entities like FRH and, at least for now, narrows discovery to target trust and estate-planning information. It no longer seeks any corporate FRH records.

If FRH (or other related entities) again becomes relevant, I assume VN’s team would need to pursue related information through a new and separate filing.

Hi Lifeishard – I think you might be confusing two separate events. First, Deloitte’s September 2024 update recorded that the GOGC MoU had expired in August 2024. Separately, Deloitte’s March 2025 update explained that a creditor-driven initiative, which the JOLs accepted in October 2024 and which prompted them to pause the dissolution, ultimately concluded in March 2025.

Lifeishard – no offence taken at all. I personally don’t see a causal link with changes in U.S. leadership. The Cayman winding-up process was initiated before the last administration change. FRC has a well-documented history of cultivating political relationships, especially with the Republican party, it had a director with well-known political ties (Tyler Nelson) as well as SN’s own network. Many of those political connections remain in their various seats of power.

Perhaps those political relationships played a part in the GOGC originally agreeing to and later extended the MoU with FRC. Deloitte have already explained what happened to that opportunity and that happened long before any elections in the USA.

Lifeishard - you ask "what happened since" and that is explained by Deloitte in their update of 7th March.

B-2-0 - thanks for clarifying.