London South East | The UK's favourite investor portal.

Posted by Looed on the 21st May :-

RE: Registered companies in last year
From a court submission (archive 30/10/19) regarding the movement of the asset-

iii. The Farmout Agreement and the Assignment
46. The Liquidators are concerned that the FRCC Directors may have directed FRGC to
take certain steps immediately prior to the voluntary liquidation, potentially in furtherance of evading
the implications of the voluntary liquidation. These steps also impacted the Arbitration.
47. Pursuant to an agreement dated April 13, 2019 (the “Farmout Agreement”), just a few
weeks before the voluntary liquidation commenced and the Liquidators were appointed as JVLs, FRGC
purported to assign all rights, obligations and interests in the PSC to Frontera Resources US, LLC
(“FRUS”), a Texas limited liability company that is an affiliate of FRGC (the “Assignment”).7
48. The Liquidators did not learn of the Farmout Agreement until nearly a month after the
commence of the voluntary litigation, when they received information from Akin Gump. The FRCC
Directors subsequently provided a copy of the PSC and the Farmout Agreement.
49. The Farmout Agreement and accompanying documents provided information in relation
to the consideration for the Assignment. Based on the limited information provided, the Liquidators
cannot determine whether these transactions were arms’ length for fair value, or potentially a
questionable transfer of the assets of FRGC (and thus FRCC) to a related party, all concurrent to the
voluntary liquidation of FRCC. I should note there is a significant difference between FRGC’s
Counterclaim in the Arbitration of $3.5 billion and the consideration FRUS purportedly paid for 95%
of FRGC’s rights and interests under the PSC under the Farmout Agreement.

Posted by keysersoze on the 20th May :-

Kelly Degnan
THE GEORGIAN TIMES

"Any statement or comment from the United States comes from people and groups who care about Georgia's success."

According to the Ambassador of the United States of America to Georgia Kelly Degnan, any comment coming from the United States is from people who want to see Georgia succeed. According to him, this group of people wants to see that Georgia
continues to move towards Euro-Atlantic integration. The ambassador said in response to a question at a virtual press conference about the appeal of senators and congressmen to Secretary of State Mike Pompeo about Georgia.

You have to be sure that any statement or comment that comes from the United States comes from people and groups who care about Georgia's success and want to see Georgia continue to move toward Euro-Atlantic integration. Thought - to create A free, democratic society that offers the population more economic prosperity and the economic opportunities that the population deserves. Any comments coming from the United States are likely to be understood in that spirit, "said Kelly Deganan.

At the same time, he noted that he cooperates quite fruitfully with the Georgian government, especially in the field of international and regional security.

We are cooperating quite fruitfully on a number of issues and have successful communication, especially on issues related to international and regional security. I think we have a pretty good channel of communication with the Georgian government, and when some issue arises, we will discuss it quite openly, ”Kelly Degnan said.

Similar news

"On the third day after the pardon, Okruashvili fully confessed to the crime for which he was convicted - on June 20, we did everything we could to get the government fired."

I hope to be there in October as an observer - the Speaker of Parliament, the government, the opposition, who had to go through a very difficult time, deserve praise."

Former Minister of Internal Affairs of Georgia Vano Merabishvili Will Join the United National Movement?

Any statement or comment from the United States comes from people and groups who care about Georgia's success."

The president has made it clear in his comments that the pardon decision was coordinated with the main branches of government."

Senator Cruz has a very virtuous face - tell someone that Frontera has been defeated in international arbitration and don't take it as harassment of American business."

I have not had any personal communication with the senators, this is not my level, but I am going to demand very categorically from everyone to refrain."

We have been very demanding of the Georgian Dream - now is the time for all opposition parties to fulfill their obligations and move forward unconditionally in terms of electoral reform."

Posted by Moleinahole on the 20th May :-

I can't believe I'm spending time again on this company! Its compelling/addictive/frustrating. Lets go from the top.
Frontera Resources - The Group company is where we hold our now delisted shares.
The loan notes were issued by another Cayman company Frontera International. They mortgaged the shares in Frontera Caucasus Corporation as a security.
The PSA is held in an operating company FEGL joint owned and registered in Georgia 50/50 with GOGC. That company holds the exclusive mineral license. Frontera held the shares in that company under Frontera Resources Georgia a cayman company. Those shares were in turn held by Frontera Resources Caucasus Corporation a cayman company. All these companies were therefore wholly owned subsidiaries of the Group company.

Outrider forced FRR to lose control of Frontera Resources Caucasus Corporation by enforcing security on the mortgage. Just before that happened FRR moved the interest in the operating company FEGL held by Frontera Georgia to FRR US (a US registered company). I think that transfer can be done under section 27.3 of the PSA without GG approval as they are an affiliated company with >50% ownership.

That is the transfer FIT think could have breached covenants in the mortgage. I am guessing they are liquidating whats left of Frontera Resources caucasus corporation. At the same time in Dec 2018 Steve and Zaza pledged shares in the group in case FRR failed to pay the interest in Sept 2018 as a result of amending the notes in Jan 2018.

So as at mid 2019. The shares in the operating company FEGL with the PSA were with FRR (US). Steve and Zaza had not delivered the shares they pledged hence the Texas litigation while the fiduciary in California rumbled on.
Over that period Green seems to have invested a sum with a security on operating assets. That could be the block 12 PSA or a profit share on say a well - we simply do not know the amount or the terms of that transaction).

The arbitration carried on with GG seeking to get back the 99% not subject to development plans. The bit I can't fathom is what an OOCS settlement might be and who it might involve. That is what I want to know about. I've not seen anything yet that supports that. But if the GG comments mean what they say they intend to cancel the PSA and I would read that as 100% of block 12 until I see evidence to the contrary. That would leave FRR US holding worthless shares as its only asset is the shares in the operating company.

Its speculated there may have been a further transfer. Who says there is an out of course settlement and how do they know this? Link please so I can investigate. The Batumi article doesn't support that. So is it Zaza comments in press?

Posted by Welloiled on the 20th May :-

Registered companies in last year
Apologies if this information has already been posted. I note that there's been 3 new Frontera entities registered in Georgia in the last year.
1. Frontera Risorsiz Yu (Frontera Resources US LLS) Identification Number: 405339637 Date of Registration: 11/06/2019 E-mail: FRUS@FronteraResources.com, Director - Zaza Mamulaishvili, see: https://bs.napr.gov.ge/GetBlob?pid=400&bid=boVlyOwlsX3qmYsntmLmFBA7gdVMInfSODzldpO9oVam5Yj3aTu0Oh8PsKIK9zQw
2. Frontera Tradel El-Si (Frontera Trading LCD), fronteratradingllc@gmail.com, registered 15/01/2020 applicant: Nikoloz Mamulashvili
3. Frontera Yu , fronteraus@gmail.com, registered 15/01/2020, Director - Nikoloz Mamulashvili (100% owner).
The information is here: https://enreg.reestri.gov.ge/main.php?value=Frontera&state=search_by_name

Posted by Moleinahole on the 20th May :-

Leases Welloiled - I think that was one of the points of debate around the registration of the foreign branch. And that may also link into the info OOPsi found.

As I posted the other week the deja vu files are very interesting reads and is where I now have large parts of the actual PSA rather than the version in the AIm admission. You find the Georgian versions are often certified translations of the English as Georgian Law requires them in Georgian. If you could easily extract the scanned words to tanslate or read Georgian I'm convinced there is alot of very interesting information in these documents. Equally I'm convinced its where you would find even skeleton records of possible deals/company set-ups. I'd love to read the 2015 document I was looking at this morning marked as secret for instance! It does show even confidential information is still registered as I would expect.
Hence my conclusion so far that the asset is with FRR US at the moment following a para 27.3 transfer that did no need GOGC approval irrespective of what some of the status comments on the site show. If that was not the case FTI would not have said what they did in Q4 2019 about Green and the transfer.

Posted by DomFok on the 20th May :-

Sanctions on Ivanishvili and Putin's cluster accelerate - Shalva Natelashvili addresses Michael Pomp
https://www.labour.ge/ka/akhali-ambebi/article/14673-fffff

Shalva Natelashvili:
- It is well known that when the choice was made for our strategic partner - the West would stand by the oligarch or the Georgian people in this unequal struggle, the West has chosen His Majesty the Georgian people. In response to this, yesterday the so-called The Prime Minister called the United States Senator Ted Cruz, Chairman of the Foreign Affairs Committee Senate Reich, Senator Shahin, Congressman Kissinger, other senators, congressmen, MEPs politically engaged lobbyists. This is an unprecedented insolence in the history of world diplomacy. This once again confirmed that nothing will improve Ivanishvili's regime except sanctions.

Today, I appealed to US Secretary of State Michael Pompeo and the Minister of Finance to speed up the process of imposing financial and property sanctions on Bidzina Ivanishvili and Putin's cluster, so that we can neutralize this election-annexation group from the Kremlin so that they cannot do so. The fate of the country. In addition, the property was stolen from the Georgian people and must be secured for the return of the Georgian people in the future.

"Politically engaged lobbyists" are justifiable justifications for this, which has nothing to do with the truth.

Didn't the capture of the port of Anaklia take place on Putin's orders? Of course, it was Russia's strategic interest to prevent American ships and submarines from entering the Black Sea waters near occupied Abkhazia. The blockade of the American company "Frontera", which discovered so much gas in Kakheti that it covers the whole region and Europe, was also ordered by the Kremlin and Gazprom. No one in the world has dared to violate US sanctions on Iran except Ivanishvili's government Anti-Western disgrace, theocratic regime,

Bidzina Ivanishvili is a supporter of this regime with his joys, Mamatsashvilis, Kaladzes, Odisharians, Tsulais. That is why half of Lama was deported to Iran; That's why we couldn't impose a visa regime with Iran; That is why the whole world has imposed sanctions on the Kremlin for occupying Crimea and Luhansk, and the Kremlin leadership has no sanctions against us, and we ask others to fight for us.

Not only the Georgian people, but the whole world is dealing with such a dangerous, invincible group, and I am sure that the Georgian people themselves will get rid of the plague, but our allies will make a great contribution to this.

Posted by Moleinahole on the 18th May :-

RE: FIG
Looed/Phil
I've spent too much time in last 24 hours trying to make sense of all this.
On the transfer:
para 27.2 of PSA talks of transfer to 3rd party but 27.3 to affiliates and contractors. 27.2 would apply to a farm out but 27.3 could apply to FEGL to FRR US. The difference is a 27.2 transfer needs approval by state but a 27.3 only needs to be notified by company.
Back to FIG. I'm a little concerned about loose Journalism and the use of Frontera International. That name goes back a long way as part of the group structure from Bill White days! The article can be interpreted a couple of ways but I'd be concerned to hang too much just on that one sentance - as FRR have always had a joint 50/50 operating company with GOGC and that is the shares FRR tried to transfer. Is it the same or a different company turns on almost a single word.
We know from the Outrider court action FRR transferred to FR US its share. That transfer would be under 27.3 as I would say FRR US is an affiliate. They then set up a foreign registered branch. Then we know again they did a transfer to Green and left a 5% royalty. So last proven data points we have seen is 50% of Block 12 PSA is with GOGC and 25% FRR US and 25% Green with a 5% royalty to Outrider probably from FRR US share.
Depending on who Green was it seems likely it falls under 27.2 of the PSA. So where is it? Where is the paper trail? Mind in spite of looking I have not found documents for the other purported transfers like Varang either!
The set-up of the foreign branch of FRR US looks to have been approved again after some paperwork was provided.
So as of tonight I'm none the wiser who owns what in Block 12.
The Batumi article is interesting in gathering the GOGC position in one place. And it is not in conflict with arbitration outcome. The leap from there to now is material breach resulting in GG cancelling the PSA for block 12 with 3 months notice per PSA.
If there is an out of court agreement of some sort and the 1% is not at risk I'd like to see it and who Green is and what consideration was paid for their share to FRR. But I have to say to date evidence is illusive.
If there is a deal then its beyond disappointing not to inform your stockholders and instead be trading politically charged barbs in the press while we try and work out what has happened. I'll keep poking about but not found a new legal entity yet to pin anything on.

Posted by keysersoze on the 19th May :-

Corrupt countries are a way to avoid sanctions. They have the temptation to help the sanctioned country avoid international sanctions at the expense of rich s
That's why this tandem - Russia's geopolitical interests, the countries sanctioned by the United States and the corrupt countries with the holes of corruption - together create a system that helps Iran and other sanctioned countries to avoid sanctions.

With all this in mind, I think this is a very serious message and can have very serious consequences for the Georgian Dream in the first place, but it can also affect Georgia, and it is alarming.
Messages with similar content are not random. What do you think caused this kind of information to be made public? Based on what sources do senators have this information?

The senators do not rely on rumors and rumors. They rely on specific information, which is then verified in various agencies, by those who work on these topics. In addition to their sources and relevant intelligence or law enforcement agencies, they also try to verify this information with the states involved. The state, which is involved in this, naturally does not officially recognize and deny it, because formally acknowledging this will have even more serious consequences. Then they publish the letter based on this agreed information. That's how this system works.

On the front page, you have to ask why Frontera Resources is talking so insistently, when, as the Georgian government says, there is a decision of the International Arbitration on this issue. Why do they think that the Georgian government is wrong about American business? Does this mean that the government cannot defend its position in the international arena?
It is a fact that the government does not work in the international arena at all, at least in the direction where our interests are. They seem to be working better with Russia, because in fact all decisions are in Russia's interests more than the interests of our partners.

Posted by keysersoze on the 19th May :-

Manana Kveliashvili - 19.05.2020

What does it mean when American senators write about Ivanishvili's deal with Iran and Russia?

On May 15, U.S. Senators Ted Cruz and John Cornyn wrote a letter to House Secretary of State Jodi Arrington and Marquine Malin, Secretary of State Mike Pompeo and Secretary of the Treasury Stephen Mnuchin.

The letter from the US senators raised several issues - the issue of the oil and gas company "Frontera", which, according to the letter of the senators, the Georgian government intends to expel from the country. The topic of the Conti Group, which, according to the senators, has already been expelled from the Anaklia Port Construction Consortium and the topic of "illegal trade in Iranian oil" in the port of Batumi.

Former Georgian Ambassador to the United States, member of the Atlantic Council Batu Kutelia explains what it means when American senators point to Bidzina Ivanishvili for illegal ties with Iran and Russia. How can this process be completed, separately for Ivanishvili and separately for Georgia.

Mr. Batu, a well-known statement of the senators accused the Georgian government of illegal oil trade with Iran. Who are these senators and congressmen, what information do you have about them?

I know how such letters are made. What institutional process precedes this information will take such a form. Those who wrote this letter are very influential senators. Consequently, when they give their foreign policy recommendations to the executive branch, it is preceded by a scrupulous study and elaboration.

This is an inter-agency process. Naturally, the Senate team sends and consults with the relevant agencies. It will be the intelligence agency, the law enforcement, as well as the state department, and based on the agreed information, they are already making a political statement.

Too often we hear the government calling the Senate a legislature and the executive not saying the same thing.

This is a lie. The legislature and politicians, the senators, speak the political language - it is diplomacy and they speak the diplomatic language. When the government does not understand diplomatic messages, then political messages come.

The executive branch has been quite open and direct about the same issues, including Secretary of State Pompeo. After meeting with former Prime Minister Bakhtadze, he directly said that he advised Georgia to reorient its economy to more free markets than to the predatory economies of Russia and China, which now have completely different tasks.

As for illegal trade with Iran. Russia is one of the main orchestrators of trade bypassing sanctions. Russia has also promoted relations between Iran and Venezuela. In general, all countries sanctioned by the United States and the European Union seek to avoid sanctions.

Posted by keysersoze on the 19th May :-

But, on the whole, the messages in these letters are noteworthy, and political spectrum, first and foremost, the government, needs to make sure that the issues listed are removed. Among them, it has recently been heard that the pathos of the statement that close relations with Russia are blamed on the government is correct - if we take the statistics of trade with Russia, it confirms this. Excessive economic dependence on Russia could lead to disaster.

Added to this is the difficult situation in the country. We actually have an oligarchic government. In fact, the government is trying to stay in power for a third term, using all its resources. "

The active response of American and European politicians to the ongoing political processes in Georgia has been followed by critical assessments, including why Georgia is interfering in the internal affairs of Georgia:

Some people don't like our partners. Naturally, it would not be necessary for the country to be a democracy, but, unfortunately, we are far from that picture. Whether or not this is democratic pressure (whether from the European Union, the United States or other international actors) is a fact that we cannot solve with our own problems. Among them are those who do not need so much pressure: democratic elections, freedom of the media, protection of human rights, etc.

Naturally, all this is caused by our internal kitchen, that is, when the situation is complicated, the ruling parties, both previous and current, use their huge resources - political, administrative, media. This has been the case for the last 28 years: Shevardnadze has been doing this so that there would be no other politician besides him.

Saakashvili was doing the same thing and this government is doing the same thing.

What is the interest of Georgia's Western partners and why is their support important?

"Georgia really deserves a better future.

This process will not end in 5-10 years and we must understand that the interest of our international partners is to make this country democratic, to enable it to run its own politics and foreign policy, but in this turbulent period, when a small country is under various geopolitical influences and Not only Russia is trying to influence R. As well as our domestic as well as foreign policy, we need to remind our loyal friends not to deviate from the course we have taken because of narrow partisan interests, which is supported by the majority of the population. ”

Cornel Kakachia names the weakness of political organizations in Georgia as one of the important problems in Radio Liberty. It is not expected that things will change significantly in this regard before the next parliamentary elections, however, it still speaks of the possibility of minimizing the risks:

Posted by keysersoze on the 19th May :-

18th May Article
Nino Gelashvili

Cornel Kakachia, Director of the Georgian Policy Institute (GIP)

See. Comments

It is true that the pandemic has put the political process in the background for some time, however, in recent days the situation has changed so much that everyone in Lama has forgotten about the pandemic. Cornel Kakachia, director of the Georgian Policy Institute (GIP), thinks the population's interest in the election is not as strong as it should be, but that attitude will change as the election approaches. It is another matter where the priorities of the parties and the electorate "meet" each other: "holding these elections is important for Georgia, for its democratic progress."

"Georgian Dream has lost this war of narratives"

Political statements and letters from Western partners have given a big boost to political developments over the past week:

"As for the recent statements about Georgia and the decisions made about the prisoners, given that our society is polarized, everyone is trying to understand as it pleases. If we are part of any pole, we like the part that pours water on our mill, but in reality, if we take, for example, the statement of the senators, it is a rather difficult situation than it seems at first glance. This statement is in the interests of both the party, including the opposition, as well as American companies, including Frontera Resource, which, as you know, lost the arbitration dispute with the Georgian government, has been working in Georgia for a long time and has caused problems not only for this government. The authorities as well. The part of "Frontera" cannot be perceived uniformly.

The biggest part of this letter is the truth. We know the concerns about the development of democracy in Georgia from previous letters. We should not understand this as a gross interference in the internal affairs of Georgia.

We may not even pay attention to these letters, but I don’t think we can win with that, because the fact is, our country is at a pretty important stage of development. If there are such letters or statements, they are aimed at perfecting our democratic development ...

The country is polarized. Someone likes it, someone doesn’t like it, but we have to get used to the criticism that is most directed at the government. If the government does not agree with this criticism in some part, if it does not agree with the pathos of the letters, it has all the leverage to provide other information and convince these people.

I personally think that the Georgian Dream lost this war of narratives because it has little experience in foreign policy as the previous government, and the fact is that if we recall a few people who have made new friends in Georgia,
unlike the previous government, Who was able to do that. The same is true of the war on narratives, which seems to have been lost if we look at it from a narrow party perspective.

Latest Share Chat

Member Info for Madpunter

Followers

Following

Posts (Last 30 Days)

Posts (All Time)

Last Post

Member Since

Share Chat Post Distribution (Last 30 Days)

Activity Log (Last 30 Days)

Latest Share Chat

Member Info for Madpunter

Followers

Following

Posts (Last 30 Days)

Posts (All Time)

Last Post

Member Since

Share Chat Post Distribution (Last 30 Days)

Activity Log (Last 30 Days)

Please enter at least 2 characters

No results found

Search results

Recently viewed

Trending