Member Info for MontiBurns

I am sure that SN+team have their eyes firmly set on Zaza in terms of his ongoing antics in Georgia but nevertheless, no harm in sending this latest article to the team via Looed. The fact that Zaza is still using some media outlets to portray that he is the face of the US-FRR is pretty desperate, so perhaps money is starting to run out. Positively, this may be a demonstration that that US Embassy and Govt are working very closely to ensure that FRRUS asset/investment is protected while the legal wrangles are resolved. On the opposite side, Zaza continues to showcase his pathological liar personality.

Also noticed that the politics is starting to change in Georgia with the return of Saakashvili.....so what impact there in the coming weeks?

https://www.bbc.com/news/world-europe-58767420

Hi OneDay - you could be right. He was holding around 1billion shares, and at the last count, FRR had issued round 15billion shares. Anyway, the point being, he is the second largest shareholder, but it seems he is selling any asset he can get his hands on.

Difficult to completely understand the article as this fella, Nugzar Alughishvili, also makes reference to the incumbent Georgian Prime Minister Irakli Gharibashvili saying he has no 'family ties with him'. Anyway, my translation is that it seems our friends, the Mamulaishvili clan, are asset stripping FRR by selling [surplus/MK?] O&G pipes to Alughishvili. If indeed this is true, perhaps it demonstrates the dire financial situation of ZM, but also re-affirms that FRR's assets are now being protected by the Georgian Govt. If Zaza's financial situation is no bad, then perhaps we wants to destroy as much property/infrastructure as possible [he does comes across as a vindictive type, but he should forget that he is self-harming as he still holds c10% in FRR].

True to form, ZM raising the noise volume in the public arena, hoping someone would listen to his lies. Of course we have all been here before when he was spouting similar lies about the Arbitration result, that it went in our favor. But in some respects, his schizophrenia behavior may now be helping the real FRR and GG to form closer ties and expose his underhandedness/fraud over many years. And here I am specifically referring to the alleged contract that was signed in April 2018 between Green Capital and FRR for the purchase of crude oil (apparent value $5.8million). If memory serves me right, during this time in 2018, FRR was in the middle of drilling Dino2 and moving to T39, after completing T45. However, if this contract was signed at that time, it would have been a RNS-worthy item as we were cash strapped. I also recall that we were talking to an investor who would fund Niko reentry based on oil sharing production from that well but no news about selling oil. Having said that, ZM being the CEO at that time, perhaps had the legal power/authority to sign this contract but my gut feeling is that FRR Board was probably unaware. Speculation on my side, but this could be one of the reasons why FRR fired ZM in August 2020 when this came to light. If my presumption is close to reality, this would have been ZM’s back-up plan (insurance) in case FRR lost its legal case and/or liquidation was imminent. With FRR close to collapse, he would step in using his local political contacts and this alleged debt to Green Capital, which he did via the rushed Tbilisi court decision, although not the way he was anticipating because FRR has been fighting on many legal fronts.

Anyway, the letter from Green Capital published yesterday, only exposed his dastardly scheme further and his desperation reminded me of Hope, when he reached out to GG to assign the PSA to OMF as money ran out with the appointed liquidators.

So Thanks to cymro for pasting it here again. All I would humbly request from our other super sleuthers is to get back in to the game and do what they are really good at, uncovering and divulging for the great good. It seems we are playing extra time and a penalty shoot out is not far away.

Thanks for the response Looed. Needless to say, I (like 99% of the peeps on this BB) consider you to be a ‘top-draw’ asset here, so thank you for your extraordinary efforts here.

Wow , ZM trying to publicly portray his company as the real Frontera Resources in Georgia with a new shareholder that is Green Capital. He is also trying to subliminally project that ‘we are a US company’. The gall of the man; shameless I would say. Anyway, while we the shareholders are lagging by about three months on news/developments, the latest public revelations tell us that alot has happened after the Texas TRO was granted, namely FRR securing its assets/wells in Georgia with the support of Uncle Sam and GG. Also good to see that criminal proceeds may be initiated against ZM. Plus, ZM desperation is starting to peak, and this is perhaps best illustrated by his public attack on Natalia Turnava on FB.

Away from that, wonder how Stephen Hope and YA are feeling watching all this unfold in front of them; probably saying....‘what a Palaver’, no doubt. Anyone check how the Outrider fund was Performing recently?

Zaza a ‘top draw’ liar and this is now becoming more and more apparent. Certainly took us investors for a long ride too. For once, Directors will be held for their deceit and get convicted but atlas a slim chance in the slimy world of AIM.

Another twist in the saga. Zaza hitting a new low; labelling him as a liar would be inadequate. Now using Frontera name to appeal to US Georgia-Embassy/Ambassador for direct intervention citing substantial US investment and US Congressman support for 'Frontera'. When is this charlatan going to be exposed? Poor judgment from SN to bring him on board at FRR in the first place but easy to see how he convinced him probably referencing local political connections, which subsequently became obsolete after the Dream Party came in to power in 2012.

Also got the same message from ii, but don’t really understand it as the company has been in suspended motion since the LSE delisting so what has triggered this action? Really hope that Looed can reach the company to get some input/advise for the shareholders. As far as I am aware, the company is still legally registered as a private limited liability company. Thanks in advance Looed.

Wishing you strong health and long life.

I think what they mean by this ‘...... it is not in the best interest of our company's work for anyone to undertake efforts to damage this progress or participate in the theft of Frontera's holdings’, is telling shareholders to refrain from getting involved in things like messaging the judge, media outlets (sharing historical info like from investors meetings) and/or making direct threats to Zaza and his family/team; these things are most likely to harm the company. Is this fair request? Not really given the frustrations that have been rising over the past 2.5Yrs with zero shareholder-comms. Having said, I thank them and Looed for this small channel of communication and while we are in the midst of legal cases, we should behave ourselves until there is some visibility. But this comes at a price, that we shareholders need to be more informed (it’s the not knowing which is killing a lot of us).

Mr Mole, on the point of missing accounts after 2018, it has nothing to do with staff (or lack of). It is a legal requirement to produce a set of audited accounts every year in order to avoid a ‘strike-off’ from the Company register, so I guess these were prepared. But your point about missing info like bank statements, production, expenses may be accurate but in such cases, the auditor heavily qualifies the accounts. Also, previous audits were done by PWC and it could be that FRR down-traded to a 2nd or 3rd Tier auditor in subsequent years, to save money too.

Aside from that, it’s shocking to see ZM continuing with his compulsive lying, even when there is documentary evidence to prove otherwise such as signing off the assignment to FRUS. Then there were all those lies he told to many media outlets, that FRR had not lost the tribunal or B12.
Half of billion dollars invested, and virtually nothing to show for, except for disappointments, lost opportunities and loss of wealth.

Also, there has been a catastrophic failure in judgment by the entire BoD but most of all, from the Chairman, SN on ZM for appointing him as the CEO. I suspect ZM had his hand in the till for many years as he was overseeing the Georgia operation. It wouldn’t surprise me if he is linked to an underground mafia/politically important people, so he could get away with blasé attitude, half truths and bullying local staff.

So when did ZM become corrupt and started conspiring against us all? 2018 I would say. Yet 2018 started off so promising with the 3 drilling campaign. Started with T45, Dino and T39. Once the drilling concept and deeper zones proved successful the wheels of corruption started. In the meantime, there were two Primary Bid fund raising which was very successful. But behind the scenes ZM was masterminding the transfer of the PSA to himself and family members.

The whole Georgia nation is corrupt from top to bottom yet the World Bank ranks them 7th easies place to do business.

Let us hope that ZM, and particularly SN, develop a conscience on the plight of ordinary shareholders that backed the company, over, over, and over again.

Looking forward to seeing that disgraceful, unscrupulous, pathetic human being, that is Zaza, and trying to justify to the Judge and the rest of the watching world how he has managed to rob the many shareholders that shared a drink and a laugh with him. But you had to hand it to him, he sat there with a straight, poker face. May be the delusional fella thinks he was entitled to the theft because he had dedicated a few decades of his life to the FRR cause, as well as, ploughing in huge sums. But at the back end, who knows how much of the oil he was stealing in Georgia and using this to re-invest in FRR shares, while the docile Nicandros' had his eye on the 'big' politics via the Senate & Atlantic Council. At the end of the day, if this was just a case of 'flogging a dead horse', why all the legal cases [+expense], wanting a ever a small pie of Taribani field, which admittedly is rich in oil and gas and could be worth US$500+ million.

Just when you thought there could be no further legal twists In this long running saga (after Cayman, California, Texas, NY, Arbitration, YA), up pops this one. Now we have two of the longest and largest shareholders at each other’s throats. Personally, I have always thought SN to be a straight shooter albeit one that didn’t like interacting with shareholders (and pretty bad operational track record). Zaza on the other hand, a highly conniving, manipulating person. He was at the helm when the local workers were on strike, at the helm when he was calling out the Georgian Govt for lying on the arbitration result. But now we can see that he was working against the company from 2018 so he could leverage local political contacts to steal our company with setting up shadow companies under the same Corporate name in Georgia.

Next week’s hearing will be interesting. I really hope he gets locked up for theft, fraud and contempt of court for lying under oath.

So where does that leave the small shareholder? Well, there are so many wolves at the doorstep (FTI, GG, Zaza), why is SN fighting so hard to keep the FRR flame alive? Moldova? Ukraine? Georgia? Other personal reasons?

Zaza, you should be ashamed of yourself. You are a disgrace to the Mamulaishvili family (roping in your son and daughter in to this deceit) and to the Georgian People. many of us shared a drink and a laugh with you, and for that we shareholders will never forgive. I hope all this was worth it!