mungana gold ipo, page-8

Let's hope this is not a case of history repeating itself. Of course not, modern day investors are far too sophisticated.

"The Mungana Affair involved the selling of some mining properties in the Chillagoe-Mungana districts of northern Queensland, Australia to the Queensland government, at a grossly inflated price. In 1929 a Royal Commission was held into the affair and found that two prominent politicians: Ted Theodore Premier of Queensland (1919-1925) and William McCormack Premier of Queensland (1925-1929) each secretly held 25% ownership of the properties sold."

Fortunately a search of Kagara shareholders failed to bring up the names of Beattie or Bligh