NKP 0.00% 9.9¢ nkwe platinum limited

Ann: Results of Special General Meeting, page-4

  1. 1,695 Posts.
    lightbulb Created with Sketch. 626
    Olive the loans were repaid by deduction from proceeds of sale of NKP shares owned by Glenorah . Looks like a modest amount of interest has been added to the core debt, but difficult to calculate due to the manner in which Glenorah /NKP executives treated the NKP bank account as their own.
    Seems to me from reading notes to FS that the Glenorah appointed directors paid all their private or none NKP related expenses from the NKP bank account. Somebody obviously eventually found out what was happening and made sure these none NKP expenses were treated as advances to the Glenorah crew.
    Would be very interesting to see what level of expenses and remuneration was actually treated as NKP related and not capitalized to the loans.

    This activity is clearly theft as a servant. To make matters worse these people were directors of NKP and therefore related parties. Any such advances to related parties must be pre approved by shareholders. The parties receiving the benefit are not allowed to vote on the resolution seeking to approve the advances.

    These advances to Glenorah crew were obviously not approved as has been well documented by our leader.
 
watchlist Created with Sketch. Add NKP (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.