Does Australian Gemstone Mining mean anything to QBL holders? Is anyone aware that QBL have paid them millions of dollars over past years for various services. That's pretty standard right?... Ok well how about this...
QBL CEO Pnina Feldman owns and operates AGMPL. This is stated in every annual report back to atheist 2010 ( I haven't looked further) in 2011 for example, QBL paid AGMPL more than $600 thousand. 2014 it was nearly $500 million.
This is in addition to the $108k salary Pnina and Shalom get.... Each
This is a huge conflict of interest. Pnina Feldman essentially has AGMPL doing many of the functions required by QBL, farmed out to her own company. She has found the perfect way to ensure that a huge amount of QBL's cash goes directly to her company. It is basically makes QBL look like a shell to shift funds.
QBL states that 3 board members (including Pnina and Sholom) approve these financial activities. The latest 2014 annual report even has the audacity to claim that this decision was made independently. That's absurd when both QBL CEO and AGMPL owner/ operator is the same person.
I searched for Australian Gemstone Mining to see if they provide any of these services to other companies. No website, no info. As far as I can tell, Australian Gemstone Mining is a separate entity created to ensure more money goes into Pninas Pocket.
QBL holders should be concerned about exactly where, how much and why cash goes to AGMPL!
Until now I have had a neutral stance on QBL and my sentiment has been none. Please note sentiment set to sell!
GLTAH
QBL Price at posting:
2.7¢ Sentiment: Sell Disclosure: Not Held
