director left in the dark

Talk about Goldfields rubbing their hands

Director 'left in the dark'
Conquest Mining
Emily_Parkinson AFR Page 60 02.04.08

Conquest Mining director John Terpu was furious as he described the day in late 2005 when Ms broker suggested opening a margin lending account with Opes Prime.

"I've never been an active trader before and it was only in the last year I decided to step into the market," he recalled. "I opened an account and bought about $750,000 worth of stock on market in my own company.”

As the second largest shareholder after 10 years as managing director of the gold miner, it's a decision he now regrets. Since learning of Opes Prime's liquidity problems through the media on Friday, Mr Terpu contacted his corporate advisers to put in train Monday's trading halt as he tried to avert a potentially disastrous rout in the share price.

But he said his attempts to get to the bottom of the situation through Opes Prime and the Australia and New Zealand Banking Group had met with nothing but frustration.
"I don't understand it. We've not been informed. The auditors have just gone off and done what they please," he said. '"They obviously believe their position is right in law and they're just doing as they please."

In another blow, Mr Terpu yesterday fielded a call from the company's largest shareholder, Gold Fields, declaring its interest in the 27.8 million shares, or 10 per cent of the company, being sold by ANZ.
"I said: 'Back off boys, that's half mine.’ "