FYIEntertaining reading!Response to the Sundance Forfeiture...

FYI
Entertaining reading!


Response to the Sundance Forfeiture before the International Chamber of Commerce

By Bougna.net - December 20, 2022


Giulio Casello, CEO of Sundance Resources. Photo Credit: Business New


Through the press, we learn that last week, David Porter, president ofSundance, submitted his memorandum of complaint against Cameroon tothe International Chamber of Commerce in Paris. In this complaint, hedemands that the Exploitation License for the Mbalam iron ore deposit beissued to Cam Iron, a local subsidiary of Sundance. Otherwise, Cameroonwill have to pay him damages of the order of 5.5 billion US dollars, or3,401.6 billion FCFA, according to the current rate of the dollar. No more noless. And they add that a host of substantial documents including witnessstatements and independent expert reports support their claims.


Curious requirements
The evocation of the sums demanded as damages exhales the nauseatinghints of a scam that defies the theories of the most sordid Ponzi pyramids.In fact, we remember that in March 2022, Sundance Resources Ltd, via itssubsidiary Cam Iron, demanded the reimbursement of 170 million dollarsrepresenting the expenses allegedly incurred during the research phase onthe Mbalam site, i.e. 94 billion CFA francs. Which, subject to an audit, wouldmake it possible to totally free the Mbalam site while putting an end to theprocedures in progress.


Moreover, the expert assessment initially carried out on the amount ofexpenses incurred by Sundance estimates the amount due, and thereforepotentially claimed by Sundance, at 17 million dollars. For clarification,these expenses within the meaning of the regulatory and legal texts in forcein the Republic of Cameroon, in particular the Mining Code of 2001 and itsimplementing decree of 2002, or the Mining Code of 2016, are notreimbursable.


At that time, we were already surprised that it had been multiplied by 10without any other form of trial.Today, a company that has made a name for itself with heavy liabilities onthe Sydney Stock Exchange, where investors are demanding severalhundred million dollars from it, not without flaunting its excessive appetites,its bloated ego and its appetence in the face of the world. irrefutable for thefraud, is once again trying to compromise the development of the Mbalamiron ore deposit.


Light on a fraud enterprise
For years, through various deceitful maneuvers, capped with mafiaoperations, Sundance has been trying to obtain an order of execution inkind to compel Cameroon to issue a presidential decree for the benefit ofCam Iron. All things that are contrary to the sovereignty of the country butalso to the legal and regulatory texts that govern mining activity inCameroon. Because, as we know, Cam Iron obtained in 2012 a miningagreement for the exploitation of the Mbalam iron deposit. This gave thecompany two years to prove its financial and technical capacity to developthe project.In 2014, at the end of the deadline to prove its technical and financialexpertise, the State, showing leniency towards this company which hasnever ceased to make sophist promises to the authorities, will grant it at hisrequest, an additional period. This request was crowned by a transitionagreement in 2015, after which Sundance must now demonstrate itsfinancial and technical capacity to develop the deposit.


Serial incompetence
But in 2018, at the end of the exceptional grace period, having never beenable to demonstrate its financial and technical capacities, Sundanceremained unable to mobilize technical partners and convince investors witha view to Obtain an Industrial Iron Mining Permit from Mbalam. As a result,the mining agreement obtained in 2012 automatically expires.


Because, it should be specified, Sundance has never obtained an operatinglicense for the Mbalam iron deposit. Also, the acts of exploitation, inparticular the mining agreement having expired in 2018 because on the onehand having never been the subject of extension or renewal despite thefalse promises not kept; and on the other hand, the maximum number ofpossible extensions of the mining agreement granted to Sundance havingexpired under the Mining Code of Cameroon, all these acts fell intoforeclosure. Which, in fact, leads to an admission of incompetence on thepart of Sundance and its subsidiary, following the forfeiture of rights notedby the Cameroonian mining authorities.


Ball of nonsense
This is therefore a company that has demonstrated its obvious incapacity,both technical and financial, coupled with a notorious incompetence tomobilize investors because of its obvious taste for trickery, swindling andmafia practices during over 12 years.


Today, as if by magic, the amount of claims from Sundance is suddenly andbrutally revised upwards, multiplied by 36, after the surprising exponentialinflation of 153 million dollars last March. This sickly, malevolent andclumsy propensity to magnify reality and tamper with figures whilemanipulating opinion and misrepresenting the facts, betrays a mafiatyranny.

Because, through a flood of initiatives from another era, Sundance is tryingto establish itself and impose itself as the last dike for the carriers of whiteelephants on the African continent. If the accusation leveled againstCameroon is ridiculous enough to be ignored, and Sundance's hyperbolicdemands childish enough to provoke an analysis, their interest neverthelesslies in the fact that they reflect the fears and concerns of this operator whodoes not manage no iron mine in the world and who has spent the timeevangelizing States like fortune tellers on his otherwise smoky and hazycapacities to convince investors.


There is therefore no doubt that Sundance aims to definitively jeopardizethe development of the Mbalam iron ore deposit with real obstacles to anyprogress and poses as an authentic leech that wants to plunder theresources of a country and anesthetize all dynamics of prosperity becausethe Cameroonian leaders have shown a rare lucidity and a high sense ofpatriotism and the Republic.


What else can this company in disarray offer, a veritable illegitimateparasite, which wants to save its existence and the heads of its leaders who are bending under the weight of endemic debts, pursued by an army ofviolent creditors to whom they promise heaven and earth in order to repaythe sums raised on the Sydney Stock Exchange and various internationaldonors, if not a clear desire to maneuver by cunning, petty manipulationand instrumentation of both justice and public opinion.


For Cameroon, sovereignty is neither for sale nor to be negotiated withblackmailers of the worst kind, whose sense of ethics and morals evolvefrom zero to minus infinity depending on the pressures suffered. by thebailiffs at the orders of the investors.


The twilight of the feymen is coming soon.


Special correspondence


Source:
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