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OkSo u have just laid bare what amounts to a 10-year plan of...

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Comptonfarm

1,123 Posts.

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15/03/22

06:37

Post #: 60190176
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Originally posted by Birchcorp: ↑

What Foxben said, there is no power in Australia. It’s is a South African scam. I’m speaking with Legal now. Anyone with other contacts in South Africa please reach out.

Here is the process for others that wish to do this scam in the future.

Step 1. Buy a shell company in Australia.

Step 2. Attract Australian shareholders to fund a project.

Step 3. Allow the project to take on debt, to support cashflow for 10 years.

Step 4. Introduce security over the asset in exchange for further cashflow providing shareholders no alternative.

Step 5. Sell of some shares and benefits along the away for those involved (All executive past and present, and PIC), but also provide a funding package with CP’s that cannot be achieved. In the meantime, explain to shareholders that the CP’s were to organised prior the funding, yet don’t follow this accepted business principles. Ie there is clear order of process they did not follow.

Step 6. At the point of meeting the unattainable CP’s, pull the funding to send the company to liquidation.

Step 7. Skittle the negotiations prior to administrators taking hold of the company, then skittle the process with fake lending package during the administration process.

Step 8. Sell assets to best mates in South Africa at a price below independent valuations, whilst closing expressions of interest before anyone from outside South Africa can take an interest.

Step 9. Laugh at Australian shareholders that have scammed the system through dropping the pants of ASIC and ASX that have allowed this to unfold.

I Just HOPE NEXT TIME, I can be a BEE partner, Black economic empowerment group that gets 26% of an opportunity at no cost (that’s right, a loan to REsGen, that’s money we indirectly allowed them to have that was never returned.

All so conveniently spells corruption.

Want to see a country that is dirty, let me introduce South Africa!!!

Who would have thought in 2022-such filth exists…

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Ok
So u have just laid bare what amounts to a 10-year plan of systemic organised corruption by the South Africans.

IMO. u have just made the case why u have a snowballs chance in hell of using the SA system to achieve an equitable outcome for RES shareholders........ unless someone has a personal connection with the President of SA.

If ASIC/ASX fail to act and go into bat for RES shareholders, and class action determines there's no money to recover, then IMO, u can kiss u money good bye.
all IMO.

but then again I called it as corruption long ago

Last edited by Comptonfarm: 15/03/22

RES Price at posting: 6.4¢ Sentiment: None Disclosure: Held
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