By Tom Winnifrith, The Sheriff of AIM | Monday 13 February 2017
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Oh dear. Oh dear. It gets worse and worse for Pirate Pete Landau, formerly boss of a range of AIM dogs including Range Resources (RRL), all of which he fleeced via is Okap Ventures vehicle. At the weekend I served up a document showing that the Pirate stands accused of forgery, fraud and half inching A$2 million. But other members of his gang appear also to be in a spot of bother. Step forward Jane Rosemary Flegg who was company secretary to most, if not all, of the Landau stable of shite companies.
My attention is drawn to another court case in the land of high culture where Ms Flegg, or as she is now known “The Second Defendant” appears. Also in the dock is Shannon Robinson the General Counsel at Okap.
I note that it asserts:
The defendants breached their various duties as directors and officers of Kaboko, which they ought to have known would cause loss to Kaboko, and did cause loss to Kaboko, by failing to keep books and records and comply with applicable accounting standards.
In breach of the duties owed by them to Kaboko, the defendants failed to use the funds for the purposes permitted by the Facility Agreement or alternatively failed to keep proper books and records regarding the use of the funds and/or deploy appropriate controls and systems to ensure that its subsidiaries used the funds for a permitted purpose.
(l) Contrary to representations made by Kaboko as well as the second, third and fourth defendants in a letter to Noble dated 11 January 2013, Kaboko did not hold all mining licences referred to in the Noble Agreements, which the defendants ought to have known constituted a breach of the Noble Agreements and would cause loss to Kaboko.
(m) In breach of their duties to Kaboko, the first, second and third defendants caused Kaboko to, in turn, breach its obligations pursuant to the Facility Agreement by causing Kaboko to sell manganese ore to third parties
Oh dear, another member of the Landau gang in the dock. Who will be next? Watch this space, more to follow...
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