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African Potash NED Lord Peter Hain: His history of supporting fraudsters - he was a Quindell fan too

By Tom Winnifrith, The Sheriff of AIM | Tuesday 4 October 2016

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.

African Potash (AFPO) has still not sued me as it promised to do for pointing out that it had committed wholesale fraud so that, in itself, is a tacit admission that it has engaged in fraud. The senior NED at Potash is Lord Peter Hain who knows a thing or two about supporting the work of fraudsters. Lets go back to March 2015 when Hain was still an MP and Quindell (QPP) was still called Quindell.

At that time the Quindell Shareholder Action Group (QPPSAG) was demanding that the FCA act on Quindell. The demand was not that the FCA deal with the criminals like Rob Terry who lied, committed accounting fraud and are now being dealt with by the Serious Fraud Office. Oh no, the demand was that the FCA deal with wicked bears like Gotham City and myself who had criticised the fraudsters. The QPPSAG actually believed that it was the bears that had caused Quindell's shares to slump, not the fact that it was a fraud which - had it not been for Slater & Gordon - would have gone bust.

But the FCA was, oddly enough, not responding to requests to investigate the bears so the QPPSAG sought out MPs who wanted to grab a cheap headline and assist by putting public pressure on the FCA to go after folks like me. Cometh the day, cometh the man...step forward Peter Hain who boasted to the press that he had written to the regulator. In mid March he went further, submitting two questions to the Treasury on the matter.

He told The Independent, ‘It is scandalous that thousands of Britons who invested in Quindell, many of whom put their life savings into this company, have seen the value of their shares plummet. The FCA has failed these investors abysmally and continues to duck its responsibilities, with the Chancellor unwilling to intervene.’

To be fair Hain was not the only pompous prat of an MP to take up cudgels against those who exposed the fraud at Quindell. Tory Andrew Tyrie wrote to the FCA’s then chief executive, Martin Wheatley, asking him to explain why the regulator did not impose a temporary ban on short-selling despite the fall triggering alarm bells.. For halfwits like Tyrie the alarm bell was the share price falling, for folks with half a brain the alarm bells were the clear evidence of fraud folks like Gotham and ourselves published.

Hain was not the only MP dim enough to find himself in the trenches alongside the fraudsters attacking the fraudbusters. But he was among the most prominent. Perhaps when he apologises to me for his current role as a NED at the African Potash fraud he might double up and apologise for backing the Quindell fraudsters against me as well?

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