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Photo Article: Cloudtag - FD walks but don't worry new NED arrives

By Tom Winnifrith | Saturday 6 May 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.

What's not to like? No Listing after being booted off AIM because no Nomad would sign off on its lies. No product for sale. Almost no cash left. And now the Finance Director of the fraud Cloudtag (CTAG) has quit. More red flags for tea vicar?

On its website on May 4th the company says that it "announces the resignation from the Board of John Wakeley with immediate effect. The Board is most grateful to John for his contribution to the Company as Finance Director. John recently notified the Board of his intention to resign due to health problems and is unable to commit the considerable time and effort necessary as a director."

Whatever... having to sign off on Amit Ben Haim's lies would make me sick too. If Wakeley said he wanted to go a while back why is there no mention of appointing or searching for a successor? Oddly while Cloudtag announced this on May 4 there seems no notification at Companies House yet. No rush guys...

The board now comprises lyin' Amit and a new NED who joined on May 4th. Gyor Levy (see below) apparently brings knowledge and experience of international corporations, corporate governance and cross border financing to the Cloudtag group. His background is in law having completed his Bachelor's Degree in Law from the University of Wales Cardiff in 1998 and being admitted to the bar in May 2000 after completing his articles. Mr Levy is a member of the International Bar Association and since September 2001 has been working within the fiduciary industry.

A lot of experience, but what does he know about running a fraud as that is clearly the key skill-set needed at Cloudtag? I suppose if lyin' Amit gets his collar felt, as he should, Gyor's experience of law could come in handy.

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