By Tom Winnifrith, The Sheriff of AIM | Saturday 1 July 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.
Late on Friday, at no-one is watching O'Clock we learned that Po Ling Low had quit as FD of AIM listed China fraud Aquatic Foods (AFG) with immediate effect. Really? It was 5.21 in London so it was 1.12 in the morning in China. Did Po really walk the plank so late in the evening. Clearly that was just another lie from this slam dunk fraud.
Of course shares in Aquatic had been suspended earlier in the week because it could not get its calendar 2016 accounts out on time. It also seems unable to get any cash out of China (net claimed cash is five times the market cap) so cannot even pay its Nomad fees. In short it is a rotten old fraud. So why did the authorities not catch this one.
I see folks at Sharesoc - who finally woke up to China frauds a few months ago - are flagging that some other blog called this out as a fraud (although it did not use the F word) on October 16 2016. Of course, with shamed and disgraced Roger "Ramper" Lawson now once again the main contributor to the ShareSoc blog, one would not expect it to give credit where credits due.
Aquatic listed at 70p a share in February 2015 having raised £9.3 million gross courtest of Nomad SP Angel. On that very day we tweeted out & wrote HERE that this was a "bargepole stock." We had this nailed from day 1.
By 22nd July 2015 we were using the words Red Flags and Norfolk in describing this POS - HERE
By November of that year Nigel Somerville said - with the shares already down to 26.5p - that this company had "more holes than a fish net"
On the 15th February 2016 we ran a headline explicitly accusing this company of being a fraud for the first time.
All in all we have run dozens of articles and dozens more bearcasts accusing this company of fraud. Perhaps even the smug apologist for shamed Lawson, wankers at ShareSoc might admit we are ahead of the game.
So who has made money from this? The fraudsters out East natch. But London authorities will never bring them to book.If it wants to stamp out AIM fraud it has to sanction advisers who say that the large fees they charge are needed to compensate for the risk they take but there is no risk as they are never sanctioned at all for gross negligence. Time and time and time again we pointed out the red flags, why this company was a slam dunk fraud. The advisers did nothing except bank the retainers. Coke and hookers all round in the City, more losses for UK private investors.
The Roll Call of shame
Nomad & Broker: SP Angel - Stuart Gledhill / Robert Wooldridge
Financial PR: Abchurch - Julian Bosdet / Jenny Lee / Alejandra Campuzano
Accountants: Crowe Clark Whitehill - auditors to most Chimna frauds
Solicitors - Olswang
Make no mistake, crony capitalists at all these firms have done very well from the flotation and brief stockmarket career of the Aquatic fraud. Will any be made to repay bonuses? Will the firms be asked to justify their "due diligence."? Whaddya think?
Never miss a story.
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