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Telit - any chance of an update on the BAMES 16m Euro criminal investigation in Italy?

By Tom Winnifrith, The Sheriff of AIM | Thursday 10 August 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.

You might have thought that the 1991 Boston Real Estate fraud was the only brush Telit Communications (TCM) boos Oozi Cats/ Uzi Katz had enjoyed with the law. Think again. Though there has been no RNS from Telit on the matter of the BAMES bankruptcy which saw 1400 Italians lose their jobs and a massive criminal investigation, perhaps it might give us an update now.

To recap, since Telit itself seems unwilling to keep you up to date. In March 2007 when Telit had a market cap of just £12 million the Italian company BAMES paid 16 million Euro to get a 10% stake in its subsidiary Telit Wireless Communications. There were a series of ramptastic announcements of co=operation between Telit and State owned BAMEs in the three years that followed but in 2010 the cross holding was unwound with just 1.5 million Euros heading back to the Italians.

It was a real Italian job for Oozi Cats and the Telit crew.

Wind forward to 2013 and BAMES went tits up with 1400 Italians losing their job and a full investigation by the financial police started. By March this year 13 people had been indicted and Oozi was still under investigation having pleaded for more time to produce documents.

In March this year Cats told Reuters that he had a long track record of beating court cases in Italy having seen off 12 in the past. "We never negotiate with authorities where we believe we are right. We always win in court" said Mr Katz, oops I meant Cats.

So that was in March. Perhaps in light of recent events the independent solicitors investigating events in Boston in 1991 might widen their scope to give us all an update on where things stand for both Oozi and Telit with regard to BAMES. And perhaps Telit might just announce this via RNS? We know that old Nomad Canaccord dd not bother with this as it geared up for the next fund raise (smell that commission!!!) but perhaps new Nomad FinnCap might wish for a tad more transparency in light of recent events?

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