It’s another day & another truly shocking piece of news lands via the London Stock Exchange RNS news service. This time it comes from Range Resources (LON: RRL) that shining example of how to lie, cheat and defraud UK Investors.
Today we learn that the $8,000,000 dollar loan to International Petroleum, IOP, run by Frank Timis (who you’ll be happy to know lives in Knightsbridge with his beautiful Romanian TV presenter wife, Carmen Gheorghita, and flies round the world in his private jet, visiting his multiple oil and mining interests) has been written off. Range get back a cash payment of US$500,000 and 147,803,270 ordinary shares of IOP. A company that are suspended from trading on the National Stock Exchange of Australia (“NSX”). Do you have yesterdays newspaper in front of you? Then you have the exact value of the IOP shares. Unlike yesterdays newspaper IOP shares can only be used for one thing and that isn’t throwing on the fire!
Of course the RRL CEO Rory Scott Russell isn’t the guy responsible for giving Timis $8,000,000 that responsibility falls to disgraced Australian corporate bulls hitter Peter Landau aka Big Sheila, who as we all know has bleed RRL to death, pocketing millions upon millions in remuneration, consultancy fees and God knows what else he could get out via the back-door.
Just how many more AIM Companies going ‘tits up’, after fleecing UK Investors, does it take before the FCA step in and do what they get paid to do? Protect UK Investors from sharp suited business men who know exactly how to work the system before bailing out leaving the financial wreckage for ‘others’ to wind down their frauds? Rory Scott Russell is a CEO in name only. He is the safe pair of hands that Landau has left to roll up the carpet and leave the building. RRL are heading for termination. The Financial Conduct Authority are not interested in protecting private investors. They’re only interested in brushing the corruption under the proverbial carpet. Get out and get out now.
Last week I had a long trans-Atlantic telephone call with a CEO regarding matters in a certain Company. The conversation turned to executive management of listed Company’s. I told the CEO that a monkey could run a London Listed Oil Company to which he/she replied that you needed vast ‘experience’ to run these Companies. Of course I disagreed and stated my case.
Any share-holder with common-sense could do a better job than the vast majority of CEO’s operating on London’s AIM. That is a fact. It seems to me that those with this ‘experience’ couldn’t run a toffee shop let alone an oil company. The stock markets of the world are littered with natural resource company’s run by ‘experienced’ executives who have done nothing other than line their pockets while privateers have been fleeced. RRL a case in point. We all know just how many on London’s AIM have been found out to be little better than frauds run by the ‘experienced’.
The two main prerequisites for executive management should be; Honesty & Integrity. Sadly these traits are thin on the ground in the AIM Casino.
You can keep your ‘experience’ and shove it where I’d like to shove each and every dollar of the RRL $8,000,000 loan. Right down the throat of Timis and Landau.