Cumquat Cap
Regular
Price of tin sky rocketing, never forget the tin
AVZ Discussion 2022
- Thread starter GazDix
- Start date
From Margin Call in today's Australian:
"
An embarrassing announcement from litigation funder Omni Bridgeway on Tuesday reporting the discovery of an internal kertwang going back to mid-2021.
That was when the company announced BDO as its auditor, except the appointment was never ratified by shareholders at the company AGM later that year. Why? In the words of OB there was an “inadvertent omission” relating to BDO, and it’s led to a great big toothache for the business that now requires immediate extraction.
“This is a procedural matter and the quality and the substance of BDO’s audit work is not in any way in question,” company officials told the market.
But sheesh, what a mess. Now it’s had to go begging to the Supreme Court of Western Australia for orders declaring BDO’s appointment totally valid and kosher and not in any way a gross contravention of Chapter 2M of the Corporations Act – a section that dwells on the appointment and removal of auditors, and which is long, like tranquilisingly long, and rivalled by topics like fluvial processes in geomorphology for its staggering dullness.
Think of all the backstopping the company now has to manage on account of this snafu, like the revalidation of all the cleansing notices that were released in the years after the pseudo-appointment of BDO. Omni’s currently in a trading halt because of this announcement, pending the court orders it seeks.
The irony of it all, too: a company supposedly up to scratch in its management of payments can’t keep their own damn house in order."
"
An embarrassing announcement from litigation funder Omni Bridgeway on Tuesday reporting the discovery of an internal kertwang going back to mid-2021.
That was when the company announced BDO as its auditor, except the appointment was never ratified by shareholders at the company AGM later that year. Why? In the words of OB there was an “inadvertent omission” relating to BDO, and it’s led to a great big toothache for the business that now requires immediate extraction.
“This is a procedural matter and the quality and the substance of BDO’s audit work is not in any way in question,” company officials told the market.
But sheesh, what a mess. Now it’s had to go begging to the Supreme Court of Western Australia for orders declaring BDO’s appointment totally valid and kosher and not in any way a gross contravention of Chapter 2M of the Corporations Act – a section that dwells on the appointment and removal of auditors, and which is long, like tranquilisingly long, and rivalled by topics like fluvial processes in geomorphology for its staggering dullness.
Think of all the backstopping the company now has to manage on account of this snafu, like the revalidation of all the cleansing notices that were released in the years after the pseudo-appointment of BDO. Omni’s currently in a trading halt because of this announcement, pending the court orders it seeks.
The irony of it all, too: a company supposedly up to scratch in its management of payments can’t keep their own damn house in order."
Cumquat Cap
Regular
What you mean by this mate? Recon they”ll try burn it down
Remark
Top 20
I think the PRC will stop at nothing to get "their" mine. The scorched earth comment was more about my way of coping with this shitshow. Everyone is afraid of saying anything offensive to the DRC government that might affect the illusive MOU / ML. This approach hasn't worked to date so the other option is to go thermonuclear. Probably won't do any good but at least I'll feel better. If I bite my tongue one more time I'll end up biting it off. End rant...
AVZ SH on X have done a great job at exposing Cominiere for the corrupt lying scumbags that they are . Cominiere on X is like a gift that keeps on giving . AVZ lawyers should send them a Thank you card .
Cumquat Cap
Regular
Last nights comments by Coniniere were an absolute gift in our icc and ICSID fights, hope they come up with a punishment which finally piques the presidents interest.
Í
Who gives a fck- at least he is having a crack at exposing the proper pack of c#nts trying to steal our hard earned. The president is responsible for allowing this festering mess and I think it's about time he was called out on an international stage by the appropriate authorities. AVZ can not possibly end up worse off for doing so. And I do agree HC is not worth mentioning in this regard, it is on par with the DRC as an entity!
Frank
Top 20
Economic and Social Benefits of the Mining Sector:
“The Role of Local Content”.
The Democratic Republic of Congo (DRC) is among the five poorest countries in the world.
In 2022, nearly 62% of its inhabitants, or around 60 million people, were surviving on less than $2.15 per day.
According to the World Bank, nearly one in six individuals in extreme poverty in sub-Saharan Africa resides in the DRC.
At the same time, the mining sector is a pillar of the DRC economy, contributing approximately 27.8% of GDP and more than 70% of export earnings.
The DRC should take greater advantage of its mineral wealth to reduce poverty which persists due to the fact that a large part of the population does not benefit from the economic benefits of this sector.
Local content, defined as the priority use of local resources, national skills and local services in the mining industry, is an essential tool for maximizing the economic and social benefits of the sector in the DRC.
Indeed, prioritizing local content may consist of promoting local subcontracting and procurement from local suppliers with a view to strengthening the participation of the local workforce in the mining sector value chain.
Thus, the mining sector can stimulate job creation in local communities.
The 2020-2021 EITI Report indicates that the extractive sector (Mining and oil) of the DRC comprises respectively 24.71% and 24.83% of the workforce employed in the DRC in 2020 and 2021.
Increasing the local participation of Congolese in the mining sector value chain requires strengthening the skills and know-how of local companies.
This can be done through training, technology transfer and mentoring programs.
Local content can encourage the creation of new local businesses in the mining sector and its ancillary industries and contribute to the diversification of the Congolese economy by reducing dependence on raw material exports.
To do this, the DRC has put in place several measures aimed at encouraging local content in the mining sector, in particular: Increased State Participation through the provisions of the Law relating to the Mining Code 2002 as revised which establishes the increase in State participation in mining companies from 5 to 10% when an Exploitation License (EP) is granted.
The mining law in the DRC also establishes the participation of individuals of Congolese nationality in the constitution of the share capital of mining companies up to a minimum of 10% of the share capital.
To promote local content in the mining value chain, Law No. 17/001 of February 8, 2017 on subcontracting in the private sector and the Mining Code Law of 2002 as revised in 2018 require that only companies with Congolese capital can bid in calls for tenders from mining companies.
These legal instruments aimed at promoting the development of local SMEs and the creation of jobs throughout the mining value chain gave rise to the creation of the Regulatory Authority for Subcontracting in the Private Sector (ARSP) .
This public establishment created by Decree No. 18/019 as amended and supplemented by Decree No. 20/025 of October 12, 2020, aims to regulate subcontracting activities ordered by private ordering companies. operating in all sectors of the national economy.
The mining regulations require the holder of mining rights to implement a training program for Congolese personnel identified for their needs.
This program must cover all the qualifications in order to enable it to acquire the skills required by the management of the company with a view to occupying management and supervisory positions within ten years following the date of the start of production. commercial without prejudice to the quota set out in Article 405 of the same text.
Despite the progress made, the implementation of local content in the DRC faces several challenges, including: lack of adequate infrastructure, such as roads and electricity.
This insufficiency hampers the development of local content.
There is also a need to monitor the execution of the legal provisions on the training and capacity building of Congolese executives provided for by the Mining Regulations.
Finally, the energy deficit in the DRC remains a major challenge for local content in the DRC.
By meeting these challenges, the DRC can transform its mining industry into a real engine of inclusive economic and social development.
*Caleb Bonyi MUKADI MUKANDILA is an economist (Université Grenoble Alpes and Toulouse School of Economics).
Carlos Danger
Top 20
Hi Carlos , I don't think 1 bottle is sufficient to drown my sorrows
Frank
Top 20
Election of senators and governors: a presidential agency launches “a blue telephone line” intended to denounce cases of corruption
The Agency for the Prevention and Fight against Corruption launched, this Wednesday April 2024 in Kinshasa, a “blue telephone line” intended to receive complaints of corruption in the context of the election of senators, governors and vice-governors .
“In order to provide concrete responses to current issues, we have launched a Blue Anti-Corruption Line, whose number is 158 lobela biso to landela bango, dedicated to receiving complaints and denunciations.
As well as the collection of elements necessary for the opening of an investigation,” the coordinator of this presidential agency, Michel-victor Lessay, told the press.
mediacongo
The Agency for the Prevention and Fight against Corruption launched, this Wednesday April 2024 in Kinshasa, a “blue telephone line” intended to receive complaints of corruption in the context of the election of senators, governors and vice-governors .
“In order to provide concrete responses to current issues, we have launched a Blue Anti-Corruption Line, whose number is 158 lobela biso to landela bango, dedicated to receiving complaints and denunciations.
As well as the collection of elements necessary for the opening of an investigation,” the coordinator of this presidential agency, Michel-victor Lessay, told the press.
mediacongo
Cumquat Cap
Regular
Phone will be ringing off the hook
Looks like we all need to go learn French now....Election of senators and governors: a presidential agency launches “a blue telephone line” intended to denounce cases of corruption
The Agency for the Prevention and Fight against Corruption launched, this Wednesday April 2024 in Kinshasa, a “blue telephone line” intended to receive complaints of corruption in the context of the election of senators, governors and vice-governors .
“In order to provide concrete responses to current issues, we have launched a Blue Anti-Corruption Line, whose number is 158 lobela biso to landela bango, dedicated to receiving complaints and denunciations.
As well as the collection of elements necessary for the opening of an investigation,” the coordinator of this presidential agency, Michel-victor Lessay, told the press.
mediacongo
View attachment 60662
Are they using an Indian call centre to keep costs down?Election of senators and governors: a presidential agency launches “a blue telephone line” intended to denounce cases of corruption
The Agency for the Prevention and Fight against Corruption launched, this Wednesday April 2024 in Kinshasa, a “blue telephone line” intended to receive complaints of corruption in the context of the election of senators, governors and vice-governors .
“In order to provide concrete responses to current issues, we have launched a Blue Anti-Corruption Line, whose number is 158 lobela biso to landela bango, dedicated to receiving complaints and denunciations.
As well as the collection of elements necessary for the opening of an investigation,” the coordinator of this presidential agency, Michel-victor Lessay, told the press.
mediacongo
View attachment 60662
They've got some big bills coming up....
Re: The Agency for the Prevention and Fight against Corruption launched, this Wednesday April 2024 in Kinshasa, a “blue telephone line” intended to receive complaints of corruption in the context of the election of senators, governors and vice-governors .
Phew, it's just for election fraud. Thankfully, all other graft and corruptions are business as usual.
If they were going to address all fraud, they even need call centres China.
Don't forget China has a huge workforce.
Many of them are atm gainfully employed to post crap on the crapper.
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