AVZ Discussion 2022

[Roger2018]

Did anyone catch old mate Scott on the money of mine podcast?

 

[Carlos Danger]

It's called 'projection', or Donald Trump syndrome.
You say the exact opposite of what you actually do, intend to do.
Funnily enough it fools most people the first time, but only the stupid the second time (unless you're married to her/him lol).
The fish rots from the head, same for DRC and Trump.

That's not what projection means

 

[Hombre]

I'm coming to the conclusion that Nigel + 1 or 2 key staff should have been located in a DRC office/apartment from day 1, with twice yearly trips back to Oz for a road show/AGM. Then they could have made daily appearances at key DRC offices to maintain visibility and momentum, to monitor 1st hand the bank accounts, to deal with and get ahead of issues as they arose.

This whole thing of not being co-located in DRC and just trusting the host nationals to do the right thing was really naive.
We're talking about a multi-billion dollar investment, $100's of millions of our hard-earned.
We're talking about the DRC, the acknowledge and well known corruption capital of the world and has been for decades.

It doesn't happen with WR1's investment in Canada, which has offices with the Chair & key staff co-located in the host country, right through COVID.

 

[oxxa23]

I'm coming to the conclusion that Nigel + 1 or 2 key staff should have been located in a DRC office/apartment from day 1, with twice yearly trips back to Oz for a road show/AGM. Then they could have made daily appearances at key DRC offices to maintain visibility and momentum, to monitor 1st hand the bank accounts, to deal with and get ahead of issues as they arose.

This whole thing of not being co-located in DRC and just trusting the host nationals to do the right thing was really naive.
We're talking about a multi-billion dollar investment, $100's of millions of our hard-earned.
We're talking about the DRC, the acknowledge and well known corruption capital of the world and has been for decades.

It doesn't happen with WR1's investment in Canada, which has offices with the Chair & key staff co-located in the host country, right through COVID.

it was naive, but, we were also all naive... very easy in hindsight.... i was worried about the one or two corrupt pricks in the drc.... turns out we just couldn't find the one or two people who aren't corrupt pricks in the drc...

 

[Hombre]

That's not what projection means
View attachment 67526

My understanding of the term is similar but differs in the vernacular.
For example "projection, the psychological impulse to project on other people what you’re actually feeling".
Webster’s dictionary defines it, in part, as: “the externalization of blame, guilt, or responsibility as a defense against anxiety.”
Similar to what you said.
But, the term's current usage in the US is .... "for example, during the 2016 campaign, Trump's favorite attack on his final GOP rival for the nomination was to call him “Lyin’ Ted.”
Of course, this comes from a person who lied throughout the campaign and has lied more than 12,000 times as president, according to The Washington Post.
This impulse to deflect and project continued in the general election against Hillary Clinton. So, when Trump was accused of being the “most corrupt candidate ever,” she became “Crooked Hillary.” etc etc

My reference to 'projecting' was to draw a direct comparison to what Mr Bray said as being 'projection' ....
"How can one country spruick so much shit about anti corruption blah blah and do absolutely fuck all blows my mind"
To my feeble 69yo mind this looks & smells like projection, but please forgive me if it wasn't similar enough to your liking.

But let's move on from this bagatelle, there're bigger fish elsewhere to fry my friend Carlos.

 

[j.l]

We don't know if it is the full $20m

Announcement said the company has been made aware of allegations of unauthorised transactions (note plural) involving the company's escrow account in the DRC

The fact that this announcement has been made at the same time that the company announced they are still working on a security package for the Locke deal and we are changing lawyers leads me to think that we got to the pointy end of the term sheet agreement and AVZ were planning to use the idea I floated here months ago about using the potential damages claim from the Dathomir ICC case (Due in September last we were updated) as security with the $20m in escrow being the easiest path to liquidation of said damages and Locke agreed but when they went to Christian Lukusa to show proof of funds there wasn't the full $20m available. Although again this is all speculation on my part but Lukusa defo had the funds if that payment details report is accurate.

My dealings with escrow accounts is that they are just another bank account held by the lawyers. They are legally obliged not to touch it but can very easily if they want to. I can't think of any other reason for us to all of a sudden be appointing a new legal councel at the exact same time this escrow issue has come up.

To get back any funds that have been allegedly transacted without authorisation we will need to take legal action. As the announcement says AVZ is investigating these allegations, including any potential wrongdoing, and to the extent there have been any unauthorised transactions in respect of the account, AVZ will take all necessary actions required. Looks like yet another legal front will be opened in this infinite quagmire imo

Once again @Carlos Danger , you provide the most insightful analysis in the absence of information that tells the complete story.

One thing I'd add to your chain of events is this week's letter to shareholders - if it is to be believed.

Presumably Nigel having looked in the escrow account (only at the eleventh hour mind you **) and found it lacking, now turns to major shareholders in an attempt to fill the shortfall in the funds required to get this over the line.

** what really irks is that all this African experience didn't tell them to keep an eagle eye on that money!!

 

[Xerof]

@Carlos Danger remind me of the date Dathomir returned the funds to sender please, from your copy of the bank account posted many moons ago

 

[Winenut]

Surely if money has gone from the escrow account unauthorized it’s not that fucking hard to electronically trace where it went? Unless someone’s made a fucking cash withdrawal. Geezuz fucking Christ is there any fucking end to the countless fucking corrupt actions in the DRC The fucking escrow account was under the control of fucking lawyers ffs. I want the fucking mantle back. So over this fucking shit show.

 

[Xerof]

Surely if money has gone from the escrow account unauthorized it’s not that fucking hard to electronically trace where it went? Unless someone’s made a fucking cash withdrawal. Geezuz fucking Christ is there any fucking end to the countless fucking corrupt actions in the DRC The fucking escrow account is under the control of fucking lawyers ffs. I want the fucking mantle back. So over this fucking shit show.

It’s yours

 

[Carlos Danger]

@Carlos Danger remind me of the date Dathomir returned the funds to sender please, from your copy of the bank account posted many moons ago

27th of August 2021

 

[Samus]

Surely if money has gone from the escrow account unauthorized it’s not that fucking hard to electronically trace where it went? Unless someone’s made a fucking cash withdrawal. Geezuz fucking Christ is there any fucking end to the countless fucking corrupt actions in the DRC The fucking escrow account was under the control of fucking lawyers ffs. I want the fucking mantle back. So over this fucking shit show.

If there's one thing these DRC shit bags are good at Wino, it's embezzlement!

 

[Hombre]

Shirley, this account would have been included in the annual audited company financial statement ie an actual dated copy of the account statement at the end of June 2024. Maybe that's when it came to light.
In that case, the unauthorized withdrawal should have only happened in the last 12 months.
If our previous in-country legal rep had a substantive grievance with AVZ, or any other DRC official, I 'assume' that it would:

• have been formally received in writing/email
• have been subject to legal advice
• be subject to clear concise Board consideration/decision
• the decision/reasoning would have been be communicated and confirmed with our DRC legal rep.

So, he's a common DRC thief (just like everyone else 100%) but masquerading as a legal rep lol

 

[Frank]

x.com

x.com

 

[Frank]

x.com

x.com

 

[wombat74]

Any confirmation yet the recent Tin rattle is fake ?

 

[Dom1974]

If you’re referring to Nigel’s letter to select SHs, I can’t see in the letter where he’s asking for cash?

 

[wombat74]

If you’re referring to Nigel’s letter to select SHs, I can’t see in the letter where he’s asking for cash?

So just keen for a chin wag ?

 

[Bray]

So has anyone had the call to have a chat..

 

[Dom1974]

Yes strange, which is why I think it’s fake and released to instill FUD. Why mention cash flow issues and not ask for funds. Why send to certain SHs instead of a general update to all? If it’s genuine, it’s poorly written and bad timing by Nigel.