AVZ Discussion 2022
- Thread starter GazDix
- Start date
Xerof
Biding my Time 1971
Small update from the German forums. The disappointment and uncertainty are currently great. However, everyone basically understood that the MMGA gang doesn't mean well with us and is working hard against AVZ. At the moment everyone still supports the current BoD and trusts them. But most people also hope that after the AGM there will finally be clarity and we know what will happen next. At that point at the latest, AVZ has to put all its cards on the table and tell the shareholders where they stand.
antimatter
Regular
I hope those shareholders who had already voted NO for Resolution 1 reconsider changing their votes to avoid the situation where there are >25% NO vote for resolution 1 this AGM and consequently causing an overhang for the BoD over the next 12 months, and giving #FUCKZJ and #FUCKMMGA ammunition to continue to attack/undermine us.
TheCount
Regular
It's Tommy the turdburgler style of reporting the news. Nowhere does it say they were talking about or on behalf of AVZ so they can say whatever they want - even if it it attempting to lead you to fill in the gaps..
"it is believed .." is just bullshit journalism but they can get away with it..
TC.
Bin59
Regular
Are COMINIERE (CK) & others next?
As Franck Fwamba keeps saying, no one is above the Law!
HEADLINES
Last updated: 2023/10/26 at 1:45
MinesPublished October 26, 2023
A total of 10,156,754 US dollars (ten million, one hundred and fifty-six thousand, seven hundred and fifty-four USD) are no longer traceable in the accounts of the Société Immobilière du Congo (SIMCO) - 99% owned by Gécamines. The revelation is contained in an information note sent to the General Inspectorate of Finance (IGF) by a Chief Inspector of Brigade, a copy of which has been consulted by MINES.CD.
While indicating that this colossal sum would have disappeared between October and December 2022, the said source also revealed that several executives of the General of Quarries and Mines (Gécamines), including the current Chairman of the Board of Directors, Guy Robert Lukama Nkunzi and several other executives are "directly involved" in the orchestration of this diversion.
"Mr. Kasongo Mabwisha who received a total of USD 1,391,125.00 was the President of the Intersyndicale de la GECAMINES. Mr. Lukama Nkunzi Guy who received in a single payment of USD 1,157,625.00 was Administrator of the Gécamines at the time of this operation and currently he holds the functions of PCA, Mr. Mwine Kabiena who received in several payments USD 1,019,700.00 was DGA at the time. He is currently an Administrator at the Gécamines. Mr. Ntambwe Ngoy Kasongo who received a total of USD 913,000.00 was CEO at that time. Mr. Masangu a Mwanza who had received USD 385,875.00 was Director at the time but currently, he is one of two DGAs of the Gécamines, "said this document signed by the inspector, Muzeze Nzonzimbu.
According to him, considering that it is a case of granting oneself and others "illegal benefits, constitutin embezzlement", the case law of the former Supreme Court is constant on this subject. Therefore, and taking into account the seriousness of the facts and the quality of certain beneficiaries, he requested Jules Alingete's authorization to summon them to the IGF in order to hear them and "tied up the file".
In addition, the Inspector General Chief of Brigade, explained that the withdrawal of this amount of money (more than USD 10 million), was motivated either by "a special endowment" or by "a special snack not specified".
Surely it must be time for MoJ to revisit the l’IGF report highlighting Cominiere’s and others questionable actions - impunity should be withdrawn for those acting against the president’s orders.
Post in thread 'Corruption'
https://thestockexchange.com.au/threads/corruption.95501/post-154774
As Franck Fwamba keeps saying, no one is above the Law!
HEADLINES
DRC: Several Gécamines executives involved in the embezzlement of more than USD 10 million from SIMCO
Last updated: 2023/10/26 at 1:45
MinesPublished October 26, 2023
A total of 10,156,754 US dollars (ten million, one hundred and fifty-six thousand, seven hundred and fifty-four USD) are no longer traceable in the accounts of the Société Immobilière du Congo (SIMCO) - 99% owned by Gécamines. The revelation is contained in an information note sent to the General Inspectorate of Finance (IGF) by a Chief Inspector of Brigade, a copy of which has been consulted by MINES.CD.
While indicating that this colossal sum would have disappeared between October and December 2022, the said source also revealed that several executives of the General of Quarries and Mines (Gécamines), including the current Chairman of the Board of Directors, Guy Robert Lukama Nkunzi and several other executives are "directly involved" in the orchestration of this diversion.
"Mr. Kasongo Mabwisha who received a total of USD 1,391,125.00 was the President of the Intersyndicale de la GECAMINES. Mr. Lukama Nkunzi Guy who received in a single payment of USD 1,157,625.00 was Administrator of the Gécamines at the time of this operation and currently he holds the functions of PCA, Mr. Mwine Kabiena who received in several payments USD 1,019,700.00 was DGA at the time. He is currently an Administrator at the Gécamines. Mr. Ntambwe Ngoy Kasongo who received a total of USD 913,000.00 was CEO at that time. Mr. Masangu a Mwanza who had received USD 385,875.00 was Director at the time but currently, he is one of two DGAs of the Gécamines, "said this document signed by the inspector, Muzeze Nzonzimbu.
According to him, considering that it is a case of granting oneself and others "illegal benefits, constitutin embezzlement", the case law of the former Supreme Court is constant on this subject. Therefore, and taking into account the seriousness of the facts and the quality of certain beneficiaries, he requested Jules Alingete's authorization to summon them to the IGF in order to hear them and "tied up the file".
In addition, the Inspector General Chief of Brigade, explained that the withdrawal of this amount of money (more than USD 10 million), was motivated either by "a special endowment" or by "a special snack not specified".
Surely it must be time for MoJ to revisit the l’IGF report highlighting Cominiere’s and others questionable actions - impunity should be withdrawn for those acting against the president’s orders.
Post in thread 'Corruption'
https://thestockexchange.com.au/threads/corruption.95501/post-154774
Last edited:
They are very busy
TheCount
Regular
22.47% voted NO to last year's Remuneration Report, which is why I am voting a big fat No to this years.
If they do a better job in the ensuing 12 months I'll change my tack at next year's AGM.
We have only $15M in the bank - no time to hand out cash.
TC.
Carlos Danger
Top 20
Yeah that's why I'll be voting yes for remuneration
But hard questions need to be asked about the plan for 'medium term' capital raises in suspension outlined in the going concern if still no ML when funds get low. Especially with what they said last year about spending reviews and cutting costs if needed. And their recommendation to appoint more snouts to the trough
Won't that come from finalisation of the CATH deal? 240 million should cover our short-medium term opex, even at Nigel's salaryYeah that's why I'll be voting yes for remuneration
But hard questions need to be asked about the plan for 'medium term' capital raises in suspension outlined in the going concern if still no ML when funds get low. Especially with what they said last year about spending reviews and cutting costs if needed. And their recommendation to appoint more snouts to the trough
Carlos Danger
Top 20
That won't happen until after ML. Management very clear capital raise in suspension may be needed if cash runs low before ML. Auditors have drawn attention to the material uncertainty this causes imo
well the way I see it with all the brown paper bags , slant eyes , oz backstabbers , social media , and all the many pages of hope I read here and elsewhere , I think we will not not see a solution to our situation for many months to come , if any , so if you were around in the days of LAF mining you will see it is very hard to beat corruption , I will give it till AGM then truly speak my mind but funny no Jag or Frank spinning thoughts so much
Carlos - dont we have a $50 million USD Bank Facility should we need it?
Or am I wrong?
Regards SilentOne
Winenut
Go AVZ!
I think it's an ATM facility (At The Market) meaning AVZ can raise up to $50m by issuing the required qty of shares at the market price
I believe it's all in place and ready to go.....just not sure how being in suspension might affect the process?
there way of business is to do anything to bleed a company dry any pay peanuts for it , already happened to me but in a very small way
JAG
Top 20
WTF has that got to do with me not posting. I don’t spin any thoughts here anymore as they are shared privately with a group of friends so I don’t see the funny side to that as you say
Chilla
Regular
Shares already issued for this facility and it expires around 27 Feb 2024. I too am not sure if it’s available to draw from while suspended?
Carlos Danger
Top 20
As bad as dilution is taking on debt with no income or potential of generating income near term would be even worse for the company imo
But yeah I think it is maybe a possibility depending on the terms. Management say they are investigating conventional and alternative funding options. If needed then Nigel's track record at raising money doesn't give me much optimism.
kron
Regular
I returned from a holiday and found 2 in my letterbox. Not even the snails would touch that foul trash.
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