NED resigns

1st Jul '09 by djpreston

6 comments 2992 reads

RNSd today that Rafat Rizvi, a Non Exec, has resigned with immediate effect.

Interestingly no comment thanking him for his efforts. That' may give some cause for concern.

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About the Author

Djpreston

Premium Member

6 comments

StrollingMolby

1st Jul '09

Taken from ADVFN

http://www.thejakartapost.com/news/2009/06/10/police-find-rp-125t-tantular-money-hk.html

"The police have managed to unearth, from a Hong Kong bank account, Rp 12.5 trillion (US$1.25 billion) belonging to Robert Tantular, the defendant of the highly-publicized Bank Century fraud case.

National Police detective chief Comr. Susno Duadji said Tuesday the fund was not wholly owned by Robert as he shared it with two foreign nationalities, Rafat Ali Rivsi and Hesyam Al Warraq, who along with Dewi Tantular, Robert's sister, went on the run and now were being hunted by the Interpol under the red notice mechanism."

djpreston

1st Jul '09

Whoops ;-)

Thanks for that SM.

Id think perhaps a little buying opportunity? Surely cant be any implications for COP?

Darron

loglorry

1st Jul '09

Darron - buying opportunity are you crazy! A non exec director is tangled up in a 1.25bn dollar fraud and has to resign and you think 4% decline in the share price is not justified. I'm not so sure! There is a fair chance the company is involved too and if so I'd stay well clear.

Log

doverbeach

1st Jul '09

Log - he is a non-exec and his shareholding isn't massive (0.4%). The fraud was in a different industry and part of the world. I can't see why Circle should be involved unless they were stupid enough to buy any of Bank Century's "investments", and as this seems to have been running for months, I would have expected that they would already have had to discolse any problems in that area.

djpreston

1st Jul '09

In reply to loglorry (post #3)

Hi log

If the company is involved. Personally that is somethign I doubt to be honest. It looks to me like COP acted with due haste and Ravzi was asked to "resign". Indeed, from the Jakarta article, it appear that he has been on the run for some time and so obviously not present for COP business. I imagine therefore that he has been "resigned".

Agree that there will be some lingering doubts and that may well put some off or cause them to wait. It would be helpful if the management woudl issue some guidance on the matter though.

At the moment, given the operations to date, the deals done and the financial position, I view it a s a good value pick but with no real news flow on the horizon so likely to be relatively becalmed. That, however, only concerns on going operations. It does not allow for new acreage acquired as they mentioned.

djpreston

1st Jul '09

And whilst I was typing that (interrupted by a few phone calls) I see DB has said it far better than I could.

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NED resigns

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About the Author

Djpreston

6 comments

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