TMR - Tamaya Resources

[dougit]

Sounds very dodgy. I am reading the post by the way. Thsnks for the research. being a shareholder of TMR

As a concerned previous shareholderof TMR, I am concerned that there has been no information forthcoming on the status, and the efforts to liquidate the assets of TMR (especially the Iberian Resources Assets).
I conducted some research, and found that the proceeds of the Lichvaz Gold mine in Armenia (Sipan Gold LLC)(which was quite a valuable asset of Iberian Resources (acquired by TMR)) was quoted by the liquidator as not expected to be significant. See this see http://www.infomine.com/index/pr/Pa750035.PDF[/url]
I have visited the mine, and know some of the previous management, and this does not ring true at all. My wife is Armenian, so we go over there quite a lot.
I find it a strange coincidence that Ernst and Young in Sydney (Keiran Hutchinson....surprise surprise, he hasn’t returned my e-mail) were the Liquidators, and the company that supposedly purchased this asset were a company based in the free-zone in Dubai called Terranova Overseas Company http://biz.yahoo.com/e/100415/gbgd.ob10-k.html[/url] is a wholly owned subsidiary of Terra World see http://www.svcresources.com/images/outcome_of_Board_Meeting.pdf a company based in India see the next website, that lists among its partners Ernst and Young Australia in a customer relationship http://www.terraworld.in/partners.htm.
This appears to be a conflict of interest in selling liquidated assets to a company that does not constitute a commercial arms length transaction.
I am very disappointed in this type of behaviour and I hope someone else can further invstigate. The whole dealings of TMR stink, and the directors should be prosecuted.
I wonder if there are people still reading this blog? I have sent this to ASIC, and have been advised that it has been passed on to a "relevant officer" about two months ago.
As soon as I find out who it is, I suggest that all the people on this blog start sending that officer messages. They just might get into action.

 

[mamaal1965]

No response from neither ASIC nor E&Y? - happy to support you on this as should as many former TMR shareholders as possible - "the wheel that does the squeaking is the one that gets the grease" !!!

 

[trinity]

Hi,

Ex-shareholder as well. StevoB, to whom in ASIC did you post your letter to? Am happy to support as well.

Thanks.

 

[Wysiwyg]

As a concerned previous shareholderof TMR, I am concerned that there has been no information forthcoming on the status, and the efforts to liquidate the assets of TMR (especially the Iberian Resources Assets).

It's all over mate. I made the capital loss last financial year. The liquidators are under no obligation to get the best price for any asset hence a "fire sale" is how the assets are sold. The financial "system" screws people over legally but what gets me is the rapid departure and disappearance of big talking Hugh Callaghan. Bad manager. Gold is at US$1300 and the Lichvaz (Armenia) and Montemor (Portugal) mines would have done well.

Asset wise, the Montemor (Portugal) assets were sold to Australian Iron Ore PLC. While Lichvaz has a connection with Calder Resources and BacTech Mining Corporation.

On October 28, 2008, due to the unprecedented collapse of copper prices, Tamaya Resources Limited was put under Voluntary Administration. On January 2, 2009, Iberian Resources Portugal was sold to Australian Iron Ore PLC.

Note the "unprecedented collapse of copper prices" was for all of about 6 to 8 months. What a pi$$ poor excuse and not the real reason.



This is the delisted stocks site and it has a link to the declaration of no investor reimbursement. I wonder if Callaghan off-loaded his shares beforehand??????

 

[tyson1]

The above isn't entirely true.
The Liquidator is a fiduciary of the company and owes fiduciary duties to the company, its creditors and members.
The Liquidator has a duty to act honestly (s.181 of the Corporations Act), act in good faith and avoid a conflict of interest. Notably the Liquidator cannot profit from their position, directly or indirectly, other than remuneration for work done (Re Timberland Ltd (1979) 4 ACLR 259). This is also supported by s.182 of the Corporations Act. You might have a case through the above, although it may have to be initiated by ASIC (I'm not law expert) under S.536.

My two cents, I'm not a shareholder.