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.