Gerald Metals, Corrupt Officials Connive To Dupe Local Contractors, Suppliers
Sources close to this medium revealed that Gerald Metals, together with some unscrupulous government officials, have connived in using and dumping Timis Mining cooperation, local contractors and suppliers.
According to our sources, Gerald Metals bought 75% of shares in the Timis Mining Cooperation with Frank Timis having only twenty 25% shares based on the agreement that Gerald Metals invest $50 million in order to allow Timis operations to continue after the company had faced financial difficulties in continuing its operations due to the fall of Iron Ore Prices. It was hoped that with the $50 million dollars being invested into the company, it would have been able to resume operations by paying its taxes and license to the government.
Our source further stated that this arrangement was cut short by some selfish and corrupt government officials that thwarted Gerald Metals from investing under Timis Mining but rather told them to cunningly create another local mining company named SL Minerals of which they will have 100% ownership. This deal, our sources went on, paved the way for the National Minerals Agency (NMA) to revoke the mining license from Timis Mining Cooperation and gave it to Gerald Metals. An action that left the issue of debts incurred by Timis Mining to local contractors and suppliers unresolved.
It was also further understood that, Cape Lambert spent $20 million in helping Frank Timis to buy London Mining just in a bid to save government from the loss they would have faced in the permanent closure of that company. But since some selfish individuals cannot see this good intention, they decided to take legal action against Frank Timis in order recoup their money.
Our sources also disclosed that, the idea of Frank Timis selling this huge share to Gerald Metals was to ensure that it paid all debts it incurred to local companies, contractors and suppliers during its course of operations. But with this new shady arrangement, it is now clear that Timis Mining can longer pay its debtors because the company’s license has been revoked by the Agency without any consideration to the above.
However, our recent sources disclosed that, the court has issued an injunction on SL Minerals, who has taken over operations in the mine fields to stop operation with immediate effect until all outstanding issues are resolved.
In our subsequent editions, we will start naming and shaming all those government officials involved in all the shady arrangements of Gerald Metals. Read more on this story in our next edition.
By: Ibrahim Alusine Kamara
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