APC Govt & Gerald Metals Dupe Frank Timis
This medium has been reliably informed on how Frank Timis (in photo), the CEO of Timis Mining Corporation was duped by some corrupt government officials together with Gerald Metals. Our information revealed that, Frank Timis approached Gerald Metals in order to invest $50 million into Timis Corporation in order for the corporation to resume operations fully by paying off all its debts. This proposal was gladly accepted by Gerald Metals and it was agreed that they owned seventy 75% shares of Timis Corporation.
Our sources further revealed that, a significant number of Gerald Metals staff were made Directors in Timis Corporation based on the agreement they had with Frank Timis. Things were going on smoothly with the two and Frank Timis made billions of Leones and millions of dollars payment as PAYE Taxes for staff, Royalties, NASSIT for staff and a host of other financial commitments until when corrupt senior officials in the government came between them. In a bid to dump Timis after using him, it is alleged that, these officials clandestinely proposed to Gerald Metals to open another mining Company in order to have absolute ownership rather than them investing the aforementioned money to Timis Mining Corporation. This proposal by these unscrupulous government officials according to our sources, was also accepted by Gerald Metals without due consideration to the initial agreement they had with Frank Timis. The arrangement between these officials and Gerald was that the company will owned eighty eight percent (88%) of the shares while the twelve percent (12%) will look as if it is owned by government but, in actual sense, it is use as a compensation package to the selfish officials that aided them. This shady arrangement, our sources revealed, paved the way for SL Minerals to be registered and thus revoked the mining License from Timis Mining Corporation that was subsequently transferred to the former.
Our sources also alleged that SL Minerals was later changed to SL Mining when eyebrows were beginning to rise at them on their shady deal. It has also been discovered by this medium that Gerald Metals has been engaging in some of these dubious deals across the continent and the world at large which will be exposed as our investigation continues.
As we continue our investigation on the corrupt officials that connived with Gerald Metals to dupe Frank Timis, this medium has gotten names of high profile officials whose hands were involved in all of these and will be published as soon as we complete our findings. Read more on this story in our subsequent editions.
By Ibrahim Alusine Kamara
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