1. Most Discussed
  2. Gainers & Losers
MLX 53.5¢

Article in the Australian

  1. blackcastle

    204 Posts.
    3
    Your thoughts about this little passage in the Australia newspaper just moments ago:

    ...
    Not easy being Lee
    IT’S complicated being jailbird Malaysian tycoon Lee Ming Tee, aka “Gleaming Teeth”.
    For example, how does Lee, who did a year in prison in Hong Kong in 2004 for falsifying company accounts, remember which hat he has on when talking about Metals X and Tanami Gold?
    Metals X yesterday agreed to pay Tanami $11m cash plus $4m worth of scrip for its flagship Central Tanami Project.
    On the Metals X side, 24 per cent of its shares are held by Hong Kong-listed APAC Resources, which boast’s Lee’s son Lee Seng Hui on the board, through broker Sung Hung Kai, which is also associated with Lee.
    And on the Tanami side, it is 32 per cent-owned by Allied Properties Resources, which belongs to the Lee family, and another 13 per cent is held by a Sun Hung Kai client.
    Lee Seng Hui was also on the board until November 2013.
    None of this was disclosed to the market yesterday, but Tanami chairman Gerard McMahon said it was all above board.
    “This is a perfectly legitimate transaction and if there was any conflict of interest it would have been disclosed to shareholders,” he said.
    “We get $11m cash upfront plus $4m in Metal X shares, and then Metal X spends lots of money bringing (the mine) up to speed, which is likely to cost tens of millions.”
    He said the company would probably use the cash to retire its $11m in debt ... owed to Lee family’s Brunei-based Sun Hung Kai International Bank. Of course.
    .....

DISCLAIMER:
Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.

Top

Thank you for visiting HotCopper

We have detected that you are running ad blocking software.


HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.