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Gold/Mining/Energy : YBM Magnex Intl Sees Revenue Growth 30-35%/Yr In MagnetOp
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To: Adrian du Plessis who wrote (189)6/22/1998 7:55:00 AM
From: Mr Metals   of 314
 
YBM Magnex International Inc -

Times says Ontario regulators ignored red flags

YBM Magnex International Inc YBMShares issued 442229011998-05-13 close $14.35Monday Jun 22 1998In a second article on YBM in its Friday June 19 edition, The Financial Times of London says that the OSC disregarded a number of warnings about YBM Magnex sales claims. Reporter Edward Alden writes that the OSC was told by industry experts last autumn that YBM had attributed almost a quarter of its 1996 revenues to a procedure that technical specialists say has no commercial applications. YBM claimed to have earned more than US $20 million from adding a neo-dymium power by product to crude oil it buys, has refined and re-sells to the Ukraine. More than six experts on rare earth applications told the Times that they had never heard of neodymium being used to desulphurise crude oil. The Times says that a comprehensive literature search by the center for rare earths and magnetics at Iowa State University, the major clearing house for information on rare earth applications, turned up no reference to the procedure. YBM has not provided evidence to substantiate its claims. The Times notes that YBM's Pennsylvania headquarters were raided last month by the US Federal Bureau of Investigation and thousands of documents seized as part of a criminal probe. One of YBM's major shareholders, Semion Mogilevitch, was barred from the UK in 1995 following an investigation into alleged money laundering involving Russian organized crime. OSC officials declined to comment. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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