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Gold/Mining/Energy : ARAKIS: HIGH RISK OIL PLAY (AKSEF)
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To: Razorbak who wrote (6145)6/16/1997 1:30:00 AM
From: Vincent Ramirez   of 9164
 
Real Looting at Arakis

I have just heard that Khan has been loaning himself money from the Arakis account. This is in the Quarterly Report, which will be faxed to me in the morning. He has loaned himself $923,000 so that he "wouldn't have to excercise his options".

This total BS is exactly why this company has no credibilty in the business world. This is exactly why this stock is depressed - because of continued self serving games by an individual who only cares about his own interests: Lootfer Con.

I look for continued trouble with this stock until such a time that the company is run by experienced oil professionals whose concern is PROFIT for the company. Shareholders do not deserve this, nor should they put up with it. I am not going to. Khan's motives are pretty clear. Keep control of the company so he can have personal use of whatever he can steal.

Below are some comments I received from another shareholder:

<<Directors and officers borrowed almost a million dollars from the co's cash in first quarter!!!!!! ... ... can you imagine this at any reputable co?? ...advances to directors and officers: $927m, no footenote ...on the sources and applications of funds and on the quarter ending balance sheet,and is still outstanding ...what collaterall did Arakis receive for the loans? ... if their options were exercised, cash would be built up instead of down in the co's cash balance. >>

Vincent
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