Article by Mr. Du Plessis....
<< just two of the many paragraphs.....>>
YBM's other experienced director with an acceptable track record upon the
JCP being listed is Kenneth Davies, a citizen of the world identified by
the company as "Principal Montello Resources Ltd." In 1993 Mr Davies and
his wife, Ann, were the original shareholders of something called the
International Diamond Syndicate which failed to sparkle in efforts to
locate or develop diamond prospects in the Northwest Territories through
arrangements with various VSE listings. Also in the early 1990s, Mr Davies,
along with his daughter Jeannine, was aboard VSE-listed Golden Rainbow
Resources which failed in ugly fashion to become a producer and marketer of
"quality hair care and beauty aid products." During this time, the
entrepreneurial Mr Davies billed himself as the representative of Pacific
Coast Fish Oil, Processing and Sales Inc. of Blaine, Washington and a
specialist in "Real Estate Acquisition, Financing & Development."
YBM Magnex specializes in sales of products to unidentified end-users in
Eastern Europe (and, in particular, Russia and the Ukraine). Perhaps the
experience most relevant to Kenneth Davies' YBM post, and certainly the
only one mentioned by YBM, is his years acting as a consultant to
controversial Montello Resources. Mr Davies was involved with ASE-listed
Montello in the early 1990s when the company was hyping plans to acquire an
interest in an airplane manufacturing entity in Europe identified as
Promovia SA. Financing for Promovia, described as a maker of trainer jets
and other aircraft, was to be helped along by Salim Rana, an associate of
Mr Davies who was also involved with Golden Rainbow's botched hair care
enterprise. (At last public report, the shell-makers associate, Mr Rana,
was under R.C.M.P investigation in connection with an alleged theft and
fraud involving GHK Resources Ltd. - see Stockwatch dated April 12 1996).
The Promovia affair (with a daisy-chain of links stretching from Tortola to
Dublin and beyond, including Swiss nominees Incagest and Univalor SA)
proved to be extraordinarily messy and required lengthy public explanations
by the company when it became grounded. By 1993 Montello's stock was two
cents. The company was suspended by the ASE and trading was not allowed to
resume for a full year. The dubious aircraft interests were sold to a
former Montello principal "for nominal consideration" and the company took
up mineral prospecting. Since returning to public trading in 1994, Montello
has kept a lower profile and stock price and Kenneth Davies has added YBM
to his resume. As shell directors and company employees, Mr Schmidt and Mr
Davies successfully passed the regulatory scrutiny of two stock exchanges
and one securities commission, and the due diligence process of two blue
chip brokerage firms.
( I have the full article, if anyone is interested....)
What are we dealing with I wonder ??? Bunch of lieing bastards ???
Chuck |
