The market do no like the on going merger with Triton and for very
good reasons,the main valuable property(if any)is the Mananthal
Espero property in Argentina(80% Trilon)Global Exploration(GXC/VSE)
has acquired from Trilon 50% of this property for US$ 1.5million and
will act as the exploration manager,most interresting news,untill
you take a look to the checkered history of this company.
Canada Stockwatch
Global Explorations Corp -
Saxena's Vancouver empire evolves
Global Explorations Corp GXCShares issued 57987081998-05-08 close $0.3
Monday May 11 1998See Asean Holdings Inc (AHI) Street Wire RAVENSWOOD
NOT A FRONT, FINANCIER ASSERTS by Brent Mudry Rakesh Saxena now finds
himself in the midst of a new major government scandal, which threatens
the career of a senior British cabinet minister, but the fugitive
financier downplays his role in the recent counter-coup in Sierra Leone.
British Foreign Secretary Robin Cook faces increasing questions about
his government's relationship with Tim Spicer's London-based mercenary
group, Sandline International, which helped restore exiled president
Ahmad Tejan Kabbah to power in February. Mr Saxena acknowledges
contracting Sandline for work in Sierra Leone, in which he had bauxite
and diamond interests, and several other African countries, but he
denies being involved in arms shipments to defeat the rebel junta. "If
some arms were shipped they were certainly not shipped on my
instructions," Mr Saxena told Stockwatch at the Vancouver Pre-Trial
Detention Centre, where he is in jail on breach of bail. The
counter-coup allegedly violated United Nations sanctions on arms
shipments to the African country. "I do know the whole thing was
legitimate because the British government and the U.S. government knew
what was being done," says Mr Saxena. The British controversy comes two
years after Mr Saxena left Thailand in the wake of the Bangkok Bank of
Commerce collapse, a scandal which led to the downfall of Thailand's
finance minister, central bank head and other top officials, and
indirectly led to the fall of the Thai government. Mr Saxena now
downplays his aspirations for assets in Sierra Leone, primarily an
interest in a bauxite concession arranged by his local associate Samir
Patel of Jupiter Export Import and Jupiter Mining. Global Explorations,
one of Mr Saxena's Vancouver Stock Exchange companies, hoped to vend-in
the concession, but the financier confirms the deal was cancelled about
six months ago. While the British scandal was unfolding last week, Mr
Saxena's two new trusted Vancouver business associates, Donald Padgett
and Allison Eaton, were in London and Sierra Leone, where they spent
five days, to check on his interests and handle other affairs. Mr
Saxena, however, denies Mr Padgett and Ms Eaton are fronting for him
with Ravenswood. The new Vancouver management and holding company
recently sprang to life, just as West Shore Ventures, run by Paul Leslie
Hammond, Mr Saxena's former right-hand man, is being wound down. The
Vancouver chartered accountant, under subpoenae by the Department of
Justice, has become the key Crown witness in the extradition case
against the fugitive Thai financier. Mr Saxena acknowledges Mr Padgett
and Ms Eaton are doing some work for him abroad, but he explains it is
purely on a consultant-type bill-timed basis. "They have nothing to do
with any of my companies. . . Ravenswood is not a front," the financier
asserts. "A front for what? I'm not really doing anything," he adds. Mr
Saxena notes that Ravenswood is Mr Padgett's own company, which he set
up when he recently left Canaccord Capital as a senior executive. "He
was keen to start off on his own," says Mr Saxena. The financier adds
that Mr Padgett's parting with Canaccord's Peter Brown was "very
amicable." Mr Saxena explains that while he has a "good working
relationship" with Mr Padgett, "I don't pay him. . . he is running his
own show." Mr Padgett's junior partner Ms Eaton, however, is
particularly helpful to Mr Saxena, while he is in jail. "I'm in constant
contact. . .I am on the phone all all the time with her," says the
financier. Ms Eaton also travels abroad from time to time on personal
matters for Mr Saxena, whose own international travels were curtailed in
July, 1996, when he was arrested at Whistler a month after his Vancouver
connections were revealed. The fugitive financier notes that Ms Eaton
was working for Barrington Financial, mainly "writing brochures" for his
ventures and other projects, until recently. Despite Mr Saxena's denial
that Ravenswood is fronting for him, a disgruntled former member of the
Saxena camp claims the financier, operating from jail, personally hired
the pair. Ms Eaton was allegedly hired for $96,000, which is more than
double what she is believed to have earned at Barrington. Mr Padgett was
allegedly hired for $25,000 (U.S.) per month, with the first two years
guaranteed up front. This rich salary was even better than what Mr
Hammond earned. Mr Saxena says he paid the accountant $24,000 per month,
or $288,000 annually. "That was a ridiculous amount for a back office
person," the financier states. While Mr Hammond has been Mr Saxena's key
man in Vancouver for years, the financier now downplays the importance
of the accountant. Relations in the Saxena camp have been frosty lately.
Lawyers for Mr Hammond and Mr Saxena are haggling over who really owns
hundreds of files the accountant removed when he left West Shore's
offices, and the commercial crime section of the RCMP is eager to find
out as much as it can about Mr Saxena's business dealings. The estimated
number of files is swelling by the week. "I found out there were another
400 files," says Mr Saxena, who now puts the total at about 500. "It is
obviously all a plot," says the financier, claiming Mr Hammond, the
RCMP, the Canadian Department of Justice and Thai authorities are
conspiring against him. "All the evidence of the case is lying in the
files," he points out. Mr Saxena claims he never actually terminated Mr
Hammond, but the accountant's contract was set to expire on May 31 and
he outlived his usefulness as the deal flow slowed down due to market
conditions. The financier says the "best and reasonable approach" was
for Mr Hammond, his close associate since before 1990, to go back to
consulting, get back his old clients and do project-by-project work for
Mr Saxena on a time basis. "The termination is really not a
termination," Mr Saxena asserts. The financier says the clear policy of
his Vancouver organization, set back in early December, was to wind down
West Shore, while Mr Hammond would become a consultant. Mr Saxena's
extradition hearing resumes on Tuesday, when his lawyers are expected to
begin a cross-examination of Mr Hammond. The accountant earlier
testified on the details of City Trading transactions, relating to the
$88-million Bangkok Bank of Commerce embezzlement case which Mr Saxena,
associate and former bank head Kirkiat Jalichan and other charged
associates face. Mr Saxena hopes BC Supreme Court Justice Frank Maczko
will let him cross-examine his former accountant personally. (c)
Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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