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Gold/Mining/Energy : Medinah Mining Inc. (MDHM) -- Ignore unavailable to you. Want to Upgrade?

To: Mike Gold who wrote (7279)	11/23/1998 10:15:00 AM
From: findstock	Read Replies (1) \| Respond to of 25548

Some good reading.... (COMTEX) IKAR Files Suit Alleging Orchestrated Short-Selling Scheme IKAR Files Suit Alleging Orchestrated Short-Selling Scheme VANCOUVER, BRITISH COLUMBIA (Nov. 23) BUSINESS WIRE -Nov. 23, 1998-- Management of IKAR (OTC:IKAR) announced today that it has filed civil suit against three British Colombian residents for perpetrating an orchestrated fraud scheme against IKAR MINERAL CORP. involving the massive short selling of IKAR shares which has kept the stock price artificially depressed despite impressive trading volume. The fraudulent scheme was exposed in Saturday's edition of the Vancouver Sun in an article written by award-winning reporter David Baines. Those named in the suit are Bumin Shefik,CEO of a purported Cyprus Bank, Renfrew Security Bank & Trust Ltd., Lee Gahr, and Mojgan Shefik. In addittion, demand has been made for the return of $230,000USD the group misappropriated from IKAR's bank acocunt. It is still not clear whether the short-selling was orchestrated merely for short-term profit, or as part of a sinister scheme to take control of the company which owns mineral rights in Tajikistan with an estimated value of approximately $7.2 Billion USD. Copies of the extensive Baines article can be obtained by visiting the Vancouver Sun's web site at www.VancouverSun.com or by calling 1-888-322-4527. The company has filed the appropriate liens to secure recovery of the loss, and will seek both compensatory and punitive damages as well. More information about this development and other relative progress can be obtained by visiting IKAR's web site at www.IKAR.com. A free investor's package can also be obtained by calling 1-800-322-4527. -0- jd/mi* CONTACT: IKAR Mineral Corp., Vancouver Randall Andrus, CEO, 1-888-322-4527 KEYWORD: NEW YORK INDUSTRY KEYWORD: MINING/METALS Today's News On The Net - Business Wire's full file on the Internet