- Report: #1078271
Report - Rebuttal - Arbitrate
Complaint Review: Baru Resources
Baru ResourcesLevel 4. 100 Albert Road South Melbourne, Other Australia
Baru Resources Limited, Kevin Nichol, Peter Avery theft, deceipt, fraud, conflicts of interest South Melbourne Victoria
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Kevin Nichol and Peter Avery have some serious questions to answer. I am a shareholder in Baru Resources Limited (ASX code: BAC) I feel like i have been ripped off big time.
Baru Reources Limited was setup as a Coal exploration company. The company has only spent a minimal amount on exploration ($200,000 max) As it turns out the company has ended up being a quasi fund manager!! Punting the money on other stocks. A total of $3.6m has been punted in the market using Baru Resources Limited monies. The directors have been peeling out kick backs from punting this money. The Chairman Peter Avery's mother ended up with 30 million free options as a result of Baru Resources participating in the Enerji Limited (ASX code: ERJ) placement. This is a secret highly conflicted commission - likely being undisclosed also to his financial services employer - DJ Carmichaels.
The Baru Resources takeover of Argosy Minerals Limited (ASX code: AGY) is an absolute disgrace. Peter Avery has i believe between 70%-75% of the Argosy register (going throough the top 20 shareholders) including 4%+ himself. He did not exclude himself from voting on the takeover resoultion dispite being conflicted. And there was Non-disclosure of interests all the way along the process. This is a breach of the Law
Argosy Minerals has a track record of buying assets, raising money and then dumping them.
Argosy Minerals Limited has no cash in bank and spent $22,500 aud and 1,025,000 in Argosy script (value $40k) = total of $60,000 buying a small project that is grass roots stage. The takeover values Argosy at over $6m. Argosy has no cash and no other assets and I cannot believe that both parties deemed that an independant report was not needed!!!! Disgraceful.
Kevin Nichol's past is very checked i hear. I believed he ripped off Bowen Energy involving prepaid drilling and his brother inlaw.
The Australian Securities and Investment Commission (www.asic.gov.au) need to investigate these breaches. Who else feels like they have been ripped off by Baru Resources, Kevin Nichol and Peter Avery?
This report was posted on Ripoff Report on 08/22/2013 07:25 PM and is a permanent record located here: http://www.ripoffreport.com/r/Baru-Resources/South-Melbourne-Other-3205/Baru-Resources-Limited-Kevin-Nichol-Peter-Avery-theft-deceipt-fraud-conflicts-of-inte-1078271. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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