Update on Earthport
From Lucian Miers, the Bard of the Boleyn
It would be remiss of me not to comment on the LSE’s public censure of Environmental Technology, formerly 3DM. Essentially this company put out a series of statements to earn the censure which were lies. What we also now know is that in 2006 it received a private censure for exactly the same thing. Well you cannot say that myself, Evil, Tom & Monisha from t1ps did not tell you so – and received unmitigated grief from lawyers Charles Russell, 3DM, Old Mother Walters and John Finn for doing so. Old Mother Walters – amazingly – still has comment on his website blaming myself and others for causing his readers to lose money on 3DM because he thinks we committed market abuse (i.e. telling lies about it). Surely even a boneheaded Millwall fan must recognise that people have lost money on 3DM because the company was a crock (as we pointed out on a number of occasions until Charles Russell gagged us)
It is time for him to apologise to both us and to his followers for taking his dismal advice. It is his advice to buy all the way down from 160p to 1.125p and failure to admit that he was wrong that has cost his poor readers money.
I wonder if OMW has tipped Earthport (EPO) as it seems to tick all the right boxes for him…
I recently wrote about Earthport Plc the discredited payment services company whose recent accounts were heavily qualified and who last year announced a large payment from an unnamed Middle Eastern company, which shareholders found out rather late in the day was not forthcoming.
Well recently the company announced another pending receipt of £3.25mn expected by December 21st. This time the source of funds is mentioned : Zink Financial SA. In a bizarre FAQ blurb attached on its website to explain the previous days opaque announcement we learn this about Zink
“Zink Financial is a Panamanian registered company which has common business management with a number of existing Earthport relationships, including Hatfield Oak International an Earthport customer for the past four years.”
Zink it seems is a start up (its website is under construction) who will
“represent the interests of a number of financial institutions in the region, such as existing Earthport customer, Hatfield Oak International”
A google of “Hatfield Oak scam” ( not that I for a minute suggest that it is indeed a scam throws up a plethora of information. One site concludes Whether Hatfield Oak are directly associated with “Belinda” and the perpetrators of the Prosperita Group scam, we are unable to say. But even if they are innocent of any wrongdoing, they are certainly guilty of very bad judgment in the company they keep.
(Victims of the above fraud were told that their returns would only be paid out to accounts in a certain financial institution – in this case Hatfield Oak. and were therefore instructed to open accounts at Hatfield Oak, something which of course involved additional upfront fees – about $700 each we hear.)
It also transpires that Hatfield Oak’s customer services are run by a Norwegian previously known for promoting the Plexplay ponzi scheme which was closed down by the Norwegian police.
It seems odd that Hatfield is the one company that Earthport chooses to mention alongside Zink in its announcement It can hardly be said to smell of roses or inspire confidence. Broker and cheerleader Panmure claims to know who is behind Zink and to be satisfied that the money will be forthcoming Naturally the identity of those behind it is confidential and not for the small shareholder to know.. It also admits to having done no due diligence on Hatfield which shares a “common business management with Zink”
I would argue that the following Questions might end up being of importance.
Who is behind Zink?
Why should it be confidential?
What is the precise relationship between Zink and Hatfield?
What is the precise relationship between Earthport and Hatfield?
Who is behind Hatfield, who runs the company ?
This has all the hallmarks of a venture destined to end in tears and recriminations. I remain short.
Finally those who read my piece on Raymarine (RAY) will have noted that the company has stated for the third time that the shares are worthless, the penny seems to have dropped and the shares have duly halved.
Lucian Miers is East London’s most feared short seller.
Posted by ShareCrazy on Nov 24, 12:51 PM in Comment- Post to: del.icio.us
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