Markray Corp (RVBR)

[eik]

There are several steps that you should do when investing in non-reporting pinky with foreign assets:
1. Check the status/existence of American company.
2. Check the status/existence of local company.
3. Check the status/existence of local assets.
4. Make sure that local company really owns those assets.
5. Make sure that local company really belongs to US company, and acquisition was legitimate.
Only when you got all right answers you can gamble your money. And investing in Pink Sheet stock is always a gamble.

Let’s see what we have here:

1. Delaware company “Markray” seems to be legitimate, also they still owe $175+K to the State which is big amount for company like this.

2. Russian company “Markray” is registered in Roshal, Moscow region. Although they mostly perform different kinds of construction and remodeling work, selling small appliances to customers… they do have “gold and precious metals exploration” as the secondary business.

3. Roshal chemical dump exists. Real numbers of metal content are not clear, but probably after multi-million investing in this area PMs can be produced.

4. This is a gray area. These “assets” were acquired by Krong (Chegenev, Chobanyan) for free (“transferred” from Roshal Kosyakov Chemical Combinat). Since then they were claimed by many companies (mostly controlled by Chegenev and his friend Marushko): Puma, ABV Gold, Zoloto Ventures, Markray, etc. Just because it’s really easy to sign documents when you actually represent both sides I will leave this step “checked” too.

5. Well that’s where we have a problem. According to the company’s PR Markray Corporation (Delaware) acquired Markray JSVC (Russia) in August 2011:
http://markray.ru/news-and-filings1.html
http://www.highbeam.com/doc/1G1-265259327.html
But by the Law of Russian Federation “Sale of the company requires a change in the information contained on the legal entity in the Unified State Register of Legal Entities (EGRUL)… Note that the registration of changes in the composition of the founders as a result of the sale of shares is mandatory, otherwise, the transaction does not produce any legal effects for any of the parties. It is worth noting that the sale of shares of the company participant, enough to make the contract between the members of the company and apply for registration changes.”
http://www.netjurist.ru/News/2011/08/Pravilnaya_prodazha.aspx
I sent a request to the EGRUL, and that’s what I see from the document:
Limited Liability Company "Markray"
OGRN: 1095049000750
Statute capital: 10,000 rub (about $300)
Owner: Smolnikova, Olga Nikolaevna
General Director: Sharafutdinova, Elena Dmitrievna
Main activity: Construction of buildings
Additional activity: Sands ore and precious metals (gold, silver and platinum group metals)
etc.
It’s 8-page long legal document, and the main conclusion: Markray LLC in Roshal is a private business owned by Olga Smolnikova - the major shareholder of Markray in Delaware, former Puma employee and associate of Valentin Chegenev. RVBR has no legal rights to claim the Russian company and its assets, because the acquisition was not performed and registered according to the laws of the Russian Federation. "American Markray" is never mentioned in registration papers.

JFYI. Our posters from Russia will correct me if I am wrong. :)