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DECISION. The full Supreme Court of Justice decided two complaints of unconstitutionality filed against Law February 9, 1987, for which the contract between the State and Petaquilla mining was approved. The accumulated lawsuits were filed by lawyers Serracín Susana and Juan Ramon Sevillano, who alleged that that contract violates several articles of the Constitution and the American Convention on Human Rights.
What were the arrangements with that other company to process the existing pile of gold? Isn't that property worth anything ? Ultimately, even if they sold it, it still wouldn't cover what they owe to all interested parties.now they can't even trade the pinks becaus the financials will never be completed.
Any chance someone will come make this work again? There's still gold in the mine!!! Gold will reach 1500 oz by year end.
LTS...shine on
PS. I know wishful thinking.
I knew it was finished before, but this makes it done like dinner. That's all she wrote folks.
PTQMF SEC Suspension for Financials / Filings delinquencies:
https://www.sec.gov/litigation/suspensions/2016/34-78135.pdf
Order:
https://www.sec.gov/litigation/suspensions/2016/34-78135-o.pdf
Admin Proceeding:
https://www.sec.gov/litigation/admin/2016/34-78136.pdf
The Sixth Anticorruption Prosecutor filed with the Judicial Office of Cocle an indictment against the former governor of that province Richard Fifer, in the process related to the alleged withholding payment of dues Social Security Fund (CSS).
Sources confirmed that prosecutors in the indictment the prosecutor asked the court for a sentence of 84 months imprisonment for Fifer, for the alleged commission of the offense cited.
After this brief submitted to the court shall fix the date for holding the intermediate hearing, which is governed by the accusatory system.
In his indictment, the prosecutor asked Fifer's conviction for allegedly withholding payment of dues CSS of Panama Infrastructure Development companies ($ 3 million 331 thousand) and Petaquilla Gold ($ 3 million 199 thousand).
This medium made six calls and left messages on cell Marilyn Melgar, legal advocate Fifer, but did not respond.
Fifer is preventively detained since 27 February by order of the judge of guarantees of Cocle Yazmín Jaen, who welcomed a request from the Attorney Sixth Anticorruption it considered that the investigation does not have fixed in Panama residence, and never responded to the subpoenas that they were made during the process that began in January 2015.
Fifer was extradited from Colombia, where he was arrested following a request to Interpol capture by the Sixteenth Circuit Prosecutor's Office as part of an investigation for alleged fraud to the detriment of the Canadian company Gold Dragon Capital.
Esquivel, OF A WITNESS ACCUSED
In the process for allegedly withholding quotas CSS by businesses and Panama Petaquilla Infrastructure Development, the prosecution also investigated the exdirectivo Rodrigo Esquivel.
Esquivel managed Petaquilla Gold for five years until August 2014, coinciding with the end of the administration of Ricardo Martinelli. Fifer replaced in September of that same year.
On 20 November 2015 a hearing in which he was charged charges Esquivel was held, however, almost five months later became an important witness prosecutors in the process.
April 4 last, the investigating judge Sandra Castillo endorsed a "partnership" agreement between the prosecutor Aurelio Vásquez, and Esquivel's lawyer, Roberto Moreno.
The agreement excluded Esquivel as accused in the process.
"The defendant agrees to cooperate effectively to clarify the crime, providing relevant to discover the criminal trial involving the author information," said the agreement.
Other cases
The former governor of Cocle has other processes pending in the judicial system, which also relate to the alleged withholding quotas to the CSS.
This time it is a workers alleged involvement of the South Sea business listing for the alleged withholding of dues CSS for $ 20,000.
In this investigation no injunction against Fifer.
The investigation process is in charge of fiscal Cocle, Yoselín Macías.
In late February 2016, the investigating judge gave him three month extension to the Macías prosecutor to continue the investigation in the case. The deadline is nearing completion.
Golden Dragon Capital
On May 13, 2015, prosecutors charged him with charges Fifer and his partner Kenneth William Morgan, but although they were cited several times, never appeared. Therefore, the prosecutor in charge of that office, Kira Lizbeth Brokamp, ??ordered the arrest of both.
The process originated from a complaint filed lawyer Francisco Zappi, who said that both offered to representatives of the company Dragon Capital Management Gold mining concessions for a million dollars. However, after payment of the money it was discovered that such concessions were only requests for mining.
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So I haven't been able to find any more articles in regards to Dicks fate. It has a month since the last article posted about Fifer and his little side kick. At that time they were debating to use Fifers friend against him. Anyhow, just wondering if anyone heard anything.
You're right there up 6 percent today on volume of 500 shares.
Look forward... the bottom is reached...
That was the mistake any of us that put money into PTQ made...not only was the Company a scam, the whole frigging Country is a scam! LITERALLY.
Anyone there with any power whatsoever is solely there to scam either the unknowing Gringos and/or the weak(citizens). That's why they'll never be anything more than a banana republic. Just total corruption.
Not sure this is good or bad, definitely not helping sh's who got burned big time.
LTS....shine on
Rodrigo Esquivel Klein and Richard Fifer Carles have maintained a close relationship, but now not even look at his face in the hearings held in the accusatory system Cocle, as part of the investigation into the alleged withholding of dues Box Social Security (CSS) by Petaquilla Gold.
+ info
Richard Fifer arrested in Colombia
Fifer is interviewed in the Sixth Anticorruption Prosecutor
Judge Richard Fifer refused testing and endorsed tax agreement with Rodrigo Esquivel
Judge accepts request guarantees accumulation of proceedings against Fifer and Esquivel
Fiscal sixth: 'A Fifer he was never located'
On 20 November 2015 a hearing, in which he was charged was held Esquivel charges. Almost five months later, it is an important witness of Public Prosecutions. April 4 last, the investigating judge Sandra Castillo endorsed a "partnership" agreement between the sixth anti-corruption prosecutor, Aurelio Vasquez, and Esquivel's lawyer, Roberto Moreno.
Marilyn Melgar, Fifer lawyer protested. He argued that the prosecution never offered his client a similar treatment and objected that an agreement with Esquivel, according Melgar- only responsible for the alleged withholding quotas to be agreed CSS.
OLD DIFFERENCES
In 2005, Fifer, former governor of the province of Cocle, became president of Petaquilla Gold, a subsidiary of transnational Petaquilla Minerals. Since then he has served intermittently.
Under his management, he developed mining exploration of gold in the land of Columbus. His lawyer notes that when the company was ready to export, in 2009, the problems started with the newly installed government of Ricardo Martinelli.
In July of that year, Martinelli premiering the presidential band, gave the first "pressure", with the clear purpose of making the former governor cede the management of the company.
In a report of the Fifth Circuit Notary, dated September 15, 2009, the resignation of all directors of Petaquilla Gold certified. Later, in a meeting on November 13 that year, a new board was elected, with Rodrigo Esquivel Klein as president. a new resident agent, which went to the firm Grimaldo and Tejeira was also selected. Moreover, he entered
director Raul Ferrer, whom the defense of Fifer identified as "amanuensis" Martinelli, like Esquivel, who has denied these accusations with the main argument that militates in an opposition political party of former president.
Esquivel managed Petaquilla Gold for five years until August 2014, coinciding with the end of the Martinelli administration. Fifer replaced in September of that same year.
DEBTS AND ELECTIONS
In the twilight of presidency Martinelli, Petaquilla Gold opted to sell land a balloon Minera Panama, S.A. (MPSA).
It was a "second amendment" [Second Amendment] MPSA signed by the board in participating Ferrer and Esquivel.
The agreed sale price was $ 60 million. MPSA paid $ 50 million to Petaquilla Gold, leaving a balance of $ 10 million.
According to the documents of the time, it was agreed that part of the capital would be used as follows: $ 895,000 to cancel settlement of employees and another $ 194,000 to pay payrolls in March and April and the first game of the thirteenth month. Also they would cancel $ 476,000 in arrears to the CSS.
Fifer Esquivel accused of violating the agreement and use the money to pay off debts acquired millions with banks.
In the documents show that on that date, at least five bank accounts Petaquilla Gold, which Esquivel and other executives were signatories were overdrawn and closed.
Esquivel and Fifer acknowledges that he signed the agreement with MPSA, and received disbursements of the transaction later five months of the due date in July 2014.
"The delay of five months to receive the settlement funds, coupled with the suspension of gold production by the lack of liquidity meant that when funds are received, the amounts to be canceled were much higher than those established in the agreement" said Esquivel on a questionnaire sent La Prensa.
According to Esquivel, Fifer and his team negotiated those tables disbursement, including, among others, payments to pay the debt with the employer-employee quotas CSS.
With respect to bank accounts reflecting an overdraft, Esquivel admitted that Petaquilla Gold had loans to finance
working capital operation and equipment purchases. The company worked with several banks in the town and he explained credit committees of each were those who decided to grant or not the same.
"This man [Fifer] is a specialist in obscure and want to see as normal criminal acts that are specific to the operational activity of any company," he said.
DEMAND AND QUOTAS
In January 2015, given the non-payment of worker-employer contributions, Euribiades Vernaza, CSS lawyer, filed a complaint against Cocle Fifer -for their status as legal representative of Petaquilla Gold- because of the alleged retention worker-employer amounting to $ 3.2 million. quotas
Subsequently, the CSS filed a second complaint, this time against Panama Infrastructure Development, S.A., a company linked to Petaquilla Gold, for allegedly withholding another $ 3 million in fees.
In February of that year, the first judge of Cocle, Civil Branch, Omaira Quezada Macías declared bankrupt Petaquilla Gold.
The CSS claims payment of dues October, November, December 2014 and January 2015, a period in which allegedly illegally retained quotas. With the delay of more than three installments, the CSS can take legal action against the debtor, as the norm.
Fifer defense argued that the complaint is not justified, because his client did not have the key to access the System Revenue and Economic Benefits of CSS (SIPE) in the period in which supposedly the facts alleged occurred. The key, according to the lawyer Melgar- Esquivel had it not Fifer.
DEBT OF QUOTAS
Debt Petaquilla shares with CSS is longstanding. On September 13, 2013, Esquivel -a name of the mineral signed a payment arrangement through which promised to cancel outstanding dues from January to August 2013.
Before the breach of that agreement, the court executor of the CSS in Cocle ordered the April 10, 2014 seizure of the farm 20450 Petaquilla Gold, for $ 3.2 million.
On July 25, 2014, Petaquilla Gold completed the agreed payments in the agreement signed in September 2013. But by then,
and the corresponding fees owed October 2013 to June 2014.
There was a new payment agreement with CSS. Esquivel made a payment of $ 346,000 and agreed to pay $ 2.1 million in 24 monthly bills of $ 87,000 each.
Then the Executor Court lifted the embargo on the estate 20450. Fifer not understand why the CSS left without a good collateral to recover the accumulated debt of the company.
Fifer Esquivel accused of failing to honor the agreed payment before leaving the company in August 2014. "At the time that the agreement no longer meets, criminal and administrative responsibilities are generated," Esquivel said.
Processes to recover the debt of Petaquilla Gold and Infrastructure Development of Panama, S.A., were joined in a single file, which handles fiscal Vasquez.
About payment arrangements, he called the former director of the Social Insurance Fund Guillermo Sáez-Llorens, and did not respond. While the current director, Estivenson Giron said he was travel outside the country and could not answer questions about the alleged evasion of quotas.
FRAME AND ACCUSATIONS
Sources close to Fifer and his legal team argue that Esquivel allegedly used to achieve certain links payment arrangements with CSS.
They recalled that when Esquivel was deputy director of the CSS in the government of Mireya Moscoso (1999-2004), Giron, the current director, was his subordinate.
Francisco Batista a exauditor Petaquilla, now is the head of the CSS audit.
Maricruz Obaldía, coordinator of Health Facilities CSS was assistant Esquivel in the mining company. These sources close to Fifer not rule out that these links would favor Esquivel.
Esquivel replied that no friendship with Giron and Batista and worked in Petaquilla Gold Obaldía years before he directed the mining.
"I want Fifer seems unfair that involve diligent and dedicated, and they were forced to leave the company by the nonpayment of their salaries," he said.
Giron confirmed that meets Esquivel, but their friendship nor the officials mentioned influenced payment arrangements Petaquilla Gold.
With Esquivel as a witness, now the Sixth Anticorruption Prosecutor could ask arraignment hearing against the former governor of Cocle, next week.
(With information from Rosalia Simmons)
- See more at: http://www.prensa.com/locales/entramado-Fifer-Esquivel_0_4456804384.html#sthash.81pIlX6V.dpuf
With these new revelations of corrupt gov't, politicians and company officials. Ad that to the Panama Papers scandal. One has to wonder is Panama a safe place to invest.
I, for one, will always be leary of any investment in that country.
LTS....shine on
I knew something like this would happen....so PTQ slept with and made a deal with the Devil, and now they are completely blaming them for the downfall of PTQ. That's awesome. Throw your friends underneath the bus when things don't work out. I wonder if I can get in on this suit !!!!!!
New multi-million dollar lawsuit against Panama
The Petaquilla mining and some who were executives believe that the Panamanian government, under President Martinelli, pressed them to take administrative actions
The Panamanian government will have to face a lawsuit for $ 2,300,000,000 by Petaquilla Gold, Petaquilla Minerals LTD, the Spanish company Iberia Resources Corporation, S.A. and as exaccionistas, Spanish citizens Fernando González de Canales and José María Blanc (who died in December 2015).
The complaint filed with the International Centre for Settlement of Investment Disputes (ICSID) of the World Bank based in Washington, United States.
A brief, which was seen La Estrella de Panama, drafted and signed in Madrid, Spain, on April 30, 2015, signed by Pascual Montañés Duato, José María Blanc, represented by Enrique Calamita, Fernando González de Canales and Luis lawyer Manuel Martinez, accounts before the President of the Republic of Panama, the present government, the actions of the government of Ricardo Martinelli, which leads to the claim.
Petaquilla CLAIM
Petaquilla Exejecutivos allege that the Government of Panama pressured
The applicants were hindered their work, also arbitrary and discriminatory measures were taken.
The actions were committed between 2009-2014.
According to the letter, the government of Martinelli, directly or indirectly through local and international economic and financial agents and members of his cabinet, caused damage to investors.
Therefore it responsible to the Republic of Panama as a contracting party to the Agreement on the Reciprocal Promotion of Investments between the Kingdom of Spain and the Republic of Panama, signed in November 1997 and approved by Law 43 of July 1, 1998, agreement also it was published in Spain, in the Official Gazette.
The information about this lawsuit details how between the period 2009-2014, the Martinelli government hindered by 'arbitrary and discriminatory measures' operation, side operation, expansion and sale of investments in which Spanish investors participated.
They note that in September 2009, Ricardo Quijano, as Minister of Commerce and Industry, 'Ricardo Martinelli representing Richard Fifer transmits the verbal order to give up Petaquilla'.
a chronology of events in Petaquilla Minerals and its subsidiaries and Panama Petaquilla Infrastructure Development (PDI) underpin the claim of Spanish investors is also mentioned.
Among other approaches background contained in the application, shareholders and investors in Spain report that was consummated in the second attempt by the government Martinelli 'the assault on the power of Petaquilla' that from that moment, ordered insider information the company and its powers through Rodrigo Esquivel, its chief executive.
The claim is for direct damage to the company in Panama and its shareholders.
Another story of how corrupt Panama is.....
http://www.usatoday.com/story/news/world/2016/04/04/panama-papers-list/82607516/
LTS..shine on
PS. Can there be a legitimate person in this country?????
The investigating judge, Sandra Castillo, rejected a practice of evidence requested by the defense of former Governor of Cocle, Richard Fifer, and endorsed a "partnership agreement" with Rodrigo Esquivel, both investigated for alleged illegal detention of employers contribution of the Social Security Fund (CSS) by Petaquilla Gold.
+ info
Judge accepts request guarantees accumulation of proceedings against Fifer and Esquivel
Fiscal sixth: 'A Fifer he was never located'
Judge keeps arrest Fifer
Richard Fifer arrested in Colombia
Both decisions were formalized the afternoon of Monday, April 4, at the headquarters of the accusatory penal system (SPA) in Penonomé.
The day began with a request for Marilyn Melgar, lawyer Fifer, who requested was certified who had the key mining in the System of Income and Economic Benefits (SIPE) of CSS in October, November and December 2014 period in which evasion allegedly committed. Melgar also asked the same certification, but in relation to the return of Panama Infrastructure Development in the period between October 2014 and January 2015.
Sixth Anticorruption prosecutor, Aurelio Vasquez, said that in the period of the investigation, the evidence did not request Fifer whose practice now claims his defense. The investigation phase ended on 21 March. The judge accepted the request of Melgar.
Later, the prosecutor and Roberto Moreno, lawyer Esquivel, presented to the judge for a "partnership agreement", protected by Article 220, paragraph 2, of the Criminal Procedure Code. Based on this agreement, Esquivel becomes a witness of the prosecution, "for which no indictment is suspended until the commitment is fulfilled testifying," according to the document.
The agreement was endorsed by the CSS and opposition lawyer Fifer, who complained that the prosecution had not offered his client a similar treatment.
Esquivel was present at the hearing, accompanied by Domingo De Obaldia.
Fifer, who has been detained since 26 February, arrived guarded by police officers.
- See more at: http://www.prensa.com/judiciales/Audiencia-Penonome-retencion-cuotas-Petaquilla_0_4453054771.html#sthash.wjZQUHJs.dpuf
I don't know why a class action lawsuit hasn't been initiated yet.
I'm surprised there hasn't been, but just because it hasn't yet doesn't mean it can't be done. Fifer is spilling the beans on what has happened and that means he's open to being sued along with everyone else involved with the Company. I think we should check it out. What the hell do we have to lose?
There is as minimum a big shareholder in charge, the German Investor!
He made the programm and public relations for PTQ in Germany for his "Millioneninvest" at least..!
He is in Charge!
Best regards
But don't you honestly think that if the high rollers got burned, a class action would be well on its way by now.
I believe the best way to start is seeing if there might be contacts in Panama. There were probably more shareholders burned there locally than anywhere else. I'm of course just guessing, but people close to the situation there should know more than the outsiders.
Yes we need a start, a voice to the government. The Main shareholders are in duty. We need a face to the government. If not, we will be ignored.
It doesn't get any of the shareholder money back. Yes, everything is being revealed now and God knows the Crooks within the Company and Martinelli inside the government are ALL accountable. Why aren't we as shareholders getting some of the millions these Crooks have in their secret bank accounts? The damn Panamanian government needs to stand up for not only the workers that got fucked, but the shareholders too.
Is anyone doing anything in that regard? I think we need to start asking those questions.
Hello Carlos, is there any light you can shed on this situation? Anyone we can contact within the government down there that might listen to our grievances?
Yea, mine either. Wow what a corrupt bunch of politicians, crooks we were dealing with in Panama. Everyone had an agenda of their own. Small wonder PTQ failed.
LTS...shine on
Yeah....but it doesn't get back all my money that's in his front right pocket. I think they need to turn all those guys upside down and shake them until all the money is recovered.
Very good info badge. This exposes all the criminals.
LTS
The former executive of the mining Petaquilla Richard Fifer insists that the debt to the Social Security Fund (CSS) that maintains the institution was not their responsibility and that had to be canceled when Rodrigo Esquivel and Raul Ferrer were at the head of the company.
WERE THERE Complicity between AUTHORITIES AND THE REPRESENTATIVES OF THE COMPANY?
I can not say; however, I submit to the judgment of the readers the following arguments: Searching the Internet I found this note: //www.panamaamerica.com.pa/content/sacan-juan-jovan%C3%A9-paro-en-el sure-social news that came out in 2003 where Rodrigo Esquivel takes provisional Deputy Director of the social Security Fund. This man worked for the company as a trusted person of Rodrigo Esquivel. Maricruz de Obaldia, right hand Esquivel, is national coordinator of health facilities SSC, the national leadership of Administrative Affairs, if we put together this puzzle we Esquivel from 2003 as deputy director in the institution. Two of the key chips Esquivel, his personal assistant Maricruz de Obaldia and comptroller Francisco Batista, are currently working in good jobs in the CSS and we have to put this puzzle that he put up as collateral for peace and except that he asked for the payment arrangement, a land company and embargo lifted the CSS (who requested the embargo, why he was released and could offer to be relieved?).
So clearly be seen that they could prepare the forms and he had to have gone into SIPE. This is a crime if we consider that Esquivel resigned in August and this time was no president of the company. The latter has caused two complaints lodged by us with the Public Ministry of Penonomé.
Blame ESQUIVEL DIRECTLY BY NO PAYMENT OF BENEFITS EMPLOYERS WORKERS IN THE CSS?
As former Assistant Director of the CSS and lawyer, you should know that ignorance of the law does not exempt him from blame. Failure payments occurred under his administration, the payment request was made to the president and representative of the company a key and a digital signature and other key responsible for HR.
What ARRIVAL TO THE COMPANY AS PRESIDENT, COULD NOT MAKE A DEAL WITH THE INSTITUTION?
I tried, but as shown by the evidence presented to court, all accounts were bankrupt and insolvent and bank accounts with a negative balance.
HOW THIS MONEY WAS CIRCULATED?
In the contract signed on May 8, 2014, with Minera Panama, it is designated accurately and details, check by check, how the money is distributed. Here I want to emphasize that the contract signed with Minera Panama states that Minera Panama 60 million, would pay the debt to the Social Security Fund, and the remaining workers. Definitely they made these payments only partially. The priority of Rodrigo Esquivel and Raul Ferrer, who controlled firms disbursement checks were banks that use them have relatives within them. When receiving this economic entry, they canceled the entire debt of these two banks from their families and left hanging workers, creditors and payments to the government sector.
Additionally we have submitted to the CSS legal grounds for them to have factual evidence that the 9.2 million remaining to give the Petaquilla group by Minera Panama, the debt is deducted CSS.
Through the Executor Judge CSS, we request that repossess Minera Panama for this amount of debt to them and to workers was canceled, but we are still waiting for news from them. Since this negotiation is not given, the company requested in the judiciary mediation between Minera Panama and Petaquilla group companies, this occurs in September 2015. There were two citations from which Minera Panama or presented nor apologized. Today we are still waiting for the CSS, which has the tools for the collection, it can run.
In the contract with Minera Panama, is Minera who controls all disbursements and debts to pay, consequently Minera Panama today has economic, legal and moral responsibility in meeting payments to the CSS and employees. Additionally, within the range of priorities, administration of Petaquilla under the direction of Esquivel and Ferrer did not have the good faith of cancelarles workers or the government. Further, I can say that the company requested by letter No. 0021 PTQ, dated June 15, 2015 mediation, but we still keep waiting for your answer.
I take it, SO THAT I HAVE BEEN TOLD IT IS IMPOSSIBLE FOR PAYMENT TO WORKERS?
The latest steps taken by Esquivel and Raul were off debts with banks of family, tercerizar $ 7.8 million in tax credits and leave Unmanaged $ 9.2 million Minera Panama, as evidenced in the Court Sixth Circuit's Civil first Judicial Circuit of Panama.
WHAT DO YOU KNOW WHAT HAPPENED WITH PACIFIC FINANCIAL ACCOUNT AND THAT ALLEGEDLY LINKED TO MARTINELLI?
I had no knowledge, rather than what came out in the media and instructed to Esquivel and Ferrer of the dangers that could be generated to process the Petaquilla insider group.
THERE ANOTHER CASE FOR WHICH YOU KEEP PROTECTIVE CUSTODY IS THE CASE GOLD DRAGON, WE CAN TALK ABOUT IT?
It is the result of the contract signed on May 8, 2014 Minera Panama-First Quantum under economic coercion to Petaquilla group. As important background I note that the president of Gold Dragon in 2008, accepts failure and requests reach an understanding, which was not achieved. Any failure to Gold Dragon believes it has with Petaquilla Minerals S.A. It is in its full right to settle with its new owner Minera Panama and its legal representative, which is why all parties were notified of the transaction. We wonder why I did it again the victim of a violation generated by an economic agreement and morally coerced upon us.
Finally, HOW YOU FEEL, THINK YOU WILL JUSTICE?
Clearly there have been two main actors, the government of Ricardo Martinelli and Trojan horses, most important in this interview the new White Shark Australia Firs Quantum-Minera Panama. I ask the Panamanian justice: he will hold our institutions face this trade war, which operates not only in Panama, but in the United States, Canada and Spain, among other countries? What is between the middle is the economic trajectory and participation of the national economy in the future of the coming decades world-scale project in the region of the central provinces. If he succeeds truth and justice; Petaquilla, and consequently the central provinces, will have a second opportunity for economic and social welfare.
==========
'From Financial Pacific he had no knowledge, but what came out in the media and instructed Ferrer Esquivel and the dangers of insider dealing group of Petaquilla'
PANAMA
INTERNATIONAL
ECONOMY
SPORTS
STYLE
LIFE TODAY
OPINION
EVENTS
SOCIAL
Panama
NATIONAL 12:00 a.m. Thursday March 31, 2016
"Petaquilla financed the campaign and panameñismo CD"
Luis Ernesto Carles, was a partner of Rodrigo Esquivel, who Fifer identified as one of the amanueses Ricardo Martinelli used to manage the mining company
From left to right, Federico Barahona, Rodrigo Esquivel, Ricardo Martinelli, Lazaro Rodriguez, Juan Carlos Varela and Raul Ferrer. / Courtesy
COURTESY
From left to right, Federico Barahona, Rodrigo Esquivel, Ricardo Martinelli, Lazaro Rodriguez, Juan Carlos Varela and Raul Ferrer.
Ricardo Fernandez
ricardo.fernandez@elsiglo.com
The businessman Richard Fifer revealed to La Estrella de Panama that in addition to business and labor entanglements, problems with delay in payment of the return and the labor share employer of its employees, the mining company Petaquilla tried to penetrate into two political parties, financing their election campaigns. He even told a minister of the current government as a key player in an alternate plan to maintain their relationships with power. Then the second part of the interview he gave Fifer to this medium.
WHY TAKE A INMET (PARENT COMPANY) THE GAME?
To add a complication to this situation First Quantum Minerals LTD., A transnational with a gross domestic product greater than the entire Republic of Panama, launches a hostile takeover bid for the purchase of INMET against the then owner of Minera Panama, this It occurs in late November 2012. When meeting amid a threat of hostile takeover by First Quantum Minerals, Inmet proceeds immediately to yield to all legal issues by Petaquilla, who was paralyzed for more than five years.
DO YOU ACHIEVED AGREEMENT?
Within months an agreement worth $ 140 million under the negotiation of Rodrigo Esquivel and support the government of Ricardo Martinelli is achieved. On February 23, 2013, signing a trade agreement with Petaquilla ending these long disputes they were over five years. This achievement would last only two weeks, since First Quantum is successful in its hostile takeover of Inmet.
Did this affect relationships?
Begins a very volatile period against this new company Raul Ferrer and Rodrigo Esquivel, feel insecure and try to consolidate power with Martinelli, in the period from May to June 2013, is where the threats by First Quantum Minerals come Ltd. on May 23 of that year, signed with first Quantum Minerals the first amendment to the agreement previously signed on February 24 with Inmet. From that date on First Quantum Minerals Ltd it is systematically engaged in a commercial attack to bring the group of Petaquilla to insolvency achieved when Rodrigo Esquivel left the company in 2014 and consisting of the date on which suppliers submit a bankruptcy the August 28, 2014.
¿TURNED THE STRATEGY?
The result of this new strategy of the new owner of Minera Panama because President Martinelli meets on October 22 with them to urge them to buy Petaquilla Minerals and tells the director of First Quantum that this purchase is necessary to be released from problem. On October 26, Martin Rowley, director of First Quantum Minerals, shares with Richard Fifer Carles signed in the presence of Rodrigo Esquivel, the meeting on October 23 with President Martinelli, where calls for First Quantum Minerals buy Petaquilla Minerals Ltd. This obviously was a continuation of arbitrary state interference in the management of private enterprise and represents one of the arguments of the claims that have already brought internationally at the World Bank in the amount of $ 2,300,000,000.00 both in Washington DC, as in the federal courts of New York.
WHAT OTHER CHANGES ARE THERE?
First Quantum shown on this mandate Ricardo Martinelli an excellent opportunity to break all the commitments they had with Petaquilla group companies. Initiate a systematic process of leaving insolvent Petaquilla and on the other hand, isolate Rodrigo Esquivel and Raul Ferrer, because at this time Ricardo Martinelli had abandoned his commercial interest in Petaquilla and was focused on raising funds for re-election the ruling party in the elections on May 4, 2014 to be held in barely six months.
HOW SURGE FIRST QUANTUM?
This company First Quantum, a Canadian-Australian, born in Zimbabwe (Rhodesia) and South Africa, with its main operations in Zambia today. It is important to detail that this company does know how to handle yourself in a position of trade war, with extensive experience in handling in which Martinelli aspired to subdue them. The reality of what happened was that the process of destruction on Petaquilla proceeded systematically with the government 'under the direction of Raul Ferrer and Rodrigo Esquivel', wanting to be used as an economic tool for the re-election of his government and First Quantum, failing their contracts to accelerate insolvency. Arriving currently Ferrer and Raul Rodrigo Esquivel come into complete panic conceptualizing a new strategy of how to get out and leave Petaquilla because they say that has left Ricardo Martinelli.
This strategy is manifested by a campaign in the media to take responsibility to me for all the facts of the past five years, where they and Martinelli were those who ruled. On one occasion (July 2013) I made my remarks and ask for an explanation, the next day, at the Intercontinental Hotel, in the company of Rodrigo Esquivel and Raul Ferrer, he tells me an SPI (who accompanied Raul Ferrer), President Martinelli sent me to say she had been too long away from Panama and I had to be to fix the existing problem, this was completely contrary to the discourse of the last four previous years, when I said I had to be away from Panama, making investments in other countries.
The threat was told that failing to respect the clear message that renounce policy Petaquilla Minerals LTD. Raul Ferrer gives effect to the result of the instructions received from the President of the Republic threats. Parallel to this, Rodrigo Esquivel puts an alternate plan to work as a member of the National Board panameñismo with his law partner, Luis Ernesto Carles, to have an alternative plan if the election fails Martinelli. Using company resources aggravates the already insolvent Petaquilla, supporting the two campaigns, the Democratic Change and the panameñismo.
Failing in the elections of 2014, First Quantum, watching their window of opportunity closed, coerces under economic pressure and runs a leonine shareholders Petaquilla contract, May 8, 2014, four days after the electoral defeat. Simultaneously, Esquivel and Ferrer transferred during the 6 and 7 May 2014, 7.8 million dollars in tax credits to third, prompting a complaint by the company rests in the Criminal Court 10 of Panama. In late August 2014 resignation Esquivel, coinciding with a bankruptcy filed by one of the creditors on August 28, 2014.
Days later running in the office Esquivel and Raul in Panama, a robbery where only the most sensitive documents that spoke of the financial and operational work of the last five years were extracted, theft duly reported and registered with the DIJ.
This case Ferrer added that admitted me some time later in conversation held in New York, saying that he had been involved in it and in its possession a hard drive was with company information. Here begins a new phase in the struggle to sustain thirty years of work at the start of the new government.
CURRENTLY, THERE ARE SEVERAL CRIMINAL PROSECUTION AGAINST ONE OF HER CASE IS SOCIAL SECURITY FOR BREACH OF PAYMENTS OF CONTRIBUTIONS OBRERO EMPLOYERS detriment of 600 WORKERS IN THE COMPANY. WHAT CAN YOU SAY ABOUT IT?
How good that we fell in this part !. In my defense I will say that these criminal actions were filed against the legal representative of the company, which at this moment I am, but not against me, as a person. And made it clear that it was Rodrigo Esquivel who served as president and legal representative of the company five years of the Martinelli. As proof I attached reports of the Public Registry records, documents that are public and where the names of these gentlemen as president and legal representative of the company stand out.
During these five years, is Rodrigo Esquivel who as manager and responsible for the company stops paying dues to Social Security. Esquivel who is twice in his five-year presidency makes two payment arrangements with the institution failing in both agreements.
On several occasions, the defense Esquivel said he left the company in peace and safety. That is false, left her with a million-dollar debt and a payment arrangement that is different and not the same.
This money could have paid off with the money that could have been obtained from the sale of the 7.8 million tax credits. On this point, I mean that Raul Ferrer testified before me that this money was delivered within the team members Ricardo Martinelli, money the company had intended for cancellation of employee benefits and Social Security, and now rests company a complaint against Rodrigo Esquivel and Raul Ferrer, in the Tenth Court of Criminal.
Consideration during reconstruction, because previously we had no knowledge of the events for lack of legal access, the seats of the Public Registry and Documents Social Security we realize that stood as a guarantee of payment arrangement property of Petaquilla, valued at three million dollars. This guarantee was raised by the CSS in the final settlement payment made by Rodrigo Esquivel after his departure as president and legal representative of the company, with the intention to achieve peace and safe to let him make the business transaction with Minera Panama, company that owes the Petaquilla group 9.2 billion, as stated by one of its directors under oath, in a preliminary exhibitoria diligence in the Sixth Court of Civil Circuit of the First Judicial Circuit of Panama, and we have his testimony.
We wonder why the CSS has not required the guarantee of Minera Panama returned or payment thereof, given the failure to pay promised by them in the contract.
==========
'Using company resources, aggravates the already insolvent Petaquilla, supporting the two campaigns, the Democratic Change and panameñismo'
RICHARD FIFER
PETAQUILLA
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'Parallel to this, Rodrigo Esquivel puts an alternate plan to work as a member of the National Board panameñismo with his law partner, Luis Ernesto Carles'
RICHARD FIFER
PETAQUILLA
==========
DO NOT MISS TOMORROW: FIFER GIVES HIS VERSION TANGLE IN THE PAYMENT OF FEES OF CSS
Martinelli has been embroiled in financial scandals and eventually was stated that the then President BECAME SHAREHOLDER OF COMPANIES AND SUBSIDIARIES PETAQUILLA. WHAT TO DO HIS ADMINISTRATION HAD WITH THIS?
The personal involvement of Ricardo Martinelli has ruined Petaquilla and its subsidiaries. So far today that the national authorities allowed it, Petaquilla was an operating company, with a debt of $ 6 million, income exceeded $ 60 million and generated a profit that exceeded $ 18 million. This is stated in the affidavit of fiscal 2009, which ends in April 2010, a period in which I leave the post of president of the company. President Martinelli takes possession through their clerks on 1 July 2009. In September of that same year (two months after his inauguration) Ricardo Quijano, (then Minister of Commerce), on behalf of President Martinelli, I verbally requested the resignation as president and legal representative of the company Petaquilla Minerals LTD (Canada-based mother company) and Petaquilla Gold SA, a subsidiary based in Panama. The reasons were clear, he needed to place their chips within the company.
HOW YOU ANSWERED AT THAT TIME A Ricardo Quijano?
I replied that this was not my decision, it had to consult. On 15 September 2009, under pressure from the Government, he resigned as chairman of the Board of Petaquilla Minerals Ltd, and in November of that year resigned as President of Petaquilla Gold SA
Who were the members of these boards? WHAT TO POSITION assumed that specific situation?
The waiver decision was consulted with members. At that moment there was complete renovation of the directive as a result of excessive pressures caused by the threats of Ricardo Martinelli and his henchmen. All supported the instructions of President Martinelli, in the sense that I replaced in the presidency with Rodrigo Esquivel and include Raul Ferrer as director. The latter, presidential adviser, takes office on October 6, 2009 and jointly and exclusively with President Esquivel, managed the company for the next five years, until September 2014, as it can prove the accounts of the company in the different banks in listed as being authorized these two gentlemen together with the aforementioned directors were part of the conspiracy signatures.
DOES evidence to prove it?
At this time the anti-corruption prosecutor accepted as evidence for the case that links me to the demand of the Social Security Fund bank accounts of that period. All this on the record. Seven weeks later, the shareholders, financiers and banks, demand again my refund to the direction of the company, leaving as chairman of the board of Petaquilla Minerals Ltd, but not of Petaquilla Gold SA, which is the management company principal with its subsidiary PDI.
Are there any documents, letters, e SHAREHOLDERS ON THIS?
Yes, there are in our archives in Canada and Panama, and can be claimed by EEW by the prosecutors in charge of the dossier.
HOW they DO pressured to step down?
Who granted the business license production begins the mining marketing is the government. And they pressed me saying not to give up, not give authorization or license. You see, it was I who gave face to investors for more than twenty years to invest in the project, could not tell them not to want to leave a job, they are going to be affected in their investments. His confidence was not to be disappointed by who since 1990 had been the pioneer of our mining industry, which years later would make our country a Banana Republic to a Golden Republic. It was why we chose not to be an obstacle and resign. On January 10, 2010 we received from the hands of the Panamanian government, through the Ministry of Trade and Industry, the letter of formal authorization for the start of commercial exploitation. To reenter the board of Petaquilla Minerals Ltd, as I said, again comes the pressure. As a requirement of the Government to license commercial production in early 2010, it is again required my resignation. This requirement of President Martinelli comes through Raul Ferrer, who also said it was necessary that Richard Fifer retire to do business in Spain and not in Panama. For more than five years, his henchmen, with instructions Martinelli, represented the company, signed checks and made appointments, violating all norms of corporate governance; until September 30, 2014, when I return to take possession of the board of Petaquilla Gold, a product of the abandonment of Rodrigo Esquivel the post of President of Petaquilla Gold SA, to be facing imminent bankruptcy, demand one of creditors. It is at that time that I take the responsibility of the presidency to safeguard the assets of the company.
Can you explain?
Well, it is public knowledge, as it was in all the media that one of our creditors filed a bankruptcy which was admitted on August 28, 2014. It is clear that from January 2010 until the end of August 2014, Petaquilla Gold SA and P.D.I. (Panama Infrastructure Development) were represented by Rodrigo Esquivel and Raul Ferrer, the president and legal representative and director of the board, respectively. So it is in the books of the Public Registry of Panama and the reports of banks show that I had not even signed in the accounts of banks since in all national and international accounts, who signed were Rodrigo Esquivel and Raul Ferrer . I spent outside the country and it shows my passport with stamps constant output and input the country and presented as evidence in various legal cases.
DO YOU HAVE YOUR TASTE LIKE statement?
I have in my possession email exchanges, which Mr. Ferrer makes me all the instructions detailed in this interview today and that once introduce as evidence in cases that are recognized me.
WOULD YOU TO YOU FOR involved decisions made in companies?
No. During this time the services of contractors and builders were hired and can be seen clearly in our reports that expenses were increased particularly through service contracts including hours of machinery, worked out of time, plus time on unjustified. He handled more a political rather than business administration. The situation was the expression of the pressure of multinational powers, supported by the Panamanian government against entrepreneurs and domestic investors. To make it clear who was boss in the eyes of our neighboring company Minera Panama, August 21, 2012, Jochen Tilk, CEO worldwide (CEO) of INMET and 80% of Minera Panama and Steve Astritis, general counsel owner also INMET, with the president of Minera Panama, Steve Botts, cited Raul Ferrer breakfast alone and not to any other manager or director. The meeting focused on claim Ferrer absurd actions taken in the direction of the company product of the pressures exerted by the Martinelli government, forcing it to cooperate on material issues, preventing the construction of the proposed 6 billion dollars. There were, in addition, legal issues of law by Petaquilla Minerals that prevented the construction of the Cobre Panama project. A few weeks of this action, September 5, 2012, a hostile takeover of Petaquilla Minerals Ltd. President Martinelli had for more than a year ago the position that Jochen Tilk should be removed from office in INMET starts. This intervention resulted in October 2012 by Ferrer and Raul Rodrigo Esquivel, together with Ricardo Martinelli, demanded that the sale price had to be higher. This meeting is a reality and confirms who or who really was or were the or those with the power company. Between October 29 and November 5 the same year, Raul Ferrer, on behalf of Ricardo Martinelli, he informed Jochen Tilk that all business processes INMET be blocked if let loose the hostile takeover or increased the offer price. On Sunday November 4, 2012, Rodrigo Esquivel and Raul Ferrer Jochen Tilk contacted by phone and canceled all negotiations that had made Joao Manuel (CEO of Petaquilla Minerals Ltd., and corporately, the highest officer with operational responsibility for the company), with INMET, and even threatened with dismissal effective in the coming days. It is here when Raul Ferrer tour the instruction that "under no circumstances may receive less than $ 300 million, pulling down the offer negotiated by the CEO of $ 210 million." On November 5 he expired time of the offer by Inmet to Petaquilla. The offer of $ 210 million for the purchase of Petaquilla has been terminated. Again, all this confirms who or who were the ones who ran the company.
Judge guarantees of Cocle, Jasmine Jaen, agreed to the request for consolidation processes presented by the prosecutor sixth Anticorruption, Aurelio Vásquez, in the case that followed Richard Fifer Carles and Rodrigo Esquivel Klein for the alleged commission of the offense improperly withholding dues Social Security Fund (CSS).
From yesterday, the sixth anti-corruption prosecutor, which now will be in charge of the investigation have 10 working days to support its request in this process and ask for dismissal or seek indictment of the investigation.
Moreover, the same term of the parties, prosecution and defense, to opt for an alternative method of conflict resolution.
The Criminal Procedure Code establishes the figure of conciliation and mediation. For example, Article 206 states that in crimes that support withdrawal, as is the avoidance of quotas or wrongful retention, if the parties reach an agreement that does not affect the state and this is true "criminal action is extinguished and the agreement will have res judicata effect. "
The prosecutor instructed Vasquez one of the reasons that follow him Fifer and Esquivel for allegedly not paying $ 3.1 million in dues CSS workers Petaquilla Gold.
For this case, Jaen judge ordered the provisional detention of Fifer on 26 February.
The other process ahead the Attorney First Anticorruption and relates to the alleged withholding quotas to CSS to company employees Panama Infrastructure Development for $ 3 million 331 thousand.
Roberto Moreno, attorney for the defense of the accused Rodrigo Esquivel said to agree with the request made by the prosecutor, as it is favorable to his client since he asks and requires soon resolve their situation to clear his name.
While attorney Richard Fifer, Marilyn Melgar, opposed the backlog of cases, arguing that the measure was limited to the right to defend his client and the ability to present evidence would violate individually and not be accumulated.
He said if his client would like to request a deposit, the amount would be higher if asked to review the injunction, by increasing it, nor favor.
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- See more at: http://impresa.prensa.com/panorama/Acumulan-casos-Fifer-Esquivel_0_4443305696.html#sthash.g9Ow2brY.dpuf
The sixth anti-corruption prosecutor requested Cocle Judge Yazmin Jaén to combine the outstanding cases against former provincial governor Richard Fifer into a single matter.
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Spanish version
Prosecutor Aurelio Vásquez is handling the case against Fifer for allegedly not paying $3.1 million in fees to Social Security on behalf of the workers of mining company Petaquilla Gold.
Fifer was jailed in this case on Feb. 26.
He also faces charges being pursued by Prosecutor Tania Sterling related to the failure to make Social Security contributions on behalf of workers of Panamá Desarrollo de Infraestructura. Those payments total $3.3 million.
Fifer also faces fraud charges.
A hearing to decide on the request of Vasquez will be held Friday in Penonomé.
- See more at: http://www.prensa.com/in_english/Fiscalia-acumulacion-procesos-Richard-Fifer_21_4439016058.html#sthash.aNx7Nc91.dpuf
Help!!
Does anyone know if the company still has ownership of the assets
Panama,spain and Portugal? And is there any remaining debt?
I've been out of this for a while but the assets must have some value I would think.
Thanks oil
The Sixteenth Prosecutor in charge of Kira Brokamp a trial against businessman Richard Fifer and Kenneth Morgan who acted as directors of Petaquilla Minerals, SA, and now are accused of crime against economic wealth to the detriment of Gold Dragon Capital Managment, Ltd.
Gold Dragon says Petaquilla Minerals, cheated him by selling some metal exploration concessions he never had in their power.
According to the complainant, Fifer through the company 'tricked' because it offered a business that could not be realized, which was impossible. For this reason, Fifer would have cheated and taken away 'almost' $ 1 million.
The contract was that in exchange for Gold Dragon invest hundred thousand Canadian dollars for exploration work and make sure that owned 2% of the shares of Petaquilla Minerals Ltd, parent company of Petaquilla Minerals, S, A, were issued in circulation, Gold Dragon had the option of receiving in return concessions Belencillo River zone 1 and 2, and Rio Petaquilla concessions.
However, Gold Dragon says he was duped because the signing of the contract, Petaquilla Mineral represented that had concessions for mining exploaración in their hands and they were able to transfer no later than 120 days action has been executed, the date was on May 6, 2006.
FINANCIAL RESEARCH
According to the summary of the prosecution, the ruler of the mining sector by the Panamanian government, the Department of Mineral Resources, Ministry of Commerce and Industry (Mici), a note certified that Petaquilla Minerals maintained at that address demand for exploration concession Belencillo for Rio and Rio Petaquilla.
The request was submitted by Adrian Resources, now Petaquilla, on December 22, 2003 and was declared eligible for exploration of metallic minerals, however, it has not been granted concession to the request.
Therefore, he added Mici, the company can not transfer or perform other actions on concessions before being approved or recognized by the State, since for this must have a concession contract and Petaquilla Minerals, does not have any operating permit or exploration in these areas.
CONTRACT
The version of the complainant, Gold Dragon, refers to 7 May 2005. John Cook president of Gold Dragon with Petaquilla Minerals signed an option contract trading on the rights of several concessions.
Depending on the contract, Petaquilla Minerals, was forced to sell Gold Dragos two polygons of land identified as Zone 1 and 2 by 68% in the Belencillo and Petaquilla Rivers.
In the contract, Petaquilla claimed to be the legal owner and beneficiary of both areas.
Under these conditions, the parties agreed that Gold Dragon CANADIAN deliver 1,125,400 of dollars, against a 2% of the shares of Petaquilla Minerals.
The term of the contract within which Gold Dragon had an option to exercise the option to purchase the rights enunciated ran until May 7, 2006, as stipulated in the contract.
In the document between the parties, the 'optionee' or Petaquilla Minerals; ensures that concessions are free of encumbrances and restrictions of all kinds and are peace and safe with the government and can be transferred.
In the agreement, Petaquilla Minerals Gold Dragon also offered the option of processing the ore material.
According to the complainant, Petaquilla must deliver within 60 days, the title of concessions or 100% of the shares of a Panamanian company that has the concession.
The day May 18, 2005, Petaquilla Minerals made public the agreement with Gold Dragon.
DECEPTION
The shareholders of the company learned through a statement that the company had granted to Gold Dragon an option to buy its interest in the concession of Rio Belencillo and Rio Petaquilla by more than one million Canadian dollars, payable in shares of capital Gold Dragon.
To activate the option Gold Dragon must demonstrate ownership of a minimum of $ 1,025,000 shares of Petaquilla Minerals Ltd., within 120 days from the execution of the option agreement. After activating the option, Gold Dragon, noted the contract, has the irrevocable right and option to purchase concessions until May 7, 2006.
On October 5, 2007, Richard Fifer, president and legal representative of Petaquilla Minerals forwarded, as read on the fiscal side, a note to Gold Dragon in which he mentions that the payment of $ 100,000 on expense account exploration, not made in accordance with the agreed terms.
Therefore, the agreement between the parties has not been honored by Gold Dragon also indicated that involuntarily had misinformed Gold Dragon and the public.
COMPLAINT
The fact motivated lawyer Gold Dragon and Fifer protest to the position taken by the mining. This corrected his posture and approached both Mineral Resources in the Ministry of Commerce where the agreement made between the two parties were notified and requested once Mici the transfer of concessions to meet Gold Dragon.
However, according to the complainant, this date Petaquilla Minerals has failed to obtain the concessions offered in option despite having said he possessed the same in due form.
The complainant says Fifer cheated because he offered an impossible business for nonexistent and therefore fraudulent because he 'removed' almost $ 1 million.
The prosecution turned multiple ballots Fifer and Morgan summons to surrender their defense, but without success. Cg court granted a term of four months from the prosecution to conclude the investigation and at this time failed to get the version of the accused.
Despite that, it appears in the file Luis Acevedo lawyer as legal representative of Fifer, who also filed a motion for dismissal.
The Sixteenth prosecutor issued fiscally, however, to appeal to trial Fifer and Morgan for committing the offense against the administration of justice (evasion), to the detriment of Gold Dragon.
The prosecutor Kira Brokamp signed the view, apparently unaware of the error.
Richard Fifer remains provisionally detained at the Directorate of Judicial Investigation after the prosecutor issued an arrest warrant for the International Police. Fifer was arrested on 25 February, two months after launching the alert. It is judged in the province of Cocle on the standards set by the accusatory penal system (SPA), in force in Cocle.
==========
CHRONOLOGY OF FACT
The complainant accuses Richard Fifer of fraud 'almost $ 1 million
DICEMBRE 2003
Petaquilla is declared eligible for exploration of metallic minerals.
MAY 2005
Golden Dragon signs purchase agreement with Petaquilla.
MAY 2006
Golden Dragon tried to enforce the contract.
FEBRUARY 2016
Fifer arrest in Colombia.
Well...you know what they say......when you get into trouble, eat the cheese and rat out the other guy to save your soul !
The legal defense of businessman and former governor of Cocle Richard Fifer tries to give a twist to trial for alleged withholding of workers' dues employers of the Social Security Fund (CSS) and questioned by whichhe [Fifer] is the only person arrested in the case.
In the two hearings in the Court of Appeals in Cocle, Marilyn Melgar, lawyer Fifer, has made the question publicly: "Why Fifer is the only detainee if there is another person who was the legal representative of Petaquilla Gold and has no injunction? ".
Melgar mentioned the name of Rodrigo Esquivel Klein, who, she said, "had complete control of Petaquilla Gold and was the one who was withholding quotas".
Fifer and Esquivel are investigated in the process being conducted by the First Anticorruption Prosecutor for allegedly withholding quotas of CSS, for $ 3.3 million through the Infrastructure Development Company Panama, S.A., a subsidiary of Petaquilla Gold.
The prosecutor asked Tania Sterling far country Esquivel prison for this case, but the judge was not granted the guarantees on the grounds that cooperated in the process. In addition, the CSS not quarreled.
Roberto Moreno Esquivel defense lawyer denied that his client has withheld dues. He noted that his client has no injunction in the process, because from the beginning he appeared voluntarily to the prosecution and explained that made a payment arrangement with the CSS before leaving the position in the company.
Despite these signs of Moreno, the defense will insist Fifer point the questions about the possible involvement of Esquivel in retaining quotas CSS.
And it is that both Fifer and Esquivel also are investigated in the Sixth Anticorruption Prosecutor in another process also alleged withholding of dues, estimated at $ 3 million.
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So, the government is just cleaning the mess up after Fifer in essence. I pray he gets his just punishment while he's in jail. Nothing short of gang rape would be fine with me.
Actually this activity only seeks to protect the environment of the surrounding area and the nearby community and avoid any problems with the tailings dam, as the company Petaquilla has practically abandoned the mine and irresponsibly has not works of partial closure or anything.
Additional have stolen many things from the mine by the followers of Mr. Fifer, as I understand these will be called to the prosecution because these items were kidnapped and could not be removed from the area of the mine.
The gold processing plant is also in great deterioration and filling is pure oxide.
That's great, but what's it mean to the shareholders that got shafted in this cluster-fuck? They may just be looking to start the mine back up just to pay off the workers that never were paid by Fifer. I suspect the government could care less about the shareholders that got screwed in this deal.
Do you know anything else?
Hello carlosc,
your answer was not helpfull, you are not able or not willed to give more information.
Your post is not available.
regards
Hello gentlemen, look at this news, reinforcement and cleaning of Tailing Dams at Molejón Mine by the government of Panama starts, definitely Fifer followers like Mr. Obon keep telling lies.
http://www.tvn-2.com/nacionales/limpieza-tinas-relave-Petaquilla_0_4429057102.html
March 03, 2016
Where is your mentioned post ?
Look like Fifer's criminal past is starting to catch up to him. They should keep him locked up because he will definitely run to cover his ass.
LTS..shine on
The Court of Final Appeal of Cocle refused an appeal by the defense businessman and former governor of that province Richard Fifer, which sought to annul this preventive detention, ordered by the judge of guarantees Yazmín Jaén on 27 February.
The hearing related to the investigation being conducted by the Attorney Sixth Anti-Corruption for allegedly withholding employers contribution of the Social Security Fund (CSS) by Petaquilla Gold, which is listed as legal representative Fifer. What allegedly failed to pay totaled $ 3.1 million.
They formed the tribunal judges Adilio Gonzalez, Oscar Carrasquilla and Gustavo De Gracia, the latter as president.
In its arguments, the lawyer Fifer, Marilyn Melgar, questioned the arrest of his client with the argument that this took over Petaquilla Gold in September 2014 and the alleged withholding quotas occurred in the period between October 2013 and September 2014.
"In any case, should it speak of withholding quotas from the period when my client be welcomed legal representative of that company," he claimed.
Melgar also objected to the fact that the judge of guarantees decreed the preventive detention of his client with the allegation that disregarded a complaint filed against him in January last year, especially because, he said, Fifer was unaware of that action legal.
Counsel for the employer also rejected the argument of the judge regarding the alleged risk of leakage of his client, because, as he said, this was out of the country on business and I came back voluntarily to Panama when the Colombian authorities held him.
Meanwhile, the prosecutor sixth Anticorruption, Aurelio Vasquez said that if the arguments of the defense had Fifer viability, the judge had denied the request guarantees detention.
He said that one can not say that Fifer did not know the process that followed him after being sued by the CSS on January 5, 2015.
He explained that on January 22 of that year arrived at his office a document which stated that Fifer gave power of attorney to exercise its defense, so that "he knew the process."
He explained that on several occasions tried to notify the employer at his home in La Pintada, Cocle, but "he was never located."
He added that during those days he consulted his lawyer about the whereabouts of the former governor, but this disown said.
He also sustained that just yesterday, Wednesday March 2, 2016, Fifer had booked a plane ticket to Panama Washington, United States route. And then he intended to travel to a European country.
"I do not know why [the defense] says that there was no risk of flight," he rebutted.
The prosecutor said the measure requested by the prosecution and ordered by the judge "is to keep the radius of the process to the person under investigation (...)".
During the hearing, the judges declared a recess between 11:00 am and 1:40 pm Then, to resume the process, the judge De Gracia, who presided over the ceremony, concluded that "the behavior of the accused is consistent with the provisions by the prosecution and the arrest warrant of the investigating judge. "
He explained that the court's decision took into consideration the fact that the investigation sought to travel to the United States, coupled with having American and Panamanian passport.
Finally, the court concluded that the employer has no intention of remaining in Panama.
FIFER ASKED TO SPEAK
Before starting the period of allegations, Fifer defense asked the court to allow his client will say a few words. He consulted the prosecutor Vasquez and CSS representative, Humberto Ledezma, but they did not accept the argument that only the audience attending the appeal to the order of detention.
Five minutes later, the court rejected outright as requested by the miner.
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You're right....translation is terrible.
LTS....shine on
Translation is a mess ...
The High Court of Appeal rejected Cocle Wednesday March 2, 2016 the appeal filed by the defense of businessman and former governor of that province Richard Fifer.
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Appeal hearings in cases of Richard Fifer
Court declares legal the detention of Richard Fifer
Interpol in Colombia captures Fifer
Fifer will remain stopped after today's decision last Saturday by the investigating judge, Yazmín Jaen, as part of the investigations that followed the prosecution for the alleged commission of crimes against public administration was confirmed.
The hearing was related to the application of the Anti-Corruption Prosecutor Sixth preventivamante stop the employer for alleged evasion of quotas Social Security Fund (CSS), for $ 3 million 199 thousand through Petaquilla Gold.
The former governor of the province of Cocl & eacute ;, Richard Fifer to be transferred from the Criminal Adversarial System & eacute ;. of Penonom expand image
The former governor of the province of Cocle, Richard Fifer to be transferred from Penonomé Adversarial Criminal Justice System. PRESS / Roberto Cisneros
Fifer was born very early diligence, under strict security measures. Stagecoach began at 10:00 a.m .; at 11:10 a.m. recess was decreed and at about 1:40 p.m. the court announced its decision.
Accomplished diligence, anti-corruption prosecutor sixth Aurelio Vasquez mentioned that since last Saturday showed the possibility of leakage of Fifer, neglect the process and was never localizable in the place indicated his legal representation.
Vasquez said investigations will continue, whose term ends this month.
Fifer face another hearing on Thursday, arising from the request of the Anti-Corruption Prosecutor First stop because another of his companies, Panama Infrastructure Development, would have retained quotas CSS for $ 3 million 331 thousand. - See more at: http://www.prensa.com/judiciales/realiza-audiencia-apelacion-Richard-Fifer_0_4428307244.html#sthash.yfKL27yq.dpuf
Read the last paragraph.....this guy is going to skate on all of this after he shells out a few dollars. How about all the funds he secured from First Quantum...that's in his pocket as well. What a friggin joke. Where is my money and the fraud charges that go hand in hand ???
The Court of Appeal Adversarial Criminal Justice System Cocle confirmed the afternoon of Wednesday the decision of a court guarantees that ordered the arrest of businessman Richard Fifer Carles, on February 27, after imputing charges for alleged withholding of just over $ 6 million employers in labor shares of Petaquilla Gold and PDI societies.
Fifer remain in a holding cell in Penonomé until tomorrow, when the second hearing of withholding quotas will be made, this time by the company PDI.
Aurelio Vasquez, Sixth Anticorruption prosecutor said the court's decision to confirm the emdida was based on the grounds of his office "about the possibility of neglect of the process by the accused". Fifer had run since late 2014.
Meanwhile, the defense attorney Fifer, Marilin Anayansi Melgar, said he hoped that the Cocle mining entrepreneur is considered a different injunction on the grounds that during the period occurred unpaid installments (September 2014 to December 2014) the employer was not in charge of mining.
"Hopefully there is a change" replied the lawyer.
Sources close to Fifer say that is willing to reach a settlement, in exchange is also included in the process Rodrigo Esquivel, whom he passing on the responsibility of paying the installments that never came to the Social Security Fund.
Carlos, that's exactly spot on. He claimed he was an insider with all the connections, when in reality he was just a fucking lunatic. That was clear.
Undoubtly one of the biggest bullshitters of all time. Every post he made was a damn lie.
I cannot find the post # 26521 here, is it privat ?
Addressed fully in 26521.
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Issued and Outstanding | 222,230,161 | Corporate Website |
Options | 10,385,115 | PTQ on Mining Almanac |
Warrants1 | 32,157,600 | Corporate Presentation |
Finder | 3,137,496 | NEWS!!! |
FULLY DILUTED | 268,010,372 | |
1a small amount is convertible for 1.3 shares per warrant |
*This page is maintained by independent investors and is in no way officially affiliated with Petaquilla Minerals.
Petaquilla Minerals is not responsible for the information contained herein. Information provided by the independent investors could contain errors.
Credit:
Photos of the sites are courtesy of:
- The publisher of a great German investment newsletter. He visited all 3 sites
- DigiTech Strategy that visited Panama and Spain
- Petaquilla, from their public corporate presentations
Data and some of the photos are from Petaquilla corporate presentations and Sedar fillings
Comments are IMHO and could be wrong
Do your own DD
Issued | Fully Diluted | Date | BoD Control of Shares | Market Cap |
- | - | 20071 | - | $305M |
- | - | 20081 | - | $35M |
120,040,121 | 162,287,819 | 2009.12.14 | 3.7% | $80.1M |
125,281,951 | 168,394,447 | 2010.08.10 | 11% | $51.9M |
137,901,951 | 168,455,160 | 2010.12.10 | 12% | $157.9M |
175,823,251 | 234,533,916 | 2011.02.25 | 12% | $205.7M |
176,429,501 | 233,610,366 | 2011.07.18 | 12% | $127.0M |
221,114,726 | 283,114,152 | 2011.09.22 | 12% | $158.1M |
221,164,726 | 275,258,295 | 2011.10.20 | 12% | $143.8M |
221,519,593 | 273,822,716 | 2012.05.18 | 12% | $75.3M |
221,863,781 | 271,613,114 | 2012.09.14 | 12% | $149.8M |
1 Historic market cap information found at Morningstar.com |
Regulatory Filings:
SEDAR (Canada) | EDGAR (USA)
Transfer Agent (TA): Computershare - (800) 564-6253
Quarterly Structure
Quarter | Months | Report Date |
Q1 | June - August | OCT 15 |
Q2 | September - November | JAN 15 |
Q3 | December - February | APR 15 |
Q4 | March - May | AUG 31 |
Annual1 | All Quarters Combined | AUG 31 |
1 Indicates audited financial statement |
Petaquilla Minerals Ltd is a growing, diversified gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and selected acquisitions. The Company operates a surface gold processing plant at its Molejon Gold Project, located in the south central area of its 100% owned 842 square kilometre concession lands in Panama - a region known historically for gold content. The Company received its operating permit from the Government of Panama on November 18th, 2009, authorizing the Company to proceed to commercial production of its 100% owned Molejon deposit. The Company achieved commercial production on January 8th, 2010, after having run its operations at an average of 70% of its normal capacity for a consecutive period of 30 days.
Petaquilla is developing a large project in Spain and in Portugal (to be updated)
Petaquilla Minerals Ltd. ("PTQ") intends to distribute to its shareholders one share of Panama Development and Infrastructure Ltd. ("PDI") for each four shares of PTQ held on the record date for the distribution. Distribution of PDI will be effected by way of a Plan of Arrangement or some other tax-efficient mechanism. Transaction is subject to all requisite shareholder and regulatory approvals. Petaquilla Minerals expects to announce the record date for PDI spin-out by the end of the year.
Projects Location
Production Growth
Resource profile
Spain resource
Quarter | Mined (ozs) | Poured (Eq-ozs) | Sold (Eq-ozs) | Realized Price (USD/oz) | Cost (USD/oz) | EPS |
Q1 2011 | 17,963 | 10,738 | 12,390 | $1,206 | $729 | (0.05) |
Q2 2011 | 24,330 | 15,268 | 13,320 | $1,328 | $640 | (0.06) |
Q3 2011 | 18,566 | 12,825 | 14,064 | $1,377 | $627 | 0.01 |
Q4 2011 | 25,302 | 16,735 | 14,843 | $1,472 | $525 | 0.03 |
FY 2011 | 86,161 | 55,566 | 54,617 | $1,348 | $625 | (0.03) |
Q1 2012 | 33,203 | 18,014 | 17,987 | $1,508 | $554 | 0.03 |
Q2 2012 | 37,056 | 18,100 | 16,297 | $1,592 | $557 | 0.03 |
Q3 2012 | 36,304 | 14,163 | 13,040 | $1,520 | $633 | 0.02 |
Q4 2012 | 31,590 | 17,725 | 15,546 | $1,617 | $612 | 0.02 |
FY 2012 | 138,153 | 68,002 | 62,870 | $1,640 | $574 | 0.10 |
Q1 2013 | 36,713 | 17,882 | 17,597 | $1,595 | $524 | 0.02 |
Q2 2013 | 25,865 | 20,025 | 17,905 | $1,724 | $444 | 0.01 |
Q3 2013 | 22,367 | 18,013 | 14,598 | $1,647 | $637 | 0.07 |
Q4 2013 | ||||||
FY 2013 | ||||||
NOTE: Values in italics are estimates based on company forecasts or analyst research. |
Molejon Resource estimates
Based on the pre-feasibility level design work completed and reviewed, the authors believe there are approximately 15.3 Mt of gold and silver reserves that can be produced averaging 1.30 g/t gold and 2.05 g/t silver and recovering approximately 586,000 ounces of gold and 711,792 ounces of silver. In addition, the pit contains 36.8 Mt of aggregate reserves which should yield approximately 29.4 Mt of saleable aggregate products after crushing and screening. Behre Dolbear believes that the mine will be able to produce the projected 643,000 ounces of gold and 1,008,693 ounces of silver.
Corporate Organisation
Forward Gold Purchase Agreement
On September 22, 2010, the Company entered into a Forward Gold Purchase Agreement ("the Agreement") with Deutsche Bank, AG ("Deutsche Bank"), in an amount of $45,000,000. Under the terms of the Agreement, the Company has sold to Duetsche Bank, a Contract Quantity of Gold being 66,650 ounces.
In addition, should the gold price be in excess of $875 per ounce, the Company will receive from Deutsche Bank, an additional gold payment amount equal to the product of the monthly quantity of gold delivered in that month and the amount by which the gold price exceeds $875 per ounce, limited to $415 per ounce.
Mining Investor's Toolbox:
Mining Valuation for Beginners
In Situ Valuation Calculator
In situ valuation (quick and dirty, doesn't take into account a number of important factors):
Basic Valuation: EPS * 10 = Target Price ... EPS = (revenue - costs) / shares outstanding
Advanced Valuation: DVM's valuation ratio = [stock price x (basic shares outstanding + in the money derivatives assuming exercise + newly issued shares from financing) - working capital - cash from in the money derivatives assuming exercise - cash from newly issued financings + major capital cost items if applicable] / gross profit
Target price = cash flow multiple / DVM's valuation ratio x stock price
Panama Project
The project area is located in the District of Donoso, Province of Colon, approximately 100 kilometers west of the Panama Canal on the Caribbean Coast. Petaquilla Minerals' land holdings are situated in the perfect position to ship concentrate at low cost to Europe, Asia, and North America.
The combined project area comprises 795 sq km on tide line. The plant site and open pit is serviced by a new road built to a 70-tonne specification.
Project tenure is secured by 'Ley Petaquilla', a project specific mining law that gives the two companies secure ownership, in three renewable phases, for a total of sixty years.
Petaquilla Projects First Quantum Project
Molejon Aerial view
Molejon Mine Mill Layout
PDI office at the Molejon mine entrance Heap Leach Pads on the left. Molejon mine pit in the background
Heap Leach Pads The large one is being loaded Loading of the main Heap Leach pad
The heap leach Process
Loading of the main Heap Leach pad Molejon Mine Tailings
PDI crushers for aggregate The 4 ball mills
FQ By-pass road contruction
The road will go to the FQ mine and to the new Caribbean port 30km away
FQ by-pass road construction behind Molejon mine
Petaquilla Spain Project
Petaquilla mines and neigbours Spain Pyrite belt
Lomero Poyatos head shaft San Telmo open pit mine (to be drained)
Lomero Poyatos property (on the left is San Telmo)
Lomero Poyatos underground view
Phase 2 of the drilling campain.
16,000 meters using 5 drilling rigs 24/7
Petaquilla Portugal Project
Almada Mining SA in Portugal.
Almada Mining SA is located in Portugal and is 100% owned by Petaquilla Mineral.
The Bania mine is on 5.12 km2 land and the total exploration rights area of the Banias project is 117km2.
This area was mined during the Roman empire. No resource estimate has been done but samples from the mine yielded as much as 523gr of gold per ton. Of course the average will be a lot lower than that (around 5 to 10 g/t) but most of it is "free" gold so no need for a mill. A bunch of shaking tables will do it.
18 holes over 5,000 meters are being drilled to get a resource estimate.
The mine is approved for a trial period of 150,000 tons a year for 3 years. Yes, get you calculator and use 10gr per ton just for fun.
Capex is about $5M and the mine could be in production 9 to 12 months from now. One nice thing is that there is no need to dewater the mine.
The company has another project in Portugal it is the Jales project 120km away. I do not have a lot of data about that one. Bania is the one to concentrate on right now.
Here are a few pictures of the mine
Almada Mine entrance Almada mine location
Samples showing "free" gold
Storage of cores from drilling
Visible gold inside the mine
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