If I read it correctly, JV002 was the victim of a scam by parties whose whereabouts are unknown.
And it looks like JV008/02 may be stalled and JV008/04 is not going as planned. Must be pretty frustrating for those involved.
The full posts can be found on the XUN Forum. The following are portions of those posts
On February 20, 2015, the Exit Buyer's representative informs JV008/02 that they are not proceeding with the Mazut-M100 sales transaction. JV008/02 is evaluating its Profit Sharing Agreement with the Supplier. Should JV008/02 continue with the Supplier, there are no assurances that there will be a successful close on the Mazut-M100 sale, and there can be no assurance that the sale of the Mazut-M100 will be profitable or that the company will be able to generate sufficient revenues to operate profitably.
JV008/04 met all of the conditions of the JP54 Agreement To Purchase which included the Exit Buyer being one of the five largest oil companies in the world. The Seller breached the JP54 Agreement To Purchase by failing to issue the Commercial Invoice to the Exit Buyer as required by the terms and conditions of the JP54 Agreement To Purchase. JV008/04 failed to earn gross profit (before buying and selling costs) of USD$8.00 per barrel. JV008/04 is examining its option to bring legal action against the Seller and their bank for breach of contract and damages sustained by JV008/04.
There are no assurances that JV008/04 will bring any legal action against the Seller. Should a legal action be taken by JV008/04, there are no assurances that JV008/04 will be successful in being awarded damages sought after with the legal action and no assurances that if successful in being awarded damages, that JV008/04 will be successful in collecting the damages from the Seller or their bank.
My posts are not meant as investment advice. Always check company filings and do you own Due Diligence
AI
