One word...CORRUPTION !!!!!!!!!
I can't even make heads or tails of all these lies and deception
Adelita Coriat
acoriat@laestrella.com.pa
What was a senior Panamanian government at a meeting of Petaquilla Minerals Ltd. asking the board a restructuring of its members?
Early in the morning on a day in mid-August 2009, foreign and domestic managers of Petaquilla Minerals Ltd., gathered at the Miramar hotel in Panama City, they were visited by Ricardo Quijano, then Deputy Minister of Trade and Industry. The man had an important message to convey on behalf of the president, Ricardo Martinelli, who had taken over the country in July.
What they said less, "Quijano said the president was interested in helping the development of the mine, but that the only way that the company received authorization to commence gold mining operations would remove Richard Fifer as CEO the company. He added that Martinelli was willing to receive a delegation of the board to hear and confirm the information from the lips of the president '.
This has told La Estrella de Panama a source who has investigated the case Petaquilla Minerals Ltd. who requested anonymity.
His account was corroborated by this newspaper to other witnesses that prove, with very similar words, what happened.
Then, two members of the board, Robert Baxter and Joao Manuel, moved to the Presidency to confirm the words of Quijano. They met with then President Martinelli for a few minutes and he repeated the version of messenger. He said, according to the source, 'he (the president) could not bear the environmental issue, which was already showing resistance to the mine, and bear the bad reputation that had Richard Fifer'.
'The fact that a senior executive of the government and the president to interfere in the composition of the board of a public company listed on the Stock Exchange of Toronto, is a crime, since Canadian law protects shareholders and autonomy. No outsider can meddle in the internal affairs of the company, "explains a source close to the company.
'The issue of the composition of the board was not included in the appointment of managers, "adds the source.
Baxter and Manuel returned to the hotel to inform their colleagues the results of the meeting.
'Fifer was shocked, I could not believe the words of the messenger', remember this person related to the company.
Fifer had dreamed of this project since the mid-eighties, when it requested the Government to grant exploration of gold, silver, copper and other metals in Molejón, in the district of Donoso, Colon Province. It had been an intense effort to realize his dream he saw now pulverized.
Besides Fifer, at that meeting, among others, were present Joao Manuel, Robert Baxter, Gaston Araya, John Cook, John Reising and Rodrigo Esquivel, lawyer Fifer, as a listener.
SPEAKING QUIJANO
Quijano recalls that date, but denies that was carrying a message from the then first command. 'Totally false' he says. The exviceministro explained that his presence at the meeting was due to an invitation of the directors 'because they were to choose a new board' and sought the support of the Government.
He says not remember what was discussed. 'All I can say is that a new policy was chosen and invited me to meet her' he says. He adds that remained only about 20 minutes and then removed.
Some of the managers contacted by La Estrella de Panama that were present at the meeting were prevented to answer the concerns of the newspaper on grounds of confidentiality only willing to reveal in court.
Quijano argues that the company made a huge investment that would reward the State and would be reflected in nearby communities hundreds of thousands of dollars to the country in royalties from the export of the mineral.
SUNDOWN
Fifer had multiple open in Panamanian courts noted of embezzlement lawsuits, while he served as governor of Cocle, along with a teen old conviction for distribution of cocaine and marijuana.
The output of the company Fifer watered everywhere. 'Fifer and Martinelli had no mystical' he says Santos Gomez, leader of the union. He adds that before August 'communications and then gave Martinelli accepted the appointment with Fifer. Apparently, Martinelli asked Fifer had to leave the country, "Gomez said.
Martinelli's meddling in the board added to the dissatisfaction of some managers seeking to replace Fifer as CEO (Chief Executive Officer) or director of the company, but not eliminate the policy. They are pushing for a responsible, honest administration, because they relied on the development of the project for those dates had to meet financial commitments and did not have the cash flow. Chris thought in Davie for that office, an engineer with extensive experience in mining and plant management that would process the raw material.
Rodrigo Esquivel said that while he was at the meeting heard Quijano not utter those words. 'If he did was somewhere else, not at the meeting, "he says. The lawyer, who in November of that year would be named president of Petaquilla Gold, a subsidiary of Petaquilla Minerals Ltd. in Panama, recalled that Quijano said the government would respect the contract signed Law 9 that the state with the company in 1997.
FIRST CHANGES
On September 15 the first fruits of the August quotes were. Petaquilla Minerals Ltd. announced Fifer's resignation as chief executive. Since then the geologist would assume the post of director of the company, a position away administrative and operational decisions.
From that date, they took command Jhon Reising (Chairman), Chris Davie (director), John Cook (chief director), Gaston Araya (construction and planning), Graham Scott (corporate secretary) and Robert Baxter (director) .
When Chris Davie was invited in September to participate in the project found "numerous issues adversaban the company 'wrote exdirectivo La Estrella de Panama.
Davie, cautious in choosing his words, referred only to technical and financial issues.
In addition to the substantial and costly debt that kept company with Platinum Partners - $ 40 million, approximately- describes Davie, 'they joined other technical issues, organizational and administrative'.
'The plant lacked a plan of mine, gold production had been established some degree of Law, but no one had any idea how it would develop the open sky, in particular with two creeks running through the site' drafted Davie .
Add to this another sharp dagger stopped their management; the tropezadas relationships with lenders, the firm Platinum, Fifer loan was negotiated.
An ace up his sleeve Fifer. Petaquilla Minerals Ltd. had already declared its inability to pay and when negotiating the loan is made to guarantee the assets of the company and the mining concession. Lenders did little heed Davie and company.
English added that the plant had begun operations prematurely before completing all the facilities and cashless. In addition, the low level of production was insufficient to bring costs and pay the debt of the company.
They were required approximately $ 15 million to establish a production plan and mine. The vision of Davie had the support of the rest of the directive.
The CEO of Petaquilla Minerals Ltd. Platinum approached to propose a short-term plan to pay the debt, but for 'some reason they took my proposal as a demeaning project, to the detriment of investors' she explains.
"He (Fifer) was the one who negotiated the loan and had offered a package impossible predictions of profitability of the mine, but apparently Platinum believed him ', he adds Davie.
Somehow, perhaps indirect, Fifer had achieved another step to recover his treasure.
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Ricardo Quijano
EXVICEMINSTRO OF COMMERCE AND INDUSTRY
AI
