CMKM Diamonds Inc. (fka CMKX)

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Another coincidence that things take so long?


Global ex Saxena sued for undelivered shares


2007-08-21 15:30 ET - Street Wire

Also Street Wire (C-AHI) Asean Holdings Inc


by Mike Caswell

Three U.S. residents are suing fugitive Thai financier Rakesh Saxena over undelivered shares from eight years ago. Larry Kau, Anthony D'Aquisto and William Miller say they paid for shares of Global Explorations Corp. in 1999 but they did not receive the stock.

The claim was made public on Friday in a brief writ filed in B.C. Supreme Court.

Mr. Saxena, who was a financial backer of the Vancouver Stock Exchange-listed and much-touted Asean Holdings Inc., has been living under self-financed house arrest in the Vancouver area for much of the past 11 years. The Thai government is trying to extradite him on charges that he embezzled $88-million from the Bangkok Bank of Commerce.

Missing shares

In a writ made public on Friday, three U.S. men are seeking money they left in trust with Mr. Saxena's lawyer, Russell Chamberlain, for shares of Global Explorations Corp., a former pink sheets listing.

The amounts claimed vary. Mr. Kau says he lost $20,000, Mr. D'Aquisto says he lost $75,240 (U.S.) and Mr. Miller says he lost $25,000 (U.S.). The transactions took place in June and August of 1999.

The men claim they left the money in trust but did not receive any shares. They are seeking a court order allowing them to trace the money. They are also asking for damages for breach of trust "in the wrongful payment, receipt and appropriation of the funds."

Mr. Saxena has not answered the allegations.

Global Explorations

In 1999 Global Explorations was a Saxena-backed company. The company had incorporated two subsidiaries in India, where it planned to "conclude marketing joint ventures with prominent Indian industrial houses active in the print advertising business for over two decades."

On July 9, 1999, the Vancouver Stock Exchange halted the company, citing Mr. Saxena's involvement. The VSE said it wanted "clarification of market activity" after the recently dormant company came to life. It traded for a nickel in the spring, but went to a $2.03 high by July.

The exchange did not detail the problem, but in an interview Mr. Saxena said the exchange took exception to his involvement. The financier said would he take the company elsewhere. In November, 1999, Global changed its name to Global Explorations Inc. and listed on the Nasdaq Stock Market.

That same month, Mr. Saxena disclosed ownership of 2,612,550 shares of the company, or approximately 22.5 per cent of its voting securities.

The stock reached a $4.25 high in January, 2000, but quickly fizzled. It was at $2 by March and at 25 cents in May.

Saxena's 11-year-and-counting extradition

Mr. Saxena, an Indian national, has been fighting extradition to Thailand for 11 years. Other than one year in jail, he has spent most of his time living under $43,000-per-month self-financed house arrest. He currently lives in a $1.13-million riverfront house in Richmond.

In 1996 Thai authorities accused Mr. Saxena of fraudulently borrowing $88-million from the Bangkok Bank of Commerce. They claimed he sent the money to Swiss bank accounts and used it to repay personal debts.

Mr. Saxena denied the allegations.

The RCMP arrested Mr. Saxena at a luxury hotel in Whistler, B.C., on July 7, 1996, at the request of the Royal Thai Police. Thai authorities had been looking for Mr. Saxena in London, Switzerland and New York before he turned up in Whistler.

After the arrest Thailand sought the financier's extradition. He is still here.

From the start Mr. Saxena fought deportation, claiming that he would be killed if he was returned. In February, 1998, a judge released him on $2.5-million bail.

The ensuing hearing was the longest extradition trial in Canadian history. The decision, delivered after 92 days in court, came on Sept. 15, 2000. B.C. Supreme Court Justice Frank Maczko ordered the fugitive financier returned home.

Mr. Saxena appealed, but in November, 2003, then-Minister of Justice Martin Cauchon ordered the financier back to Thailand. Mr. Saxena appealed that decision too, but ultimately lost.

In March, 2006, three B.C. Court of Appeal judges affirmed Mr. Saxena's extradition. The judges also decided that Mr. Saxena imposed a flight risk and ordered him immediately jailed.

Jail was not where he would stay, however. The fugitive financier remained behind bars until last September, when a military coup in Thailand delayed his extradition. After the coup Mr. Saxena made a special request to Justice Minister Vic Toews, asking for permission to remain in Canada because there was no assurance Thailand's military rulers would treat him fairly.

Mr. Toews agreed, and Mr. Saxena returned to his house in Richmond.

Saxena linked to bank robber

Mr. Saxena was recently linked to another fugitive, accused bank robber Luke Sommer. U.S. authorities say Mr. Sommer masterminded an Aug. 7, 2006, robbery of a Bank of America branch in Tacoma, Wash. A former U.S. Army Ranger, Mr. Sommer was one of four masked gunmen who entered the bank at 5 p.m. with handguns and AK-47s. They left with $54,011 (U.S.) in cash.

All four were arrested within days, including Mr. Sommer, who was found at a grocery store in Westbank, B.C. Prosecutors in the U.S. began proceedings to extradite the Kelowna native. Meanwhile a B.C. judge placed him under house arrest and sent him to his mother's ranch in Peachland to await a deportation hearing.

Fearing he would be jailed for 30 years if deported, Mr. Sommer ran away from home this June.

In an unusual twist, he left a goodbye note and a CD for RCMP. Among other things, the CD contained 100 e-mails between himself and Mr. Saxena. The e-mails suggested Mr. Sommer worked with the fugitive financier on shell companies over a 10-month period.

One of the companies mentioned was American United Gold Corp., a junior miner trading on the OTC Bulletin Board. It has a 52-week high of 50 cents, and last traded at 1.8 cents.

Mr. Sommer said he met Mr. Saxena at the North Fraser Pretrial Centre in Port Coquitlam. The former U.S. Army Ranger also claimed he had been working with an Indo-Canadian gang on a plan to smuggle heroin into Canada.

http://www.stockwatch.com/swnet/newsit/newsit_newsit.aspx?bid=Z-U:GXXL-1402420&symbol=GXXL&n...

Now... Look at this....

Type in GLOBAL EXPLORATIONS COMPANY, INC. It is the 2nd one on the list! Read it baby! Robert Maheu! http://www.sunbiz.org/corinam.html