Glad to see you took the time to look up the differences between subsidiary and affiliate/associate companies. Now you realize that TAG Minerals Zimbabwe (PRIVATE) Limited, is not wholly owned and controlled by LLSR.
Lantis has only a minority interest in TAG-Z. You say that interest is 49%. I have seen nothing in writing to that effect. In fact, I have seen no written details of the revenue sharing agreement(s) between Lantis and TAG-Z, have you?
Additionally, as a minority interest, LLSR has limited legal say in any changes the majority interest wishes to make. That is the reason LLSR needed to buy the controlling interest in RPTN prior to initiating the reverse split. By holding the controlling interest, any votes on structural changes are merely a formality.
Back in July of last year, when your article was written, perhaps things appeared to be getting better. Just a month later, in August 2011, the press was reporting threats of nationalizations:
"Government minister Savior Kusakawere sent warnings to the businesses to prepare themselves to be nationalized or they would lose their licenses, the British Broadcasting Corp. reported Saturday."
"The businesses receiving warnings included mining companies and banks. BAT and Barclays were among the 13, the BBC said.
Finally, Zimbabwean law requires that all miners remit royalties to government. According to the Zimbabwe Revenue Authority, royalties are set as a percentage of gross production, regardless of profits.
All in all, this seems like an ideal "hole" to make money magically disappear.
WoW, you said, "There are no Zimbabwe public companies as there is no stock exchange..."
That is absolutely FALSE. The Zimbabwe Stock Exchange, or ZSE, is the official stock exchange of Zimbabwe. It has been open to foreign investment since 1993.
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