I see that on 14-1 a shareholder of Gold Hedge Royaly Corporation Ltd wrote a brief report of his unfortunate experience with that company.in support of him, I am supplying my own report.
In the summer of through a brokerage and consulting firm in Cyprus, I bought placement shares in Gold Hedge Royalty (Sponsoring Broker: Hedge Secuirities and Investments Pty Limited), a company that proposed to invest in gold and other metal mining companies in Australia. The list of shareholders in my possession shows 73 corporate and individual investors whose total investment comes to $42,175, 330 (US), a little over one tenth of the planned capital. However, there may be more investors than these.
Since then the company appears to have done nothing to develop its business or to further the interests of shareholders, or even to keep the shareholdes informed of its activities by direct and specific reports. On 8-2 the Australian Securities and Investments Commission announced that it had closed the websites www.hedgesec.com and www.Goldhedge royalty.com.'which include an array of false claims' (ASIC's words). Since Mr John Varoujan, the head of the management team, has apparently been uncontactable, except, it seems, by the firm in Cyprus.
I am aware that other shareholders have been actively seeking a meeting with Mr Varoujan to find out more about his management (or mismanagement) of the company. I would now like to associate myself with those efforts, because I fear that what I took to be a combination of misfortune and negligence may in fact be a case of deliberate, large-scale fraud.
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