Lets return to the subject of one of my most popular posts, a post about Mahdia Gold. Its not a very unique junior story, but its one that I cover and that not a lot of others do. I was also an investor at a time. To get a background on Mahdia, or re-read my previous post on them, click here.
So..whats new in the Mahdia saga? Well its working are striking for unpaid wages, which makes perfect sense considering that they have no money to pay them. here is the video Capitol News for your viewing pleasure, which shows the unfortunate individuals asking for their money. Interestingly enough, Stabroek News has an article (or partial article because they want you to pay for the reading beyond the first couple of paragraphs..granted only 25cents) which states they have been unpaid for 6 months and that Alan Zaakir "the former Chief Executive Officer who is now described as MGC’s Managing Director" has been contacted, but since I didn't pay the fee I can't read his response. Okay, so Alan Zaakir is still part of Mahdia Gold, which just goes to show how little hope there is for the large number of shareholders holding the bag on this joke. Oh, and what more, Mahdia Joint Ventured with a local company called Roraima Mining (Mahdia only has prospecting permits for the Omai property whereas Roraima has actual alluvial mining license) which someone on the ground tells me is actually owned, or at least in part, by Zaakir, although I am still trying to confirm these reports. As well, when he was exiled from the company, much to the joy of the angry investors who had been calling for his head for some time, it was basically a lie. Now that he back with the company one can only believe that he has always been behind the scenes.
It really is quite hilarious that this man can continue in this. When Andre Duchane came in, many investors thought it was a new dawn for the company. The man did very little other then set up a joint venture on a small scale alluvial operation which focused on the tailings on the past Omai mine, which was washed away once, and never produced any significant amount of gold.
The company still needs to pay their 7 million to the Guyana Mines department which will, in this market likely not happen. They have already gone over the set date, and over the extension, so who knows what will happen.
I find your posts about Mahdia Gold extremely interesting as I was also scammed severely by Mr. Zaakir, for many many years, prior to, during and after the 'Wintercrest' era. I'd love to share the devastating and life-changing domino effects caused to myself, friends and family due to my involvement with this person.
ReplyDeletePlease do share. The Wintercrest/Aztek era was particularly bad as regulations were even more lax, they even still managed to get delisted. Al and Bending issued themselves many shares. Its is interesting, and quite comical, that Aztek, Wintercrest, and Mahdia have all been the same pump job over and over again. The WhiteCreek and Tiger River properties have been carried all the way through. Mahdia added the ex-Omai mine to the property and actually did look like they were going to do something, raising around 10 million in all (iirc, its been a while since I reviewed it all so forgive and errors). He even managed to scam Wekerle.
ReplyDeleteIn the end Zaakir, Bending, and there cronies had no interest or intent to actually do anything. Zaakir with his ridiculous paycheck as CEO of a penny stock company and his even more ridiculous amount of shares. A lot of people, myself included for a time, should have seen what it was. Once they burned through that 4 million private placement and did nothing, I sold the vast majority of my shares.
Please do share, as I am sure many people would be able to relate. The stockhouse bullboard is still frequented by a number of people who were heavily invested in this company when I first bought it at 0.24, and many others who bought it all the way up to the 60s. They never sold and are not sitting at a penny and half, hoping and holding the bag.