On Friday the 30th November, our case was heard in the Dutch Court, amongst others. The Justice refused to allow Transeco CEO Mr Niazi safe passage to attend court, where he so desperately wanted to verbally deliver his statement. Due to the circumstances, he wrote a one-page statement to be read out in court by the representative lawyers, together with his lawyer’s defence of the company and release of the frozen escrow account.
As previously stated, Transeco Minerals and Mining Ltd, it’s Directors and Employees in the UK and in Ghana have not been under any scrutiny in relation to the investigation; it is our Dutch escrow accounts that have been. ING Bank along with the Justice have instigated an
order to freeze our accounts in Holland, as well as Goudtoken Company and Mr J Hooft’s due to the investigation.
Consequently, the amount frozen is circa 340,000 Euros and considerably more in Mr J Hooft’s account. Most damaging is the loss of several million Euros of further investment that was expected to push production forwards. Together with the brokers we are now undergoing the gruelling process of identifying which clients have their money frozen.
You are also aware, that further investment was crucial to Transeco as it had financially committed to purchasing large processing plants, further heavy plant machinery and to make final payments on equipment and concessions. Deposits had been paid on the basis that investment would be available imminently and the loss of these funds has been detrimental to the planned growth and development of Transeco.
Transeco is at a very crucial point at present, production is within touching distance and desperately needs to start. The availability of frozen
funds coupled with the halt of further investment coming forward has had a hugely negative impact on our anticipated timelines.
With this crisis in mind, Transeco’s UK CEO arranged various meetings with existing investors in the Netherlands and in Antwerp. The purpose of these meetings was to highlight the real danger of a very late production start date, and for the individuals to meet Mr Niazi
(Transeco UK CEO) and in the case of Antwerp to meet Mr Niazi and the CEO of Transeco Ghana.
To fully achieve the task in hand, we needed to raise one million euros. Although this is the case, 500k euros would be the absolute minimum to keep the operation on the right path for production. We are extremely happy to say that the majority of clients that attended were committed to contributing to the additional investment required. Transeco sincerely appreciate their support during these difficult times.
If you can assist us in raising the full amount, please contact us immediately. Invest as much as you are able and join the other clients that have put their trust in us again. This additional investment will mean Transeco will commence production early in the new year and soon after, be in a position to start fulfilling the FGS contracts.
Transeco wish to take this opportunity to thank the clients that have already reinvested or have promised to do so, we greatly appreciate your support during these difficult times. Transeco wish to reiterate that you the clients, are the number one priority and we shall not let you down. Despite the illegal actions of the Justice and ING Bank, their unjust behaviour will not stop us from fulling our commitment to you!
In the meantime, our momentous tasks such as our enormously vast exploration work, legalities, infrastructure and reports continue. We are also faced with the rainy season between June-November where work often comes to a complete stop due to wet weather and flooding,
fortunately the rains have subsided, and we have good and clear weather to go forward.
Although we endure further challenges, we are optimistic and enthusiastic to explore and take advantage of upcoming opportunities. Our clients are the most significant part of Transeco Minerals and Mining, without the forward gold purchases we would not be in the positive position we’re in now. Our top priority is to fulfil each contract and reassure clients that we are proactively working towards this.
We appreciate the biggest concern is when gold purchases will be fulfilled, but we are continually reluctant to provide exact dates and potentially mislead clients. To stop Transeco from suffering further delays, the Justice must withdraw all actions against Goudtoken Company and allow Mr Hooft to restart his operation. We expect a decision from the courts on Friday 13th December in regard to the releasing of our account.
Transeco operates a transparent policy, therefore, we would like to offer clients the opportunity to visit Ghana covering a two-night stay, transfers and a tour around site. This opportunity will enable you to see the progress and equipment bought with forward gold purchases and also provides additional security knowing where the assets are located. We would like to maintain a transparent relationship with our clients, please feel free to contact us any time or visit https://www.transeco.org for regular updates direct from Ghana.
Mr A Niazi Director & Mr G Amarh Director