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sophieyan · 04-17-2008

It looks like one person has caused the current slump in Aussie gold share
prices:

I't not just thanks to the ANZ that we have bargains around right now.

Read the following:

Bolnisi Gold chairman behind Opes fall
_____

Monday, 14 April 2008
Kate Haycock

WEEKEND media reports have revealed that former Bolnisi Gold chairman Norman
Seckold was the person who withdrew some $A100 million in stock from failed
stockbroker Opes Prime in mid-March, precipitating its $1.4 billion
collapse.

The Australian Financial Review reported over the weekend that Seckold, who
is also the chairman of Mexican-focused explorer Kings Minerals, was the
shareholder called "Client A" by the Australian Securities Exchange.

Seckold told the newspaper he had withdrawn the shares Opes held as security
for a loan taken out in 2004.

At that time, Seckold's shares in Bolnisi - which was taken over by United
States-based silver miner Coeur d'Alene Mines late last year - were worth
around $15 million but by mid-March this year they had risen in value to
around $100 million.

Seckold's decision to remove his shares from the Opes account reportedly
drew attention to irregularities within the stockbroker's accounts, which
quickly led to its demise.

In the wake of the Opes collapse, its major lenders ANZ and Merrill Lynch
were left to recover around $1.4 billion in capital by selling off shares
they seized from the failed broker.

04-17-2008	#5 (permalink)
sophieyan Junior Member Join Date: Jan 2008 Posts: 5	Bolnisi Gold chairman behind Opes fall It looks like one person has caused the current slump in Aussie gold share prices: I't not just thanks to the ANZ that we have bargains around right now. Read the following: Bolnisi Gold chairman behind Opes fall _____ Monday, 14 April 2008 Kate Haycock WEEKEND media reports have revealed that former Bolnisi Gold chairman Norman Seckold was the person who withdrew some $A100 million in stock from failed stockbroker Opes Prime in mid-March, precipitating its $1.4 billion collapse. The Australian Financial Review reported over the weekend that Seckold, who is also the chairman of Mexican-focused explorer Kings Minerals, was the shareholder called "Client A" by the Australian Securities Exchange. Seckold told the newspaper he had withdrawn the shares Opes held as security for a loan taken out in 2004. At that time, Seckold's shares in Bolnisi - which was taken over by United States-based silver miner Coeur d'Alene Mines late last year - were worth around $15 million but by mid-March this year they had risen in value to around $100 million. Seckold's decision to remove his shares from the Opes account reportedly drew attention to irregularities within the stockbroker's accounts, which quickly led to its demise. In the wake of the Opes collapse, its major lenders ANZ and Merrill Lynch were left to recover around $1.4 billion in capital by selling off shares they seized from the failed broker.