RE:RE:Albania – Once again a look at some numbers Iscfa: You think it’s wise not to question past performance or shed light on past events which, at the very least, raise questions?
Isn’t past performance / behaviour one of the most reliable indicators of what can reasonable be expected for the future?
And just in case you or anyone else is planning on raising the “Why are these questions / issues being raised now”, the answer is quite simple:
DD is, or at least should be, a never ending undertaking for any investor. Some information only came to light fairly recently which prompted more digging which in turn led to more questions or, to phrase it more correctly, concerns.
Should it not concern shareholders that the apparent majority ownership in a tax haven domiciled company and the apparent subsequent sale / loss of this ownership seems to be absent from public filings?
And then there is this interesting comment about its Israeli shareholders having paid taxes on whatever income derived from this company. What Israeli shareholders? I thought GFI S.A. was a 100% EUO owned company and the minority shareholder was Swiss. Did I misunderstand? Did I also misunderstand the any majority ownership interest must be disclosed according to SEC regulations?
From the Panama Papers article:
Another business that Halkin established abroad is GFI Technologies. It was registered in May 2013 in the island of Anguilla in order to invest in Albanian high-tech companies. According to records, Halkin, an Albanian citizen named Ismail Mulati and a Canadian firm called Global Fluids International S.A. are the company’s owners. Halkin did not respond to an inquiry by Haaretz regarding what kinds of investments the company made, if any, but commented that the goal of the company is “selling fuel technology.” He added that “all of the Israeli shareholders’ revenue is reported to Israeli tax authorities.”
And then there is this puzzle about the marker revenue portion of this contract which seemingly only yielded 6 or 8% of its potential according to Albanian oil production / consumption numbers as outline in this post:
Iscfa: It may be understandable that current longs would rather see this stuff as “water under the bridge” but is it smart?