OTCPK:MAUXF - Post by User
Post by
Fernando2010on Sep 18, 2013 8:55am
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Post# 21747902
Could Mart be a fraud?
Could Mart be a fraud?I read about the recent accusations of fraud involving Oando, and the effect caused by them to our share price.
My question is: could Mart be a fraud too?
Even though everything is possible (after all, we are talking about Nigeria), I don´t think it´s likely.
The reason for this is the following: I reviewed the background of our directors and managers.
2 of our independent directors (Armstrong and Wolbaum) are former directors of Centurion Energy, a company that grew from nothing until it got a production of 32.000 bopd in Egypt, before being sold to Dana Petroleum a few years ago. Under their watch, Centurion’s share price increased from C$1.56 in May 1997, to C$12.00 in January 2007, when it was sold to Dana.
Our CEO Wade was also a co-founder of Centurion Energy.
In addition to that, Armstrong sits on the advisory board of the TSX Venture Exchange.
Paul Crilly (another independent director) has a respectable background building and selling companies in the oil patch.
Our CFO is a former Heritage Oil controller
Our auditor is Deloitte, a top grade accounting firm
Have all of them suddenly decided to be part of a fraud, after constructing re*****ble careers for so many years?
Possible: YES. Likely: definitely NOT
Just my oppinion
Fernando