Word: bre-x
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...investors lost billions when it was revealed that Bre-X Minerals engaged in the largest mining fraud in history. Bre-X vice chairman John Felderhof, who is charged with insider trading, lives beyond extradition, with his wife, in the Cayman Islands...
Earlier this year, the Canadian company Bre-X created a scandal when it reported that the 200 million oz. of gold it had "discovered" were a hoax. That may not be all bad: investors don't have much use for the stuff anyway. Recently Australia, the world's third largest producer, confirmed the sale of about two-thirds of its holdings. The $1.87 billion gold dump followed sell-offs by Belgium and the Netherlands and reports that others would follow. Australia's sale sent the price sinking to $314.60 per troy oz., a 12-year low, before it recovered...
...hope the investors who were unfortunate enough to own Bre-X Minerals shares [BUSINESS, May 19] followed the ever important rule: diversify. I can't wait for the book or, better yet, the movie about this rip-off. BRIAN VAN LEEUWEN Albuquerque...
TORONTO: The Bre-X saga came to an ignominious end Thursday when the upstart mining company filed for bankruptcy and removed its shares from trading on the Nasdaq Stock Market. Bre-X had already been dumped by the Toronto Stock Exchange following a plunge Tuesday in which Bre-X shares, once worth more than $200, closed at about 6 cents. At Tuesday's close, the company's market value was about $14 million, compared with its peak value of $4.5 billion last year. The bankruptcy will provide protection against a host of current and expected lawsuits against the company stemming...
TORONTO: "We share the shock and dismay of our shareholders and others that the gold we thought we had at Busang now appears not to be there." That was the Captain Renault-esque reaction of Bre-X head David Walsh to an independent report calling the once highly-touted Busang, Indonesia lode the biggest scam in the history of mining. In its report released Sunday, Strathcona Mineral Services said that gold from outside sources had been added to the crushed rock core samples that Bre-X had gathered as evidence of the supposed 200 million ounces of gold at Busang...
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