HomeBusiness DigestAustralian Securites Exchange Cape Range Ltd swindled of US$1,2m

Australian Securites Exchange Cape Range Ltd swindled of US$1,2m

Founding shareholders in Ox Drilling (Pvt) Ltd Dirk Renier Benade and Aubrey Steyn swindled Australian Securities Exchange Cape Range Ltd of US$1,2 million the mining firm paid for the acquisition of a gold mine and concealed the litigation from Gold Discovery Group when it bought the same mine, businessdigest can reveal.

Benade was a shareholder in Ox Drilling when the transaction for the sale of the mine went through.

Investigations show that Ox Mining, a company which is now controlled by former Hwange MD Fred Moyo, Paul Diamond and Martin Zoghby through their company, Gold Recovery Group, is being sued by Cape Range, which paid US$1,2 million for Inez Gold mine in the Midlands.

The Supreme Court of Western Australia issued a default judgement against Ox Mining (Pvt) Ltd in February 2012.

The court ruled that Ox Mining pay US$1,2 million and interest at the rate of 6% effective from May 10, 2011.

Documents seen by businessdigest show that Gold Recovery Group (Pvt) Ltd, a company controlled by Moyo and Diamond, paid US$3,4 million for 100% shareholding in Ox Mining in 2012 and assumed a US$1 million liability in loans.

Other documents show that Gold Recovery Group made off-shore payments for the stake to various bank accounts in New York, Cyprus and Hong Kong for the equity.

Now, Cape Range, through its local representatives, is pursuing the funds from Ox Mining.

Sources said Gold Recovery Group is looking at ways of accommodating Cape Range.

“The group is in talks with their representative to see how the company can also come on board,” the source said.

Sources said Benade and Steyn claimed the Cape Range deal was null and void because US$50 000 was paid out of time.

Cape range, according to the ASX, is said to have interests in telecommunications and technology sectors.

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