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| Mr Nobu Su, acting Director of F3 Capital Ltd, denies any and all allegations of misconduct or corruption in relation to all matters concerning the drillship Titanium Explorer, Vantage Drilling and Petrobras. F3 Capital, a Cayman company, is one of the largest shareholders of Vantage Drilling, a Cayman company listed on the NYSE at the time. Its interests in propping up 'cash-strapped' Vantage Drilling are obvious. |
HONG KONG, Oct 20, 2015 - (ACN Newswire) - F3 Capital denies any involvement in misconduct or corruption whatsoever in relation to all of the matters concerning the drillship Titanium Explorer, Vantage Drilling and Petrobras. F3 Capital acknowledges that all business conducted was for the benefit of Vantage Drilling, in its capacity as a director of the publicly-listed company, upon the request of the executive committee consisting of Paul Bragg, John O'Leary, Steiner Thomassen and Nobu Su. Mr Su notes that his involvement with Vantage Drilling coincided with the collapse of Lehman Brothers, the rescuing of AIG in September 2008, the nationalisation of the Royal Bank of Scotland (RBS) and introduction of TARP in October 2008
Mr Su explains that F3 Capital was on a number of occasions requested by Vantage Drilling, including by Paul Bragg and Mike Derbyshire, Vice President of Marketing, to provide emergency funding during the financial crisis, and up to 2010 Mr Su has said "such requests certainly cannot be described as infrequent". For example, prior to Christmas in 2008, they were requested to pay USD17.3 million to the Platinum Explorer Company for the ONGC contract in India. Immediately after Christmas, F3 Capital requested a TMT Corporate Guarantee of an issue from DNB Nor Bank for 6.5 years in order to qualify as a potential bidder. Vantage Drilling continuously requested emergency funding from F3 Capital up to 2010 when it finally commenced generating income.
Mr Su adds that whilst requests for funding were made by Vantage Drilling during the financial crisis, he is not aware of any significant financial deals recorded in the second half of 2008 in capital markets in USA, with the exception of the so called USD7 trillion "Columbus Day present" arranged by Timothy Geithner and Hank Paulsen in November 2008 in the US. To the extent Vantage Drilling allege that it was unable to raise any funds because of Mr Su, Mr Su says this could not be further from the truth. Mr Su cites Natexis, a French bank, Bank of Tokyo Mitsubishi Bank in Japan and Fortis Bank in Belgium whom he believes raised approximately USD440 million on 12 June 2008, at the time of the Vantage Drilling IPO. However, he explains that he recalls the legal documentation were not filed correctly under SEC or other regulatory rules, since the signature of the financer's counsel, believed to be Bracewell & Giulliani LLC, was missing. In respect of Fortis, the SEC files should apparently have been signed by its headquarters, but it seems that they were signed by the New York Branch on 12 June 2008, which might have lacked sufficient liquidity at the time. Fortis went bankrupt in October 2008, while Natexis and most French banks fell under the control of the French Government.
The financial crisis banking mystery surrounding Vantage Drilling shares has continued. Mr Su alleges that one of the TMT accounts, specifically the RBS PLC Shipping Centre account in JP Morgan Chase Bank (New York head office) was provoked into a default on or around 30 September 2008.
Topic: Press release summary
Source: TMT Co., Ltd.
Sectors: Logistics & Supply Chain, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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