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Bel Global Resources (761 HK)

Year: 2011

Bel Global Resources was the product of a 2008 reverse merger. The company acquired the rights to an Indonesian nickel mine in January 2008 for HK$2.2bn. This was primarily funded via convertible bonds which were secured against the output of the mine. When the nickel output failed to meet the predetermined level, the bonds went into default. In transpired that the company's senior management and major shareholders had supplied false information that led to the acquisition of the mine. As such, while this does not seem to be a case of faking profits, it is one of false representation and, possibly, embezzlement. 

Last updated September 2021

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