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Frank Timiș

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quarterly production of 4mt – an improvement of 81% on the prior 3 months. In January 2014 AMI hit its operating capacity for the first time, producing 5.3mt and exporting 4.6mt in the first quarter. Earnings for the company were US$ 203m in 2013 compared with a US$ 26.5m in 2012. Despite the best efforts of the team and management, the continued downturn in iron ore prices, slowing global growth and China's appetite and the Ebola crisis (which infected almost 15,000 and claimed 4,000 lives) left AMI exposed. The downturn in iron ore prices from US$ 128.12 in January 2014 decreased rapidly over coming months reaching US$ 68 in December 2014 and US$ 63 in February 2015. This combined with the Ebola crises created a perfect storm for the beleaguered mining company. Shandong refused to release remaining funds (US$ 100m) and their lawyers Linklater's recognised a perfect opportunity to take over buying 75% of AMI shares at a grossly undervalued price and through a process that was anything but transparent. The Board, management and Timis fought passionately to keep the company from going to administration, but given the perfect storm it was facing and like many other junior mining Companies then and since, there was no alternative but administration. Timis lost all of his $ 450m investment as did the institution investors, shareholders and bond holders. AMI was operating as Shan Steel under Chinese leadership until they recently left the tonkolili project with the loss of all jobs created by Frank Timis and AML.
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Christiansen, Director and chair of the Board of the Tax Justice Network, told the BBC that Timiș appeared to be dodging tax: "It all points to this being a manoeuvre to cheat the tax man. And, if that is the case, because it's been done retrospectively, there seems to be prima facie evidence that this is tax fraud and it should be investigated." Timiș's lawyers told the BBC that he has fully complied with all of his tax obligations.
263:, and Timiș started a new company after paying all creditors in full, Gabriel Resources Limited, registered in the Jersey tax haven. The mining contract was redirected to the new company. Timiș had an 80% stake in the joint company. The Romanian Agency of Mineral Resources declared that the new contract was unfavourable to the Romanian state, but it was allowed by the Government after a parliamentary vote. 370:-listed company was renamed African Minerals Limited (AMI.L) to reflect these other interests., On 15 March 2010 AMI announced an initial Mineral Resource estimate of over 10 billion tonnes of iron ore (independently valued) at an average grade of 29.9% Total Iron in the Numbara and Simbili targets at Tonkolili. 482:
and Africa Eye accuses Frank Timiș of corruptly acquiring exploration rights of Cayar Offshore Profond and St. Louis Offshore Profond blocks, off the coast of Senegal. In 2012, Timiș-owned company called Petro-Tim was awarded a licence to explore the blocks despite having no known track record in the
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Timiș was formerly the non-executive chairman of African Petroleum, he stepped off the board and any role in Governance in African Petroleum in October 2014 and this remained a precondition of the subsequent and current listing on the Oslo Bors. He remains the founder and a supportive shareholder but
426:(EGU.L), a Yukon-incorporated company listed in Toronto and on AIM that owns 95% of Hellas Gold S.A. 21% of that stake was acquired by EGU from Timiș himself in 2004 for $ 77.3m, paid a third in cash and two-thirds in EGU shares, taking his stake to 18.9%. Hellas has three mining projects in Greece ( 343:
In June 2005, an environmental group, Alburnus Maior, asked the Romanian Supreme Court, under the freedom of information laws, whether Timiș was under any investigations. The answer was that his name was linked with three dossiers investigated by the organised crime department. However, Timiș denied
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suggesting that Timiș be investigated for tax fraud. In 2017, BP acquired Frank Timis's stake in a Senegal gas field for $ 250 million, with documents later revealing an additional $ 9–12 billion in royalties to be paid to Timis's company. Both parties deny wrongdoing, with Timis having an estimated
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In 2015, Frank Timis together with then CEO Alan Watling and CFO Matthew Hird took African Minerals into administration. The company has been forced to sell its 75% share to Shandong Iron and Steel Group for a grossly undervalued sum. Half year results for AMI were impressive, the Company posted a
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By mid-2005, it was clear that Regal's oil field contained oil but not in commercial amounts. The flow rates were around 30 barrels a day and "deemed to be non-commercial". In a few hours, the stock fell by more than 60%, and as of June 2006, the share price was at 65p, less than 20% of the peak
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Timis was arrested twice for possession of heroin in the Eighties and was deemed "unsuitable" to be a director of a company by the Toronto Stock Exchange for failing to disclose those convictions. Timiș started his own transport company in Australia, which owned only one truck driven by himself.
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claims that it has documents indicating a collaboration signed by RAC Deva and Gabriel Resources one day before the announcement was published, on 4 September 1995. Also, RAC claimed it received several offers, including from another Australian company, Lycopodium Pty Ltd., but that company has
187:, but the result was a failure. In the meantime, he founded another three companies: Riverdale Mining, Timis Corporation, and Carpathian Investments, together with Ioana Timiș and his sister, Ioana Majdik. However, these companies were liquidated by Timiș, and all creditors were paid in full. 469:
A BBC News investigation accused Timiș of paying only £35.20 in income tax in 2017, despite living a life of luxury. The BBC alleged that payments received in 2017 totalling £670,000 from an offshore trust were described retrospectively as untaxable loans to avoid paying taxes on them. John
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Due to the collapse in the share price of this company, the Alternative Investment Market decided in 2006 to toughen regulations for companies in the natural resources sector and to hire experts who would prevent future bubbles followed by price fluctuations.
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Gabriel Resources sent 80 tonnes of ore to a research lab in Australia to measure the gold content. The ore was high in gold, and the market value of Gabriel Resources soared to $ 75 million. Timiș obtained a $ 3 million loan from the
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has been a source of much controversy, with local people lining up on both sides of the issue, and some national and international environmental groups joining the opposition. One source of controversy involved the method used for mining,
317:. The Regal board hoped that the company's survey team had found one of the largest oil deposits in Europe: up to a billion barrels. The oil was allegedly under so much pressure that it almost destroyed the drilling platform. 373:
Timiș, who is executive chairman of the company, increased his shareholding to 34% in June 2006 and to 34.6% (40,875,002 shares) in September 2006. As of February 2009 the entire company was worth £45m (US$ 65m).
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in the northern part of the country, including some important diamond fields and the Tonkolili & Marampa Iron Ore Projects. The company is also exploring for uranium at Lovetta, and for gold and base metals in the
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In 2005, the Timiș Trust bought 30% of the shares of the Sierra Leone Diamond Corporation, via the Trust's Bermuda-registered Timis Diamond Corporation Limited. SLDC holds mineral rights over a third of the area of
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Timiș had access to various databanks of the Romanian research institutes of mineralogy and got data on the area. His company also hired relevant scientists and an ex-officer of the Topographic Department of the
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Another setback was Timiș' investment in Pneumatic Systems International Pty Ltd. In 2001, he quit his investment and kept only 11.6% of the company, administered via a new company, Regal Group Services, in the
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price. In 2010, the company was still worth about £200m, and had cash reserves of £80m, In February 2006, Regal lost its Ukraine gas production license in a trial but got it back through appeal one year later.
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His Timis Corporation controversially bought the operations of London Mining, another iron ore miner in Sierra Leone, out of administration shortly before African Minerals went bust.
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all the claims and no charges were ever filed. Later queries to the Romanian administration on this subject were given the answer that there are no investigations concerning Timiș.
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In 1992, he became the CEO of Morwest Holdings Pty Ltd, the first of his gold mining businesses. Timiș and two Australian miners dug for six months for gold in a region called
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Timiș is a non-executive director at International Petroleum Limited, an Australian-domiciled, NSX-listed (NSX code: IOP), oil and gas exploration and production company.
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reaching £500m, making it one of the highest-valued companies of the Alternative Investment Market. Many private investors and respectable institutions (including
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In 1995, Timiș founded Gabriel Resources NL Australia, and in the autumn of the same year, the Romanian state-owned mining company "Regia Autonomă a Cuprului din
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and owned some oil and gas resources in Romania and Ukraine. However, it became famous after the September 2003 acquisition of 60% of an oilfield located in
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in the development of the field, potentially leading to billion-dollar royalty payments from BP to Timis Corporation. Timiș has denied the accusations.
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bank in the United States. Between 1999 and 2000, the area being mined was increased from 12 km to 22 km, and then to 42.8 km.
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Timiș is CEO of Pan African Minerals Limited, which has various operations in Africa, including exploration of a large manganese deposit at
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estimated his wealth at £162m (US$ 238m) as of April 2008, making him the 497th richest person in Britain. The Romanian magazine
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plays no other role African Petroleum Corporation is a company with various oil and gas operations in West Africa, listed on the
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investigation alleged that Timiș paid £35.20 in tax in 2017 despite living a life of luxury, and included a statement from the
90:(born 1964) is a Romanian-Australian businessman living in London, with interests in mining and oil extraction industries. The 1304: 508: 391: 815: 1274: 1039: 715: 555: 977: 964: 928: 630: 888: 1284: 17: 146:, Western Australia. Whilst in Australia he was convicted of possession of heroin with intent to supply and fined 868: 259:
According to ASIC, in April 1996, Gabriel Resources NL had financial problems with its creditors, including the
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Regal Group Services changed its name and headquarters, and is currently listed on the London Stock Exchange as
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4.7 Billion Tonne Initial Resource Estimate Confirms Tonkolili Iron Ore Project As World Class
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FRANK V. TIMIS No. 9, Lucial Blaga Deva, Romania 2700 NEWS RELEASE June 16, 2000
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This hype drove Regal's share price up to a peak of 509p, with the company's
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Regal Petroleum, founded by Timiș in November 1996, was listed on the London
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industry. Soon after, Aliou Sall, the brother of the President of Senegal,
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He sold his entire stake in the company between January and April 2006.
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African Minerals (AMI.L, was Sierra Leone Diamond Corporation)
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However, it went bankrupt in 1986 with debts of 15,806
530:"Ex-Regal boss Frank Timis set for another rich seam" 366:, Gori Hills and Nimini Hills. On 16 August 2007 the 1189:"BP to pay billions for suspicious Senegal gas deal" 1036:"About International Petroleum – Board of Directors" 1033: 909:"Romanian buys more Sierra Leone Diamonds shares" 1266: 626:Centrul Român pentru Jurnalism de Investigații 768: 766: 989: 577:"The businessman who paid just £35.20 in tax" 940:African Minerals Limited (2 February 2009), 603:"BP to pay billions for suspicious gas deal" 503:In 2010, he donated £100,000 to the British 473: 816:"Regal losses widen after 'difficult' year" 763: 742: 740: 738: 571: 569: 464: 27:Romanian-Australian businessman (born 1964) 703: 701: 699: 697: 695: 693: 691: 527: 397: 532:. London Evening Standard. Archived from 158: 907:Awareness Times Newspaper, Sierra Leone 869:"Dosarele lui Frank Timis s-au evaporat" 735: 713:"Viața secretă a lui Vasile Frank Timiș" 566: 1014:"African Petroleum Corporation Limited" 688: 664: 662: 405: 14: 1267: 1149: 1061:National Stock Exchange of Australia. 1012:National Stock Exchange of Australia. 620: 556:"Frank Timis – Sunday Times Rich List" 446:) and 80% of the shares in Deva Gold, 417: 668: 528:Blackhurst, Chris (13 January 2010). 101:reckoned Timiș to be the 9th richest 659: 392:National Stock Exchange of Australia 384: 216: 1139:, European Goldfields, 16 June 2000 24: 1150:Conway, Edmund (26 October 2004), 422:In 2000 Frank Timiș bought 15% of 294: 25: 1326: 1315:People named in the Panama Papers 1249: 1063:"International Petroleum Limited" 669:Nimmo, Jamie (15 February 2017). 394:(NSX: AOQ) and Oslo Bors (APCL). 81:Industrialist, Natural Resources 1290:Romanian emigrants to Australia 1233: 1207: 1181: 1162: 1143: 1124: 1098: 1086:. Yahoo Finance. 17 August 2012 1076: 1054: 1027: 1005: 983: 970: 957: 933: 921: 901: 881: 858: 835: 821: 809: 793: 781: 889:AIM recruits to beef up rules" 639: 595: 548: 521: 13: 1: 1168:European Goldfields Website, 1152:"Oil baron strikes £40m deal" 514: 307:Alternative Investment Market 117: 478:Investigative journalism by 269:Romanian Ministry of Defence 142:and settled as a refugee in 71:People's Republic of Romania 7: 1305:Australian drug traffickers 976:London Stock Exchange RNS, 963:London Stock Exchange RNS, 927:London Stock Exchange RNS, 498: 114:net worth of $ 12 billion. 10: 1331: 298: 220: 1275:Australian businesspeople 1034:International Petroleum. 874:29 September 2007 at the 851:28 September 2007 at the 804:"Regal chairman resigns " 729:28 September 2007 at the 474:Allegations of corruption 282:The resulting project in 153: 77: 41: 34: 978:Directors Share Dealings 965:Directors Share Dealings 756:19 November 2005 at the 718:15 November 2006 at the 465:Allegations of tax fraud 1285:Romanian businesspeople 1175:3 November 2006 at the 946:, London Stock Exchange 562:, London, 27 April 2008 398:International Petroleum 261:National Australia Bank 992:"Board and Management" 894:23 August 2006 at the 707:Radu, Paul Christian, 193:British Virgin Islands 180:, as required by law. 178:Toronto Stock Exchange 159:Companies in Australia 130:, he graduated from a 1256:Frank Timiș companies 724:(English translation) 271:who mapped the area. 914:18 June 2006 at the 633:23 June 2006 at the 406:Pan African Minerals 256:denied RAC's claim. 1170:Corporate Structure 990:African Petroleum. 980:, 29 September 2006 777:"Focus: The gusher" 424:European Goldfields 418:European Goldfields 111:Tax Justice Network 1112:on 9 February 2017 747:Academia Cațavencu 88:Vasile Frank Timiș 46:Vasile Frank Timiș 1310:Romanian refugees 1280:People from Borșa 887:Accountancy Age, 709:Jurnalul Național 456:Băița-Crăciunești 414:in Burkina Faso. 385:African Petroleum 253:Jurnalul Național 223:Gabriel Resources 217:Gabriel Resources 174:Gabriel Resources 170:Jurnalul Național 132:vocational school 85: 84: 16:(Redirected from 1322: 1243: 1237: 1231: 1230: 1228: 1226: 1211: 1205: 1204: 1202: 1200: 1185: 1179: 1166: 1160: 1159: 1147: 1141: 1140: 1138: 1128: 1122: 1121: 1119: 1117: 1108:. 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However, 36:Frank Timiș 1269:Categories 1106:"Railpage" 950:2 February 612:10 October 540:14 January 515:References 485:Macky Sall 277:Rothschild 138:. He left 118:Early life 52:1963-01-28 655:. London. 334:Schroders 239:from the 196:tax haven 95:Rich List 1173:Archived 1158:, London 1090:10 April 1068:10 April 1046:10 April 1019:10 April 997:10 April 912:Archived 892:Archived 872:Archived 849:Archived 754:Archived 727:Archived 716:Archived 631:Archived 607:BBC News 581:BBC News 507:for the 499:Politics 442:and the 436:Olympias 432:Skouries 428:Stratoni 241:tailings 150:27,000. 122:Born in 107:BBC News 103:Romanian 1225:16 June 1199:16 June 452:Bolcana 176:on the 140:Romania 99:Capital 1116:17 May 865:Averea 587:3 June 412:Tambao 315:Greece 311:Kavala 154:Career 1137:(PDF) 144:Perth 124:Borșa 63:Borșa 1227:2019 1201:2019 1118:2014 1092:2013 1070:2013 1048:2013 1021:2013 999:2013 952:2009 682:2022 614:2023 589:2019 542:2010 491:and 454:and 440:Voia 434:and 247:and 233:Deva 225:and 134:for 42:Born 1219:BBC 368:AIM 243:in 166:AUD 148:A$ 1271:: 1217:. 1191:. 1154:, 867:, 844:, 830:, 802:, 765:^ 749:, 737:^ 711:, 690:^ 673:. 661:^ 649:. 605:. 579:. 568:^ 558:, 511:. 493:BP 458:. 450:, 430:, 328:, 313:, 209:, 126:, 69:, 65:, 54:) 1229:. 1203:. 1120:. 1094:. 1072:. 1050:. 1023:. 1001:. 684:. 616:. 591:. 544:. 50:( 20:)

Index

African Minerals
Borșa
Maramureș County
People's Republic of Romania
Sunday Times Rich List
Romanian
BBC News
Tax Justice Network
Borșa
Maramureș County
vocational school
auto mechanics
Romania
Perth
A$
AUD
Jurnalul Național
Gabriel Resources
Toronto Stock Exchange
Mosquito Creek
British Virgin Islands
tax haven
Regal Petroleum
Democratic Party
Teodor Hăucă
Gabriel Resources
Roșia Montană
Deva
precious metals
tailings

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