Like SL Mining, Like Sierra Rutile …
MAFIA CRAIG DEAN PLOTS ANOTHER HOSTILE TAKEOVER
Mafia Craig Dean
Like the case of Sierra Leone Mining during the era of the All Peoples’ Congress-led government, Craig Dean, the Chief Executive Officer of Gerald Group and Marampa Mines, is once again on the verge of orchestrating another hostile and dubious takeover of Sierra Rutile in Sierra Leone following announcement by the company’s Australian owners of shutting down operations.
The current saga in the takeover of Sierra Rutile is almost reminiscent of Timis Mining Corporation, where Frank Timis was duped by some corrupt government officials together with Craig Dean of Gerald Metals.
In the said takeover, our information revealed that Frank Timis approached Gerald Metals to invest $50 million into Timis Corporation to resume operations fully by paying off all its debts. The proposal was gladly accepted by Gerald Metals and it was agreed that they owned seventy 75% shares of Timis Corporation.
Further revelation is that a significant number of Gerald Metals staff were made Directors in Timis Corporation based on the agreement they had with Frank Timis. Things reportedly went smoothly with the two, and it is said Frank Timis made billions of Leones and paid millions of dollars as Royalties, PAYE Tax and NASSIT contributions for staff, and a host of other financial commitments until when corrupt senior government officials came between them.
It is alleged that in a bid to dump Timis after using him, the said officials clandestinely proposed to Gerald Metals to open another mining company to have absolute ownership rather than investing the aforementioned huge chunk of money into the Timis Mining Corporation.
This proposal by these unscrupulous government officials, according to our sources, was also accepted by Gerald Metals without due consideration to the initial agreement they had with Frank Timis. The arrangement between these officials and Gerald was that the company would own eighty-eight percent (88%) of the shares while the twelve percent (12%) would appear as owned by the government when in actual sense, it was used as a compensation package to the selfish officials that aided them.
This shady arrangement, our sources revealed, paved the way for SL Mining to be registered and thus revoked the mining License from Timis Mining Corporation which was subsequently transferred to the former.
Meanwhile, a similar episode is reportedly what is currently at play in the takeover saga of Sierra Rutile.
It is alleged that Craig Dean is using another company, PRM Services PLC, to take full control of Sierra Rutile.
“The first group PRM Service LLC has acquired 8.19% shareholding in the company as reflected in their substantial shareholding of 29 February 2024. Sierra Rutile now understands that this shareholding is held by a company associated with Gerald Group,” the notice in the Australian Stock Market reveals.
Gerald Group is a company operating in the Sierra Leone Iron Ore Industry of which Craig Dean holds about 75% of its shares and it is operating in the Northern Part of Sierra Leone.
Documents available to this medium show that PRM Service is owned by Craig Dean who also owned about 75% stake in the Gerald Group, a company that owns Marampa Mines and at the same time a signatory.
Further, our investigation revealed that the company that bought shares at Sierra Rutile is registered in the Commonwealth of Puerto Rico and that the owner of Gerald Group is not just associated with PRM Services but he (Craig Dean) is the authorized person for the company.
In a strange twist of events, Sierra Rutile received a clarification distancing PRM Services PLC from Gerald Group or its subsidiaries only after a team of investigative journalists had sent a message of clarification to Craig Dean regarding his secret affairs with PRM Service last Tuesday that Sierra Rutile updated its announcement last Thursday, 14 March about PRM Service and its relationship to Craig Dean and Gerald Group.
However, the clarification failed to address the question of how Craig Dean is the authorized person for PRM Services.
The story of Craig Dean in the Mines of Sierra Leone is full of gangsterism. Craig Dean as CEO of Gerald Group owned about 75% shares in Timis Corporation for which the Mining Mafia and Partner of Craig, Frank Timis owned about 25% shares.
It could be recalled that in 2017 Cape Lambert Resources Ltd. launched legal action in the High Court of Sierra Leone against Craig Dean, Gerald Metals Ltd., Frank Timis, and Timis Mining Corp. (SL) Ltd. regarding overdue royalty payments.
According to Cape Lambert, the transfer of ownership from the Timis Trust to the Gerald Group was in breach of the terms agreed between Cape Lambert and Timis Mining Corporation.
Reports revealed that Cape Lambert agreed in October 2014 to provide Timis Mining Corporation (SL) Ltd. and Timis Mining Corporation Ltd. with US$20 million in financing to assist with the acquisition of the Marampa property from the administrators of London Mining Plc. The financing agreement comprised a US$8 million bridge loan and a US$12 million royalty purchase.
That, under the royalty agreement, Cape Lambert was entitled to receive US$2 per tonne of iron concentrate exported from the mines, payable quarterly on the production of 24 million tonnes from the mines from the date of the first shipment.
Gerald Group, the owner of SL Mining, was only able to solve its problems with the government of Sierra Leone in 2021 because the SL Mining Agreement was one of the agreements that was rushed through the Parliament of Sierra Leone on the eve of the 2018 elections and it is believed that it was rushed through Parliament to avoid proper scrutiny.
For this reason, the people of Sierra Leone and the Government should be wary of Craig Dean, particularly in the Mining Industry of the country.
Efforts to get Craig to comment on his activities with Sierra Rutile and the Mining Industry of Sierra Leone proved futile.
More details about Craig Dean and his activities in the Sierra Leone mining sector in subsequent editions.