Friday, June 23, 2006

Romanian buys more Sierra Leone Diamonds shares A Press Release issued in Bermuda late Wednesday evening states that the Romanian refugee, Mr. Vasile Frank Timis has acquired an extra 500,000 shares of the Sierra Leone Diamond Company Ltd (SLDC). The nature of the transaction was not clearly stated in the Press Release. However, the percentage of issued class acquired by Timis now ensures that Timis controls almost 31% of the company’s shares and is the confirmed Majority shareholder. A Romanian refugee, Mr. Timis set up three firms in London: Regal Petroleum, European Goldfields and Sierra Leone Diamond Corporation. However, few weeks ago, Mr. Timis became embattled by shareholders following his admission that Regal Petroleum’s key Greek oil operation may never be commercially viable and serious allegations that Mr. Timis has been named in three separate criminal investigations in Romania. Although Romanian officials and Mr. Timis himself denied the allegations, Timis was then forced to resign from Regal Petroleum although he still retains his position as Chairman and Head of Sierra Leone Diamond Company Limited. SLDC trades on the London Stock Exchange (AIM). Its profile on Yahoo International Financial Pages states that "Sierra Leone Diamond Company (SLDC), formerly Africa Diamond Holdings, just wants to get a hold of the precious gem." (read more)