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This agreement with that company was completely contrary to the legal framework of hydrocarbons. Because according to the law, the company to enter into agreements for hydrocarbon operations had to be experienced in this sector, had to have a considerable budget, not minimal as Saxon had and had to present the financial statements of the last 5 years.
Which the company in the conditions it was in, created two months before the signing of the agreement with the Albanian state, could not have had at least 5 years of experience.
Another fact is that the company was registered in the Caiman, Caribbean islands which are designated as tax havens or offshore.
In 2005, Bankers Petroleum Ltd. requires Saxon to be a supplement to the wholly owned company. Richard Wadsworth remains Bankers CEO.
The gentleman in question has completed his bachelor studies in Calgary, Canada and his professional activity has been in the field of hydrocarbons.
In his career history, data obtained from Bloomberg, show that he was the founder of Goldpark China Ltd, co-founder, president and chief operating officer of Bankers Petrolium ltd from August 2004 to 2008 and CEO of Sonoro Energy LTd from April 2012 to July 2013.
Since August 2008, Wadsworth has been involved in several startups, private and public, and has led a firm in procuring a license to explore for oil and gas in Iraq in 2010.
In 2006, Saxon was renamed Bankers Petroleum Albania Ltd in the Cayman Islands with file number 134 802.
Bankers Petroleum was formerly known as Gold Park China Ltd, which was established in 1983, headquartered in Calgary, Canada, which changed its name to Bankers Petroleum Ltd on June 24, 2004.
Confidential sources told Top Story that in 2004, the largest shareholder, with 92 percent according to documents, was a Danish company called Gold Corporation Holdings ApS.
At this time, Goldpark China Limited had zero revenue recording a loss of $ 173,000, and a loss of $ 550,000 a year earlier, with the largest shareholder, Gold Corporation Holdings ApS in liquidation.
It is clear from the facts that at the time of the signing of the agreement in 2004, Bankers Petroleum was not in a position to undertake the development of the largest onshore reserves in Europe, estimated by Bankers Petroleum at 203 Million barrels, with a net present value of 1.8 billion dollars.
So the agreement was signed in complete violation of the legal basis and possibly through massive distortion of the facts.
Sources told Top Story that the company, by not meeting the criteria according to the law, has accepted and taken as a basis the good CVs of the representative engineers who have stayed in Albania for a few years.
Add here that Bankers Petrolium Albania LTd is a concession of an offshore company, the final owner of which is unknown.
“The political use of assets, such natural resources is associated with their denaturation and corrupt profits. The fact that they are specially created companies, those criteria that are set in the law have not been met, even though the laws are specific, not transparent “said Zef Preçi, economics expert
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