Geofluid Private Placement: The Scandal In The Making

MD, Oceanic Bank Plc

MD, Oceanic Bank Plc

A big row is in the making over the private placement of Geofluid, a small-time, highly indebted oil company that was dusted off and burnished for presentation to the public by Oceanic Bank which packaged and acted as one of the issuers to the private placement exercise of the company.

Recall that Fortune&Class Weekly had raised the alarm over the magnitude of indebtedness of the company and had highlighted the apparent fact that the private placement was, in fact, packaged and issued by Oceanic Bank to recover debt owed it by Geofluid.

On the whole, it was a bad buy for many investors that were deceived into buying into the company through the private placement. But now, some more sinister allegation of financial engineering are being raised by concerned industry experts and investors in the placement. They claimed investigation is ongoing.

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