JOHANNESBURG (miningweekly.com) – Embattled exploration company Condor Blanco Mines, whose founder has been prosecuted for a series of offences, has appointed a voluntary administrator.
Domenic Calabretta from Mackay Goodwin announced on Tuesday that he had been appointed administrator of the company, whose shares were suspended from trading on the ASX in early May.
Condor Blanco, which The Australian newspaper reports has wiped out over A$22-million of investor funds since its listing in 2010, is also under investigation by a number of regulatory bodies.
On Tuesday, the Takeovers Panel made an interim order preventing the disposal of Condor shares held by, or on behalf of, parties alleged to be associated. The order was in response to an application from the Australian Securities and Investments Commission relating to the issue of shares into escrow and the subsequent transfer of some of those shares to EMC (Nominees).