David Catsoulis, a twice-bankrupt mining promoter, is once again pursuing a new venture, despite past failures. His company, AU Finance, is attempting to raise $US300 million ($477 million) for a “hi-tech refinery project” in Queensland.
According to The Advertiser, the project claims to hold one of the world’s richest precious metals deposits, with an estimated value of $1 billion in gold and precious metals.
The refinery is reportedly expected to generate five times the initial investment within the first year. However, the project is shrouded in mystery, with Catsoulis denying its existence when questioned.
Catsoulis has a history of failed ventures, including Warwick Gold Holdings and Impact Gold, both now in liquidation. These companies promised major returns from precious metals projects in Queensland and Papua New Guinea, but neither materialised.
Warwick Gold had its mining tenements stripped by the Queensland government after its application was deemed inadequate.
The AU Finance website highlights Catsoulis’ leadership and portrays him as the “founding force” behind National Storage, a $3 billion ASX-listed company, though National Storage did not respond to inquiries.
The website also promotes Catsoulis’ new project, calling it a bold and ambitious endeavour aimed at proving his critics wrong.
AU Finance’s website lists Kamal Kumar Karia, a Mumbai-based entrepreneur, as the company’s CEO, claiming Karia is behind the creation of a blockchain-backed cryptocurrency, Zenga Gold Coin (ZGC), linked to investment-grade gold.
However, no evidence of the cryptocurrency’s existence could be found online, and the company’s global presence remains unclear.
Source: The Advertiser.
