Things are not as they seem...
Bakala made a fortune selling investors on the potential of New World Resources (this is the firm, owned by him, which owns OKD mining). But these investors didn’t realize that Bakala was plundering the company under their noses. American Metals and Coal International (AMCI) and First Reserve Corporation along with many retail investors lost lots of money from Bakala’s Scam.
Bakala purposefully overestimated the future assets and business plan of the related to the IPO process of New World Resources.
• In 2008 the NWR N.V. carried out the IPO process and in IPO prospect they estimated the very positive development of the business of their group namely positive development of OKD, a.s.
In addition, they also delivered very optimistic estimates of a newly established business opportunity of its daughter company NWR Karbonia S.A. which consisted of the investment plan which related to the new mining area in Poland, Debiensko
• J.T. Boyd company evaluated the stock of coal but based on the mining experts from OKD. These estimates were very optimistic in part due to the fact that they projected that NWR N.V. would exploit a coal bed which they didn’t even have the license to mine.
• The investors relied on the information presented in this IPO prospect but they lost their money because Bakala/NWR purposefully provided misleading information.
• An investigation by the Financial Conduct Authority and the Serious Fraud Office is being conducted to investigate the billion-dollar damage caused by OKD