Friday, 8 November 2013

Lion revalues related parties for a living

Lion Selection Group (LSX.AX) is an investment company that deliberately overstates its assets and issues shares to the public based on intentional misrepresentations. Its 2013 annual report claims $12m in listed investments and $33m in unlisted investments. Much of these funds are "invested" in related parties, allowing the criminals to double up their fees, with the assets freely "revalued" according to the fraudsters "opinions". LSX has revalued main unlisted investment One Asia from $0.40 to $0.75, and now carries its holding at $30m. Other related party investments include Asian Lion, African Lion 2 and African Lion 3.

To obscure and obfuscate, LSX continues to carry these related party "investments" as financial assets through profit and loss, denying it has the ability to control Asian Lion despite 63% ownership. Asian Lion, African Lion and Lion Selection Group are totally independent entities, you see. Completely unaligned.

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