PT LEBONG TANDAI, PT TANJUNG SERA PUNG,
PT PUKUAFU INDAH & GIDEON MINERALS, U.S.A.
PRESS RELEASE
For Immediate Release
For more information,
Primary Contact Robert Miller: 313-585-9141
Legal Contact Steve Reifman: 248-932-4000
http://www.thetruthisout.us
Newmont Mining fraudulently claims billions in unowned assets
The case of PT Lebong Tandai, PT Tanjung Sera Pung, PT Pukuafu Indah, and Gideon Minerals, U.S.A, Inc. versus Newmont Mining Company has been in front of federal agencies for the past ten years. It involves billions of dollars in securities fraud that has been condoned or ignored by major government legislative and regulatory agencies. The case involves a premise seeking to enforce the truth and a cast of characters bent on continuing the greed and the protection of ill-gotten assets. There have been dozens of corporate scandals over the years, but the scope and scale of securities fraud in the Newmont Mining case ranks with the biggest of them.
Enron Gang Strikes Again
The case of PT Lebong Tandai, PT Tanjung Sera Pung, PT Pukuafu Indah, and Gideon Minerals, U.S.A, Inc. vs. Newmont Mining Company pits a respected $60 billion international minerals group looking to make tangible investments and create jobs in the US against a fraudulent mining company supported by the former Enron gang. The people behind Newmont Mining are the same people who were complicit in the Enron scandal. Even the notorious Arthur Andersen accounting firm has a hand in this latest securities fraud rendition. But more importantly, the fraud was conducted with the full knowledge and consent of its disgraced former CEO Joseph F. Berardino and general counsel Andrew Pincus.
What is at stake is that Newmont Mining has claimed the assets of PT Lebong Tandai, PT Tanjung Sera Pung, PT Pukuafu Indah and Gideon Minerals on its balance sheet for many years, materially misrepresenting its assets to the investment community. This brings greater (but illegal) value to Newmont Mining as it ties up the assets of PT Lebong Tandai, PT Tanjung Sera Pung, PT Pukuafu Indah and Gideon Minerals illegally. Newmont Mining has a statutory obligation to accurately report its assets. It has been sued and forced by the courts to disclose its holdings regarding PT Lebong Tandai, PT Tanjung Sera Pung, PT Pukuafu Indah and Gideon Mineral assets.
Newmont Mining thumbs its nose at U.S. law.
Newmont Mining and its officers have failed to respond as required by the federal court rules and is in default. Over a period of 10 years, Newmont Mining has failed to respond to a series of official inquires. Its securities fraud has been reported in various federal proceedings before several federal agencies as material misrepresentation of assets, and to date they haven’t denied committing securities fraud. They know what they’ve done. They’re just not talking. As with Enron, the complicity of the authorities allows the scam to continue.
Lessons learned from Enron: NONE
Newmont Mining and its holdover Enron advisors have scoffed at the securities laws that require them to publicly disclose the fraudulent representations on their financial statements. They are clearly in violation of the law, and this court case continues to expose the massive fraud they are perpetuating on the investing public.
The only way the Enron gang can get away with another run on the bank is by the authorities turning a blind eye. The list of authorities involved in allowing Newmont Mining to get away with their criminal agenda is mind-boggling. The Senate Judiciary Committee, the Senate Banking Committee, the Senate Finance Committee, the SEC and the FTC have all been made aware of what is happening and they have all failed to act. Even though Newmont Mining is currently in federal court facing charges of securities fraud, it continues to misrepresent its financial relationship with PT Lebong Tandai, PT Tanjung Sera Pung, PT Pukuafu Indah and Gideon. Instead of being in partnership as is claimed by Newmont Mining, it is actually being sued by the very same companies in federal court. The selective omission of this vital disclosure from Newmont’s SEC filings is a real-time demonstration of the gross fraud Newmont is cavalierly practicing on the at-risk investment community.
Newmont attempts to change Indonesian Law to cover up fraud.
Proposed changes by Newmont Mining agents would cover up their securities fraud and deprive the Indonesian economy of billions of dollars in fraudulently converted mining revenues. It would also defraud the Indonesian mining industry of billions of dollars in mining production that would be attributed to the country’s GNP.
The amazing thing about this case is that you would think that the Enron co-conspirators would be under the strictest scrutiny, and that they would be the last ones to be given another free pass. But like the junkie breaking into your car to steal a radio, each time he gets away with a crime, it emboldens him; we all know that one day he’ll end up in jail, but at what cost to how many. So far the scam by Newmont is working, but this case will shine light on what is going on and we will soon have another international banking scandal in the news. Let’s hope that this time the lawmakers, federal securities regulators and judges get it right and protect the integrity of the shares being offered to the public. PT Lebong Tandai, PT Tanjung Sera Pung, PT Pukuafu Indah and Gideon Minderals are doing their part to bring about reform. It’s now up to the press to put this story on the national agenda so we can clean house once and for all to give the people a financial system they can trust.