Lightbridge

This News Alert is being circulated in Public Interest and our firm does not benefit financially or in any other manner from this news release! Sometimes we have the unpleasant responsibility of sharing negative news where we feel that the industry may be hurt due to the intended fraudulent or malpractices of certain parties operating in our industry which are fly-by-night operators. One such business entity which we consider a threat to the industry is the company named “Lightbridge Petroleum Pte Ltd”, Brunei with an office in Singapore as well (hereinafter mentioned as LBP) for whom we held a Buyer Mandate and which was introduced to various credible Sellers by us with the intention of purchasing Fuels like Jet Fuel, Mazut and other derivatives by LBP. This self-styled Buyer "LBP" accepted the SCO issued by both a Russian and an Iranian Seller, filed the documents and with our facilitation, the PI was issued to LBP by both Sellers at different points of time. In both cases when it was time for LBP to make a commitment on financial issues, LBP withdrew on flimsy grounds and tried to introduce terms which would not be acceptable Seller, thereby killing both deals. LBP's Managing Director Mr. Haji Nasir Dato Latif is a smooth talker who will promise the moon but does not have the authority to conclude deals as his sister Ms. Farhana plays an active part in this business and has no idea about the oil trade. Such companies as LBP operate through certain agents like L Balakrishnan (operates from Chennai) and Ram Kumar (operates from Brunei) to break in using their business contacts with Refineries / Sellers / Traders. On both occasions, Seller(s) as well as the Facilitator (us) had to bear the costs of notarization and miscellaneous costs. Hence, a company which has a history of breaking its commitment in international trade in Oil / Fuel deals where high volumes and high values are at play, is perhaps a bad selection for good companies to work with. It has therefore clear to us that LBP is only masquerading as a Buyer / Trader with the intent to acquire PI from different Sellers (written proof available on special request). Subsequently, they start looking for genuine Buyers in the market with PI received and try to close a deal on Commission Only as a Commission Agent. LBP has built a nexus in Indonesia, Malaysia and Singapore and plays with other people's money posing as a Buyer in the global market just to receive details of Suppliers, receive the PI and then start looking for Buyers or perhaps some other financial clandestine activities. LBP further claims that the Prince of Brunei and the Royal Family of Brunei has a stake in their company to gain business credentials. This in itself is a fact that needs to be ascertained through a credible source! LBP now claims that it has a JV with a Buyer!! I have not seen the JV document or done a due-diligence on the JV despite the fact that we were LBP's Buyer Mandate as the JV document was not shared with us despite repeated requests and an NCND in place. Lastly, LBP claims that it has funds in excess of 500mn US$ with its Bankers in Singapore to procure oil & gas commodities but we suspect this financial statement as no proof has been given to us despite repeated verbal requests. I leave it to your good judgment and decision to do business with companies such as Lightbridge Petroleum in the future! We would now lose a client. However, we believe in good governance, best practices and transparency in all business dealings. It is our moral responsibility to expose tricksters, scammers, fraudulent companies, crooks, individuals and companies which have an evil intent to cheat, mislead or misappropriate in the business world, even at a cost to us. LBP has NO WEBSITE, it has a good presentation promoting itself as an Oil Trader but actually has NO REFINERY TIE UP FOR SUPPLY and has NOT EXECUTED A SINGLE TRANSACTION TILL DATE. They are Fraud to the best of our knowledge, so beware! This is an ALERT put out for all individuals / companies wishing to do business with this company to be on their guard and build in huge safeguards before proceeding.