Treasure Chasers

January 2, 2011

Global Marine Inc. Chairman absconds with funds

Filed under: Shipwreck — Tags: , , , , , — admin @ 12:39 pm

Global Marine Inc. Chairman absconds with funds

(PRWEB) September 29, 2004

Dr Douglas Beatty of Sea Search Scientific met Mr Playle of Marine Cargo Recovery (MCR) and Mr Noble of Sub Sea Services (SSS) in February 2004 saying he wanted to acquire their companies.

Subsequently, both companies were acquired for a number of restricted shares in Struthers, with the promise of adequate funds being available to fund the recovery of cargo from sunken ships around the world.

Mr Beatty arranged to speak at a gathering of the Oceanographic Society in Abu Dhabi in April of this year to promote the activities of the company and to raise funding from interested parties. This resulted in a number of follow up meetings with potential investors, although nothing is known of the outcome of these meetings.

In August 2004 Struthers changed its name to Global Marine, yet despite written assurances, the share certificates have not been given to Noble or Playle. Playle has even borrowed US$ 20k, sanctioned by Beatty, for a new non-core business project.

It appears likely that press releases issued by Beatty, but not seen or approved by Noble and Playle, entice investment into Struthers/Global Marine based on the forthcoming activities of Noble and Playle.

Whilst no recognition of the contributions to the business assets made by Noble and Playle exists, it would appear that the investment funds raised by Beatty are being obtained on false grounds and appear to have been retained for personal gain by Beatty. No one from Struthers/Global Marine or the investors is able to explain where the invested funds have gone or are going.

The Beatty family appear to have circa 80m shares to themselves, a large number of which are free trading shares. At this point in time figures indicate that the value of free trading shares, having risen initially on the basis of the Noble/Playle deal, have fallen significantly in value. Whether this has arisen from the sale of free trading shares by Beatty remains to be seen.

The Sea Search Scientific web site refers to statements from the desk of Aaron Playle, although Playle has never written any copy or given any statements to Sea Search Scientific or Struthers/Global Marine. It would seem that these statements are being issued under false pretences in order to raise share values that only Beatty can trade in.

Apparently, correspondence exists between Playle and Beatty relating to agreements on the payment of expenses and salaries, although neither Playle nor Noble have been in receipt of the full amounts. Beatty does have a company debit/credit card and as such does not seem to use personal funds for any company expenditure. Previous correspondence shows that the same company card was allegedly available to Playle, but he was never given access to it, although there are now doubts as to whether it ever existed.

It has recently been alleged via third party sources that Beatty has made slanderous comments about Playle, in an attempt to discredit his reputation. In one instance it is claimed that Playle apparently stole $ 1.5m from a New Zealand company and as such is not able to return there as he is wanted by the authorities, (Playle in fact has never been to New Zealand). It was also claimed that Playle couldn’t enter the USA as the SEC are also hunting him down for this alleged crime. In fact, Playle visited the USA as recently as August this year to attend a meeting at the offices of Global Marine and was not apprehended or questioned in any way. Playle remains unaware of any illegal dealings and is happy to return to the USA or New Zealand at any time.

In another third party claim it was reported by Beatty that Playle was ‘frivolous’ with company money. However, it appears that Playle has never been a bank signatory, neither does he have a company debit/credit card and has not been assigned any company funds with which to be ‘frivolous’. Beatty was unable to provide a reply to this state of affairs.

Beatty has also posted press releases stating that Global Marine has acquired 50% of a company called Havensec. The MD of this company claims this is a complete fabrication and indeed he stated he was very disturbed by the statement. The majority shareholder of Havensec, who actually has not had any communication with Beatty for months, was deeply shocked to see the press release on the NASDAQ web site and in other publications.

In summary it would appear that Beatty never had any intention of funding the companies, merging with Global Marine, in order for projects to be undertaken. It seems an exercise of obtaining investment funding under false pretences has been carried out. It is still not clear how much money has been raised and what has happened to the money. The whole matter has now been placed in the hands of the SEC.


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