chek't
tybs
morning
Toshiba colluded with government against investor, probe finds
Report says former CEO likely informed PM Suga about plans to block activist.
An independent investigation has found that Japanese government officials colluded with Toshiba in an attempt to prevent shareholders from exercising their voting rights at last year's annual general meeting. The Japanese conglomerate released a report on Thursday which said Toshiba, together with officials from the Ministry of Economy, Trade and Industry, "devised a plan" to prevent Effissimo Capital Management, which holds 9.9% of Toshiba shares, from exercising its shareholder proposal at the AGM.
The 139-page report concluded that Toshiba's AGM was "not fairly managed." It deals a blow to Toshiba's management, and will likely amplify shareholders' calls for change at the company ahead of its annual shareholder meeting on June 25. It also risks undermining Japan's efforts to improve corporate governance and poses questions about the country's willingness to accept investor activism. The investigation, conducted by three lawyers, follows an extraordinary general meeting in March. At that meeting, a majority of Toshiba's shareholders voted in favor of an independent investigation into alleged voting irregularities at the company's AGM. Effissimo had called for the investigation. At Toshiba's AGM in July 2020, Effissimo made a shareholder proposal to add three of its nominees to the Toshiba board. According to the investigation, Toshiba and METI officials tried to have the proposal withdrawn.
The report stated that Toshiba requested METI's support in dealing with its shareholders with hopes that "there would be some regulation or control of the company under the revised Foreign Exchange and Foreign Trade Act." The revised law, which came into effect on May 8 2020, required investors acquiring stakes of 1% or more in companies deemed to be strategically important to notify the authorities in advance. The probe also found that METI officials sent Toshiba written questions that listed possible questions and answers to "elicit gaffes" from Effissimo. On May 11, Toshiba's then CEO Nobuaki Kurumatani attended a breakfast meeting at a hotel in Tokyo with Yoshihide Suga, who was chief cabinet secretary at the time and is now Japan's prime minister. The report presumed that Kurumatani explained the contents of a "position paper" that outlined Toshiba's plan to "prevent" the shareholder proposals by "fully applying and operating the [revised foreign exchange act]." In response to questions from reporters at the Prime Minister's Office following the report's release, Suga denied that he was given an explanation.
In a press conference by the three lawyers, one of them said they were not aware of the details of the conversation during the May 11 meeting. The lawyer also said they struggled to retrieve data from Kurumatani's mobile phone after he resigned on April 14 because the contents were deleted. Toshiba and METI also worked in unison to persuade another shareholder, 3D Investment Partners, not to get involved in Effissimo's proposal, the report said. "If you are barbecuing next to your neighbor when there is a big fire, it may not be enough," a METI official told 3D, suggesting that the government might probe 3D if it voted in favor of Effissimo's proposal.
While there had been reports about Toshiba possibly interfering with Harvard Management Company's exercise of voting rights at the AGM, the report determined that "there is no evidence that Toshiba directly communicated with [a METI executive advisor]," regarding the exercise of voting rights at the AGM. However, it also stated that based on the exchange of emails between Toshiba executives and METI officials, the investigation assessed that Toshiba, through a METI director, "effectively requested an executive advisor to the METI to negotiate with HMC" including the non-exercise of voting rights. The executive adviser is referred to as Mr. M, and a lawyer declined to identify the person when asked during the press conference. Toshiba stated that the company will discuss and release its own response to the report at a later date.
In early April, Nikkei reported that investors including private equity fund CVC Capital Partners made a proposal to acquire Toshiba. A buyout would have given Toshiba an opportunity to end its relationship with activist investors. But CVC effectively canceled the bid after Kurumatani resigned.
https://asia.nikkei.com/Spotlight/Toshiba-in-turmoil/Toshiba-colluded-with-government-against-investor-probe-finds
Eurofighter Typhoon
article from Apr 2020
Gordon Brown's catastrophic gold deal exposed: Reserves worth £14BILLION more today
Twenty years ago, then Chancellor of the Exchequer Gordon Brown announced he would be selling tonnes of Britain’s gold reserves. Between 1999 and 2002, Mr Brown auctioned the sale of 401 tonnes of gold in 17 auctions.
Figures released by the Treasury show that the total proceeds from the sales was around $3.5billion (£2.7billion). Liam Sheasby, the Marketing Executive and News Editor at Jewellery Quarter Bullion Ltd told Express.co.uk that if Mr Brown had sold the gold at today’s price, it would be worth around $21.2billion (£17.1billion).
The difference – $17.7billion – would be worth £14.3billion if the proceeds were converted into pounds. Mr Sheasby said: “Based on gold's significant increase in value, the new total value of that gold – based on the current spot price of $1,646.45 per troy ounce – would be $21,226,772,656.05. "In less than a year, the value of that 401 tonnes of gold has gone up by a staggering $4.8billion to $21.2billion."
Mr Sheasby also noted in a 2019 report for Gold.co.uk that there were plenty of people warning Mr Brown against the move at the time – including the Bank of England.
https://www.express.co.uk/news/uk/1266707/gordon-brown-gold-prices-uk-coronavirus-news-treasury-rate-cut-spt
Half Of Pandemic Unemployment Funds May Have Been Stolen: Axios
As much as half of the unemployment benefits paid by the US government over the past year may have been stolen through fraud, with the bulk ultimately ending up outside the country - likely into the hands of foreign crime syndicates in China, Nigeria, Russia and elsewhere, according to Axios' Felix Salmon. According to some estimates, unemployment fraud during the pandemic could 'easily reach $400 billion,' as states weren't prepared for the unprecedented wave of unemployment claims. States knew that fraud was inevitable, but opted to rush money out to people with minimal oversight, as opposed to laboriously vetting each application.
According to Blake Hall, CEO of ID.me - a fraud prevention service, America has lost over $400 billion to fraudulent claims, with as much as 50% of all unemployment payments possibly being stolen. Of that, up to 70% of the money stolen by impostors ultimately left the country according to Haywood Talcove, CEO of LexisNexis Risk Solutions, who ways "These groups are definitely backed by the state."
The rest of the money was likely stolen by street gangs domestically, who have made up a greater share of the fraud in recent months. What's more, unemployment fraud can now be obtained on the dark web on a software-as-a-service (SAAS) basis - similar to ransomware. Naturally, states without fraud-detection services in place are the top targets, however several states are beginning to employ more sophisticated measures to prevent fraud.
As Axios' Salmon notes, however, "It's far too late."
https://www.zerohedge.com/bailout/half-pandemic-unemployment-funds-may-have-been-stolen-axios
just the way I look at it
Not everyone like that but I had plenty of peeps trying to buy a "new house"
You want that? go buy a new one
As it turns out the buyer still never replaced the roof and then sold it on recently-by now it needs it and prolly leaked
SAM581 USAF C-32A Departed MacDill AFB after a ground stop-inbound from JBA
This was Kneepads AC as SAM462 to Guatemala City on Sunday and then to Mexico City still as SAM462.
It did not display the AF2 call sign until after it's departure from Mexico City on Tuesday night
>>61200 pb
SAM601 USAF C-40C back to MacDill AFB after a Bragg ground stop
This AC arrived at MacDill after a ground stop in Brownsville, TX on Tuesday
Also same AC that Flauxtus and Fauci used on Sunday Monday NYC
Oil Plunges After US Lifts Sanctions On Iranian Oil Officials
Oil is tumbling, dropping below the key $70 level, and sliding as low as $68.68 following a Bloomberg report that the US has lifted sanctions on Iranian oil officials as well as entities in Dubai...
*U.S. DELETES SANCTIONS ON 3 PEOPLE, INCLUDING ONE OIL OFFICIAL
... which the market appears to be interpreting as a harbinger of a broader easing in Iranian sanctions, opening the door to more supply from the region.
While there is still little information, the market is likely getting ahead of itself here, because as we reported previously, Iran's chief negotiator said earlier in Vienna talks that the texts are more transparent, but differences still exist, a sentiment which was underscored by SecState Anthony Blinken who said that "hundreds of sanctions" would remain on Iran even if/when a deal is struck.
Meanwhile, Deputy Secretary of State Sherman said on Wednesday that nuclear negotiations will resume this weekend, adding that a lot of progress has been made in talks but we won't know if we have an agreement until the last detail is "nailed down."
As an aside, Iran has said it intends to raise oil output by at least 3.3mln barrels within a month after the lifting of US sanctions, and as much as 4mln BPD within three months. Naturally, should that happen, the oil market will see a surge in new supply but even with millions of new barrels coming online, Goldman last month said that Iran would not have a major impact on the price of oil and wrote that "with growing evidence of the demand rebound, and imminent clarification on the likelihood of an Iranian return, we now see a clearer path for the next leg higher in oil prices, with the sell-off offering opportunities to position for the rally to $80/bbl."
https://www.zerohedge.com/commodities/oil-plunges-after-us-lifts-sanctions-iranian-oil-officials
https://www.macrotrends.net/2566/crude-oil-prices-today-live-chart
and look who we gonna git in CA