Infratech Mining Ltd (In Liq) which was directed by former bankrupt Robert James Cottle, was put into liquidation by one of its creditors on 26 June 2015 in the Nelson High Court. It was 74.05% owned by Infratech Group Ltd, and described by Cottle on Companies Office records as a “Holding Company – passive investment in subsidiary companies”. Private investors, many from Nelson, New Zealand, owned the remaining 25.06% of the company shares. A Liquidation report prepared by the Official Assignee has revealed that $1.9m had been raised by Infratech Mining from shareholders, mostly from the Nelson region, along with total claims by creditors of $4.3m. [Read more…]
Robert James Cottle, former bankrupt, scams goldmining investors – creditors seek $4.3M
Nelson investors have been left $2 million out of pocket after a former bankrupt Robert James Cottle promised them lucrative returns as part of a Colombian opencast goldmining scheme that never eventuated.
Infratech Mining Ltd was put into liquidation by by a creditor, Mr Lindsay Newton, on 26 June 2015 after a defended court hearing in the Nelson High Court. Newton loaned the company $200,000 in short term funds and was offered shares in lieu of interest. The Official Assignee was appointed liquidator by the High Court.
The company’s sole director was Robert James Cottle and he set up the company on 18 February 2009, just days after he was discharged from a February 2006 bankruptcy.
Infratech Mining managing director Bob Cottle at one of his proposed gold mining sites in Colombia. Stuff News 6/10/14
Infratech, which records its premises on the Companies Office website,as 5 Duncan Street, Port Nelson, Nelson, 7010, New Zealand, was seeking to raise US$100 million to build a gold and platinum mine in Colombia. Company documents prepared in 2009, pitching for $9m from shareholders, claimed investors could see annual returns of 1000 per cent. Robert James Cottle claimed the mine could produce 428,000 ounces of gold annually resulting in profits of more than $100m.
Six years on, since the company was incorporated, investor Lindsay Newton has lost $200,000, and the mine was yet to be built.