Energem Resources seems to have fallen off the map, and shareholders are questioning their investment. One of the last pieces of information on the London-based company was a controversial purchase of a $8-million corporate jet in 2008. It was formerly known as Diamondworks, a firm that was entangled in scandals throughout the 1990s where diamonds were illegally traded to finance civil wars in Angola and Sierra Leone.
Energem’s deputy executive Tony Teixeira, a South African entrepreneur, helped relaunch the company as a green African biofuels business when it listed on London’s Alternative Investment Market in 2007. In July 2008, its private-public partnership hydropower deal in Tanzania with the Infrastructural Development Finance Pty (IDF) of South Africa and state-owned Rufiji River Basin Development Authority (Rubada) came under fire as the Tanzanian government began investigating the deal ensuring proper protocols were followed.
A year ago had the company’s finances scrutinized when Energem’s shares were delisted because it was unable to meet auditor requirements of recovering a $54-million debt. While the company assured shareholders that it would relist soon, investors have not received any word from the company since.
Alternative Energy Africa is trying to reduce its own carbon footprint in 2011. Ask about our electronic subscriptions and online marketing campaigns specially tailored for individual companies.