Unexpected twist within the Madagascar Oil oil industry. BMK Resources Ltd, better known as Benchmark Group, has regained control of Madagascar Oil SA (MOSA) after a notable year of absence marked by considerable financial challenges. During this difficult period, US Holdings Ltd (Bermuda), the parent company of MOSA, underwent liquidation proceedings due to substantial payment defaults.
With a strong comeback, BMK Resources Ltd recently regained its position as the largest shareholder of US Holdings Ltd, originally known as Madagascar Oil Ltd (Bermuda). To mark its return, BMK therefore appointed two new General Administrators, notably Chartie Thurston and Willy Ranjatoelina, de facto removing Scott Andrew Reid who had held this position until then. Benchmark Group is, however, far from convincing in this acquisition. His entry into the running of Benchmark Group has already plunged the management of this company into new turmoil.
Illegal
Several gray areas surround the file. In addition to the liquidation problems in Mauritius, the decision of US Holdings to terminate the contract of the General Administrator of MOSA also caused turmoil. As soon as it was recorded, Scott Andrew Reid’s approach to change is now before the court in Anosy. It is considered illegal by the person concerned because the General Meeting which ratified his replacement was held “irregularly” and “without the presence of the General Administrator of the company in office and without summons or information of a prior agenda “.
61 millions USD
A legal turning point occurred on April 2, when the Supreme Court of Bermuda authorized BMK Resources to acquire all of the shares of Madagascar Oil Ltd (Mauritius) and MOSA for the sum of USD 2,039,867. This decision was, however, contested by Outrider Master Fund Ltd, US Holdings’ main creditor, which quickly reacted by launching legal proceedings on several fronts. Indeed, On March 14, 2024, in a counterattack, Outrider Master Fund Ltd filed a “Statutory Request” with the court of Mauritius, invoking an unpaid debt of 61,183,423 USD accumulated by US Holdings in February 29, 2024.
Apollo 21
This series of legal challenges highlights the complexity of BMK Resources Ltd’s financial situation and raises questions about its ability to effectively manage and finance the development of the Tsimiroro project. Especially since MOSA seems to have only been truly operational during the year of restructuring of its parent company, without having succeeded in achieving its first commercial sales. Also, the reputation of BMK Resources Ltd, or Benchmark Group, and its directors, has already been damaged politically when this company was cited in the “Apollo 21” affair or the attempted assassination of the president of the Andry Rajoelina Republic.
Rija R.