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Media and information releases Printer version

04-275 Sydney securities dealer pleads guilty

Friday 27 August 2004


Mr Upul Samantha Anthony, of Sydney, New South Wales (NSW), has appeared in the Sydney District Court on criminal charges brought by the Australian Securities and Investments Commission (ASIC) and the NSW Police (NSWPOL).

Mr Anthony, formerly a securities lending dealer with Cogent Securities Pty Ltd (Cogent) in Sydney, pleaded guilty to three charges of market manipulation, brought by ASIC.

ASIC alleges that Mr Anthony manipulated the price of shares in Nugold Hill Mines Limited (NGH) between March and November 2001, and those of Advantage Telecommunications Limited (ATC), a telecommunications company based in Perth, between January and September 2002. NGH relisted as ATC in early 2002.

ASIC's investigation found that Mr Anthony traded shares through a number of brokers under various account names. This share trading had the effect of creating an artificial price for the shares of NGH and ATC as well as maintaining the price at a level that was artificial.

Mr Anthony pleaded guilty to misappropriating approximately $3.7 million from Cogent to pay for the purchase of shares in NGH and ATC, and misappropriating $7 million from Cogent to a company related to ATC to support ATC's business operations in Hong Kong.

Mr Anthony further pleaded guilty to 16 charges brought by the NSWPOL of obtaining benefit by deception regarding the fraudulent use of $16 million belonging to Cogent.

Mr Anthony has been remanded in custody and will be sentenced on 8 September 2004 in the District Court.

The charges were prosecuted by the Commonwealth and State Director of Public Prosecutions.

ASIC will make no further comment at this time.





Updated: 27/08/2004







NUGOLD HILL MINES LIMITED 2001-03-23 ASX-SIGNAL-G
HOMEX - Melbourne
+++++++++++++++++++++++++
MEDIA RELEASE
MINING ASSETS TO BE COMPLIANCE LISTED IN SEPARATE VEHICLE
Nugold Hill Mines Ltd (ASX:NGH) is pleased to announce that it is
proceeding with its intention to acquire 100% of Advantage
Telecommunications Ltd. (AdvanTel).
This will take place by way of an option to acquire 100% of AdvanTel
up to 30 September 2001. This option gives Nugold the right to
purchase the remaining 40% of AdvanTel in exchange for NGH shares.
In addition, it is Nugold's intention to proceed with a simultaneous
compliance listing of all of its mining assets. Pelican Resources Ltd
will acquire all Nugold's mining assets in return for shares that
will be distributed to Nugold shareholders. Pelican, which also holds
other mineral investments, will then list on ASX. It is intended that
Nugold shareholders will be issued approximately 70% of Pelican on
the basis of approximately 1 free share in Pelican for every 5 Nugold
shares held.
Nugold will seek to undergo a change of activity from the mining
exploration to telecommunications area, as required by ASX listing
rules. It is anticipated that Nugold will change its name to more
closely reflect its activities.
It is also anticipated that there will be an appropriate restructure
of the Nugold board to reflect these changes, including the
appointment of persons with significant international
telecommunications experience.
Nugold has been advised by AdvanTel that it reached operational
status in March 2001 and has interconnected international carriers to
its network infrastructure.
AdvanTel has made the decision to concentrate on the efficient
operation and growth of its core revenue business of international
voice and data carriage to the People's Republic of China from its
network hub in Hong Kong.
Further details of these operations, including new customers,
partners, and international carrier clients will be announced in due
course.
The above transactions are subject to Nugold obtaining all necessary
shareholder and regulatory approvals. Nugold anticipates seeking
these approvals in May 2001 so that the transactions will be
completed in the second quarter of 2001.
FOR FURTHER INFORMATION:
Mr John Palermo
CHAIRMAN
Nugold Hill Mines Ltd
Telephone: (08) 9242 2621
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