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The questionable oil company Terraoil has collected an emergency loan of 500,000 francs, at the expense of the taxpayers.
On March 26, Peter Krempin, CEO of the Zug-based company Terraoil Swiss, made a serious mistake: he incorrectly filled in the Covid emergency credit form. Write 21,103,997 francs in the “Sales income” field and 1,242,715 francs in the “net wage bill.” Exceptionally high amounts for a company of six employees.
The CEO refuses to explain, “Kassensturz”, how this billing occurs. According to the independent auditor’s report, Terraoil made only a fraction of the reported turnover in 2019 (378,091 francs).
«Kassensturz» of June 9, 2020
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An amateur preacher scams bona fide parishioners with actions
“Kassensturz” already revealed in June that Terraoil is forecasting revenues from oil fields that the company cannot use at all. At the time it was the share seller Médard Kammermann, who for years sold shares of Terraoil without inhibitions. The finance professional was also an amateur preacher at the New International Church (Nic) in Biel. There he abused trust within the religious community in order to acquire clients. Several parishioners bought shares through Kammermann and each lost hundreds of thousands of francs. Kammermann also served on the board of directors of Terraoil.
Krempin counted shares sold for 20 million francs, in which investors were misled, down to turnover (see “Kassensturz” of 09/06/20). That would not be allowed. Or, with a lot of imagination, he calculated the sales of the Terraoil subsidiary in Albania. Terraoil says it wants to make a lot of money there from oil production: “Terraoil’s strategy aims to become a leading oil producer in Albania and offer shareholders significant profits.”
The only difference is that it is controversial that something is happening in the oil field. “Kassensturz” has been demanding receipts in vain for months. And Christian Dreyer, independent analyst and CFA investor, says: “According to the audit report, I do not see any relevant economic activity of the company in Albania.” Media: Money paid by investors in Zug has been flowing to the Albanian subsidiary for years, nothing comes back. A million dollar unsecured loan. This contradicts the conditions of the Covid loan.
It doesn’t matter if the $ 21 million on the loan application form came from alleged affiliate sales or an accounting trick. Businesses that take advantage of minimal emergency loan controls generally act illegally. This is a possible fraud and falsification of documents. Both can be punished with a prison term of up to five years and a fine of up to 100,000 Swiss francs. So it is in bold on the Covid-19 loan agreement. Terraoil CEO Peter Krempin signed this form.
After the first post about Terraoil, many restless investors contacted “Kassensturz” and handed over internal documents. “Kassensturz” presented the documents to commercial lawyer Hans Hofstetter. According to him, the companies that claim the Covid loan are not authorized to grant a loan to foreign affiliates: “If that had happened here, the crime of money laundering would also have to be investigated.” Terraoil writes: “You can assume that we have adhered to the legal requirements in relation to the Covid-19 loan and we will.” Terraoil is silent on the allegation of possible money laundering.
How can such a company obtain a Covid loan? Terraoil’s own bank, Credit Suisse, explains: “We cannot comment on possible customer relationships. The aim of the Covid credit program was to provide SMEs with liquidity very quickly and easily and thus support the Swiss economy. If abuse is suspected, we consistently work with responsible authorities. “
Strange: As a house bank, CS is familiar with the high transfers from Terraoil to Albania. And the accounts must show that money has never been returned.
