Complaint Review: World Energy Research - Internet

I act for an investor (a close friend) in relation to his investment with the companies in question, which commenced in mid 2009 for an amount in excess of AUS$300,000. 


This notice serves to inform all parties with a vested interest in the above-mentioned companies to contact the writer either directly or via this blog-site as a matter of urgency in relation to the security of their investment and our mutual interest. 


As you would be aware, WER directors and representatives have been marketing substantial investment opportunities in numerous projects around the world, including but not limited to; oil & gas and renewable energy in the form of tidal and hydro power-generation amongst others. You may also be aware of the claims made by WER regarding these projects and more specifically, the essential project information including completion dates and projected income has failed to materialise to date. Notwithstanding past and current information and assurances provided to its investors/partners that all is on 
track and proceeding accordingly. 


Following numerous failed attempts by my friend to obtain relevant and accurate information in relation to the projects in question and the security of his investment, I was called upon several weeks ago to render assistance in that regard. This course of action was triggered by the fact that every substantive promise made to him never eventuated and also when he pressed them for information, he became acutely aware of the inconsistencies and contradictions. 


Upon commencing the due-diligence process, my investigations immediately revealed many very dubious and concerning issues with the company and its directors code of conduct as well as the validity of the actual investment projects. This was before much of the information we currently have was 
revealed. 


The first and most obvious cause for concern, is the trail of evidence based on my friend's direct experience in relation to the information he received prior and subsequent to proceeding with the investment. However, any attempts to obtain essential information that should have been provided at 
the start and at the very least be readily available, was either absent or simply did not exist. This fact further highlighted the company's inconsistencies with the information it provided initially, in addition to 
the fact that very little of what has been stated and directly promised actually materialised. 


Whilst under normal circumstances reasonable delays and some hiccups along the way are not unusual and of themselves not a major cause for concern. However, when the fundamental and crucial information upon which informed investment decision is based turns out to be either inaccurate or completely false, is adequate reason for concern. To say nothing of intentionally and knowingly providing false and misleading information for what appears to be nefarious reasons. 


Moreover, when crucial information is withheld, such as informing investors of projects they invested in have been inexplicable cancelled or as in some instances have been shelved for years or indefinitely and yet the information provided firsthand had to be extracted in bits from various WER representatives, which enable the more informed and direct questions to be asked. 


My friend commenced requesting information and explanations from WER directors dating back to last February. As a result of these inquiries, he was contacted by Mr. Kitto (WER's General Council) who confirmed on March 3rd, that he would respond in detail to his queries and provide the outstanding documentation (I.e. Share certificate etc) and project related information. This was yet another empty promise. 


I have since written a detailed letter to Mr. Kitto outlining all of the issues of contention and again requesting outstanding documents and specific project information. Notwithstanding Mr. Kitto's promise a month prior to provide the requested information within a matter of 24-hours or so, I was advised that he required 10-business days to respond. A request was sent yet again, asking him to provide the outstanding share certificate together with other relevant and readily available information, which would at the very least alleviate concerns and validate the authenticity of the company and its projects. This was met with a hostile and nonsensical response with the apparent intention to further delay or avoid providing any information. 


The investigation has since been escalated, notwithstanding the absence of pertinent and absolutely crucial information that should have been provided to begin with and updated constantly on WER website and the partners platform, as was promised throughout their dealings and clearly stated on their website via their correspondences and Media-Releases amongst others. It speaks volumes about their promised transparency and good business practice. 


Evidenced from direct and current experience from an investor/partner of WER and a shareholder in WEHR and the factors revealed since the commencement of this investigation, we have discovered many extremely alarming issues in relation to the companies in question and the directors past and present 
(namely; Mr. Jorge Vizcarra and Mr. Gabriel Conde) but most significantly, the uncertainty of security of the invested funds. 


Whilst our in-depth investigation has just begun, we have already discovered even more issues of very serious concern. So much so, that my friend is fearful that his money is gone or more aptly stated; stolen, which ever your prefer. WER has been offered every opportunity to provide something of substance to alleviate our well founded concerns but to no avail. Not even slightest gesture of good faith has been offered. 


Before I conclude, I wish highlight the fact that there is little or no independent third party information about this company and the named directors, nor is there any evidence of either past or current successes or indeed any public information. For that reason, we have commenced with contacting third parties and anyone with whom they have stated or inferred to have done business with or is associated in any reasonable manner. Thus far, the results have been both revealing and concerning. 


I will conclude on that note for now and advise anyone with a vested interest to contribute to our bank of information for benefit of all concerned. 


In the meantime, our comprehensive investigation will continue to delve as deeply as necessary and details of our action plan, including the address of the website currently under construction to serve as a platform for information exchange and progress updates to all with a mutual interest. 


Regards