Canadian 'farmer logic': Who benefited from GSFC's obscure investment in Karnalyte?

By Our Representative

On November 8, Counterview carried an article titled “Pump and dump strategy? Erosion of GSFC's Rs 250 crore investment in Canadian firm”, by a 1975 batch IAS bureaucrat, who was called a “turnaround man” by the Times of India way back in 2006. Second article by Luke on the subject (the first one was on January 4), it is based a letter he wrote to Gujarat chief secretary Anil Mukim protesting against a 2013 Gujarat State Fertilizers and Chemicals investment of Rs 250 crore in Canadian firm Karnalyte in 2013, whose value has now fallen to Rs 10 crore!
Based on the article – which argues that the PSU investment was allegedly made without taking into account the Canadian firm’s profile the for production and supply of potash, facing glut in the international market – the “Indian Express” carried a follow-up on November 10, even as quoting GSFC CMD Arvind Agrawal as stating he had not seen the letter, as it “is very long”, adding, “It is a seven-year-old matter and there is no point in going in, digging (sic!).”
This was followed by the Congress-controlled “National Herald” doing a detailed story on November 20 (following it up with a front page flier on November 22 in its Sunday print edition), titled “Gujarat rope trick”, and wondering, “Who decided in 2013 to invest Rs 250 crore in a dubious company in Canada? The investment has turned into junk and the Canadian company with three employees did not fulfil its commitment in the last eight years. But somebody benefitted. Who?”
Based on these article, Stockhouse, a top Canadian financial portal, one of North America’s largest small cap investor communities, whose members include affluent investors actively researching stock and looking for new opportunities, carries a scathing letter on the GSFC investment by one of its members. Titled “Farmer Logic”, the letter has been apparently written by a Canadian farmer, referring in passing that Luke, on retirement, has taken up farming. Read on:

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Interesting articles out of Gujarat! Thanks for putting those on for me to read. A few months ago when I started my thoughts on here, I had a hard time aligning why a State run enterprise would invest in a foreign country to get something they could buy on the open market. Those posts were around August 17th.
Having been to India many years ago, I saw (and it happens here too) that a Government might not be corrupt but people in the Government can and sure will be, and they try to get their hands on some money.
In one of the articles Mr. Luke who is on the back 9 of his life and has taken up farming (God Bless him) said he has no personal interest in this but wants to bring the truth to the people of Gujarat. Note, no personal interest but he knows something was up all along.
At another point in one of the articles, it says that money went down the drain.....and farmer logic says check the end of the drain to see who that money benefited.
Who has zero-NO Shares in this venture but yet have a personal interest and are getting paid?! The current management and board members! Doesn't anyone else see that?
Of course they want to keep things the same and conserve cash.....to pay themselves.
Those of you who are from the farm or are handy will know that when issues/problems come up, people look for someone or something to blame. I have an adopted brother who many years ago used to help on the farm. Everything he touched broke or got smashed. He could blame this or that or another person but it turns out he was the common denominator involved in every wreck and managed to survived with excuses and blaming others and other things until my Dad (he loved that boy and gave him many chances) realized that the boy was the problem.
Who is the common denominator and has survived all this turmoil? Danielle and GSFC board members (individual people) have continued to be personally paid since this all started and in the meantime have invested not one dollar personally into this company!!!?
Danielle and the current board have seen Mr. Phinney get run over and out of the company, along with all the other board members who actually owned shares as well as an interim CEO who owned a good amount of shares and a recent CEO.
Danielle and the current board are at the end of the drain receiving all the money and the benefit. I looked through the Proxy materials. Danielle and the whole board who own no shares are the ones getting paid and they are disparaging proposed board members who actually own shares? Doesn't anyone else see that as upside down?
in one of those articles from Gujarat media Mr. Luke or the writer says that the current interim CEO is unknown!!!
Read the Proxy that was just sent out, Danielle is praised as having all this experience and knowledge....in what operating/producing fertilizer venture? In Political alignment with the personal individuals from GSFC on the board it would appear she is well versed at. She, along with the GSFC individuals took home good personal money and survived Mr. Phinney and everyone else ever involved and not one of them owns a share!
To me it is right there! They are the only ones benefiting Can't anyone see that? It appears the higher ups in GSFC and people in the State of Gujarat and the Government are figuring it out.
The Fox is in the Hen House. There is no one left for Danielle to throw under the bus and survive, unless someone from GSFC will be the fall guy.....or will GSFC turn on Danielle?

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