Frank (Vasile) Timis

$1.10 B

Ranked #1057 in World

About Frank (Vasile) Timis

Vasile Frank Timiș","a Romanian-Australian businessman with a focus on the mining and oil extraction sectors","boasts an estimated net worth of $12 billion. Born in Romania and later settling in Australia as a refugee","Timiș","s career has been marked by both achievements and controversies. He founded Gabriel Resources, engaging in a significant mining project in Romania, and Regal Petroleum, which faced scrutiny over its Greek oilfield\"s viability. Additionally, Timiș acquired a substantial stake in African Minerals, which went into administration amid economic challenges. Despite his business successes, Timiș has faced allegations of tax evasion and unethical business practices. His political involvement includes a notable donation to the British Christian Party. This summary encapsulates the multifaceted career of Vasile Frank Timiș, highlighting his impact on the mining and oil industries while also acknowledging the controversies surrounding his business dealings.

Born

January 28, 1964 in Borșa, Maramureș County, People's Republic of Romania

Age

62 years

Source Of Wealth

Mining

Industries

Metals & Mining

Citizenship

Romania

Residence

London

Vasile Frank Timiș, a Romanian-Australian businessman currently residing in London, was born in Borșa, Maramureș County, Romania. After graduating from a vocational school for auto mechanics, he sought refuge in Perth, Western Australia.

Frank (Vasile) Timis: Family

Information about Vasile Frank Timiș's family is not provided in the given context.

Frank (Vasile) Timis: Career Highlights

Timiș's career has been marked by both successes and controversies. He started his own transport company in Australia, which unfortunately went bankrupt in 1986. Despite this setback, he went on to become the CEO of Morwest Holdings Pty Ltd, his first gold mining business. Timiș also founded and liquidated several other companies, including Riverdale Mining, Timis Corporation, and Carpathian Investments.

One of his notable ventures was investing in Pneumatic Systems International Pty Ltd, which was later renamed Regal Group Services. This company eventually changed its name and headquarters, becoming Regal Petroleum and listing on the London Stock Exchange.

Frank (Vasile) Timis: Companies

Vasile Frank Timiș has been involved with numerous companies throughout his career. Here are some of the key companies he has been associated with:

Gabriel Resources NL Australia
Regal Petroleum
African Minerals (AMI.L, formerly Sierra Leone Diamond Corporation)
African Petroleum
International Petroleum Limited
Pan African Minerals Limited
European Goldfields
Petro-Tim

Frank (Vasile) Timis: Major Achievements

Timiș's major achievements include founding Gabriel Resources NL Australia and signing a collaboration agreement with the Romanian state-owned mining company "Regia Autonomă a Cuprului din Deva" (RAC) for mining precious metals in Roșia Montană and Gurabarză-Brad. He also secured a $3 million loan from the Rothschild bank in the United States and increased the mining area from 12 km2 to 42.8 km2.

Another significant achievement was founding Regal Petroleum and acquiring 60% of an oilfield in Kavala, Greece. The hype surrounding this oilfield drove Regal's share price to a peak of 509p.

Frank (Vasile) Timis: Awards & Achievements

Information about Vasile Frank Timiș's awards and achievements is not provided in the given context.

Frank (Vasile) Timis: Personal Life & Legacy

Timiș is known for his interests in the mining and oil extraction industries.

He has an estimated net worth of $12 billion. However, his personal life and legacy are not extensively detailed in the provided information.

Frank (Vasile) Timis: Trivia

Vasile Frank Timiș has been involved in several controversies, including allegations of tax avoidance, corruption, and questionable business practices. He has also made political donations, such as contributing £100,000 to the British Christian Party for the 2010 general election.

Wealth History

Timeline

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Vasile Frank Timiș, a Romanian-Australian businessman, resides in London with interests in the mining and oil extraction industries, accumulating an estimated net worth of $12 billion.

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Born in Borșa, Maramureș County, Romania, Timiș graduated from a vocational school for auto mechanics before seeking refuge in Perth, Western Australia.

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Timiș faced conviction in Australia for possession of heroin with intent to supply, resulting in a fine of A$27,000.

1986

Timiș established his own transport company in Australia, which unfortunately went bankrupt.

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Timiș failed to disclose his convictions when listing Gabriel Resources on the Toronto Stock Exchange.

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Timiș assumed the role of CEO of Morwest Holdings Pty Ltd, marking his entry into the gold mining industry.

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Timiș founded and subsequently liquidated several companies, including Riverdale Mining, Timis Corporation, and Carpathian Investments.

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Timiș invested in Pneumatic Systems International Pty Ltd, which later underwent a name change to Regal Group Services.

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Regal Group Services underwent a transformation, changing its name and headquarters, and is currently listed on the London Stock Exchange as Regal Petroleum.

1995

Timiș established Gabriel Resources NL Australia, embarking on a significant venture.

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Gabriel Resources entered into a collaboration agreement with the Romanian state-owned mining company "Regia Autonomă a Cuprului din Deva" (RAC) for mining precious metals in Roșia Montană and Gurabarză-Brad.

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Timiș diligently acquired financial data and recruited relevant scientists and experts to support the project.

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Ore samples were meticulously sent to Australia for analysis, revealing a promising high gold content.

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Gabriel Resources secured a substantial $3 million loan from the Rothschild bank in the United States.

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Timiș strategically expanded the mining area from 12 km2 to 42.8 km2, demonstrating his ambitious vision.

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The Roșia Montană project encountered controversy due to its utilization of gold cyanidation, raising environmental concerns.

November 1996

Timiș founded Regal Petroleum, which was subsequently listed on the London Alternative Investment Market.

September 2003

Regal Petroleum acquired a significant 60% stake in an oilfield located in Kavala, Greece.

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The hype surrounding the Kavala oilfield propelled Regal's share price to an impressive peak of 509p.

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Timiș discreetly agreed to sell the company's assets and made the decision to resign from his position as chief executive.

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Despite initial optimism, the Kavala oilfield was discovered to contain oil, but not in commercially viable quantities, resulting in a significant decline in Regal's share price.

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Regal Petroleum faced investigations by the Romanian Supreme Court, although no charges were ultimately filed.

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In response to the Regal Petroleum case, the Alternative Investment Market implemented stricter regulations for natural resources companies.

2005

Timiș Trust made a strategic move by acquiring a 30% stake in Sierra Leone Diamond Corporation (SLDC).

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SLDC held substantial mineral rights, covering approximately one-third of Sierra Leone's territory, including diamond fields and promising iron ore projects.

2007

The company underwent a name change, transforming from Sierra Leone Diamond Corporation to African Minerals Limited (AMI.L).

September 2006

Timiș further increased his shareholding in AMI.L, reaching a notable 34.6% stake.

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AMI.L encountered challenges stemming from declining iron ore prices, a slowdown in global growth, and the devastating impact of the Ebola crisis.

2015

The company's financial struggles culminated in AMI.L entering administration, resulting in Timiș losing his substantial investment.

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Timiș held various leadership positions, including serving as non-executive chairman of African Petroleum (stepping down in 2014) and non-executive director at International Petroleum Limited.

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He assumed the role of CEO at Pan African Minerals Limited, overseeing operations across Africa.

January-April 2006

Timiș held a stake in European Goldfields, which he later sold between January and April 2006.

2017

Timiș faced allegations of paying a mere £35.20 in income tax despite leading a lavish lifestyle.

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A BBC investigation raised concerns about payments received from an offshore trust being retrospectively labeled as untaxable loans to avoid tax obligations.

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Timiș was accused of corruptly acquiring exploration rights in Senegal through his company Petro-Tim.

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The allegations involve the participation of Kosmos Energy and BP in the development of the field, potentially leading to substantial royalty payments to Timis Corporation.