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Former boxing champion cries foul over $2.2M investment

May 23, 2010 News

Former national boxing champion, Wayne Smith is crying foul. He says that he was duped into investing in a gold mining operation with the belief that he was going to be an equal partner.
He said that he was shot and seriously wounded on August 29, last year, in North East La Penitence. After he left hospital he said that he was offered a job by a fellow Muslim, Neville Rutherford as a chief security officer attached to Neville Rutherford Holdings Inc.
Smith said that the dredge on which he was supposed to work was short of some equipment. This is what led to him investing in the company with the belief that he was to be a partner.
“I subsequently bought them (the equipment) to the tune of $2.2 million. (Rutherford) further told me that we were now partners in the business.”
Smith said that when the operations started and the first set of gold came out of the ‘jungle’ Rutherford informed him that he was no longer a partner, that he was now a shareholder.
This meant that the profit from the gold had to be split five ways. “The gold was sold for $2.3 million but I received $100,000 as my share after expenses.”
Smith said that he was not pleased so he asked Rutherford for a meeting with all the shareholders. His request was declined, he said.
“I then asked to be out of the gold mining operation and for a full refund of my $2.2 million. Rutherford said that he would pay me in full on or before July 31 and that I would still be receiving my share until he fully repaid me.”
Smith said that the next shipment gold was worth $1.4 million and he received $60,000. “The third time he gave me a letter stating that no gold came out of the jungle, that the machines are broken down. But I was told that eight ounces, two pennyweights came out.
“If this man can swear by Allah that no gold came out on April 5, 2010 he does not have to give Wayne Smith another share of the gold. Just repay me on July 31.”
He still wants a meeting with Rutherford and the other shareholders. He said that he is merely calling Rutherford’s bluff that there are shareholders.

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