Our work speaks for itself.NQ Minerals PLC – An Overview of the Fraud
NQ Minerals PLC was promoted to investors as a legitimate mining company with valuable Australian assets, including the Hellyer Lead/Zinc Mine in Tasmania and the Beaconsfield Gold Mine. Between 2018 and 2020, NQ Minerals raised approximately US$100 million from retail investors worldwide through high-interest “secured” bonds. These bonds were marketed as being backed by mining assets allegedly worth around A$286 million.
The reality was very different.
How the Scheme Worked
At the centre of NQ Minerals was its founder and CEO, Walter Doyle, supported by a close network of long-standing associates, financiers, promoters, and professional advisers. The company’s primary fundraising was arranged through Bedford Row Capital, controlled by Scott Levy, using a series of bond vehicles including Audley Funding PLC.
Investors were told the bonds were secure, low-risk, and asset-backed. In fact, extraordinarily high commissions—sometimes up to 25–35%—were paid to insiders, distributors, and related parties. Substantial sums were also extracted from NQ Minerals through so-called “consulting,” “marketing,” and “administration” fees.
At the operational level, further value was stripped from the business. Gold and silver produced at the Hellyer mine were allegedly sold to insiders at extreme discounts to market value, while procurement and inventory transactions were inflated. It is estimated that US$50–70 million was siphoned out of the company during this period.
The Rigged Bondholder Vote
In May–June 2020, a pivotal event occurred. Bondholders’ security over NQ’s key mining assets was removed through what is alleged to have been a rigged bondholder vote. Most bondholders were never properly notified or given the opportunity to participate. The vote was orchestrated by Doyle and his associates to allow a new senior secured loan from ING Bank, while stripping existing bondholders of their first-ranking security without compensation.
Following this vote:
New bonds were still sold without proper disclosure that the security had been subordinated.
Key insiders allegedly received preferential payments.
Bondholders were left exposed and unaware until it was too late.
Collapse and Administration
By early 2021, NQ Minerals had defaulted on its bonds. The company later entered administration in August 2021 with approximately US$200 million in total debt. The administrator appointed was Begbies Traynor.
During administration, further concerns emerged. Assets were sold through a rushed and opaque process to entities allegedly connected to Doyle’s long-time associate James Dean, including via Munich Partners, despite repeated warnings from creditors about insider dealing and conflicts of interest.
Key People and Enablers
The scheme relied on a tightly connected group, including:
David Lenigas – chairman and promoter
James Dean and affiliated funds – recipients of discounted bonds, streaming deals, and royalties
Bedford Row Capital, Audley Funding, Truva Trustees, and Avenir Registrars – entities that acted as arrangers, trustees, and registrars despite clear conflicts
Professional advisers and auditors who failed to stop or report obvious red flags
Walter Doyle - Involvement is detailed in the next page
Regulatory Inaction
Despite extensive documentary evidence and whistleblower reports submitted to regulators, including ASIC, no meaningful enforcement action has been taken. This failure of oversight allowed the collapse of NQ Minerals to be treated as a routine insolvency rather than what the evidence indicates was a coordinated, multi-jurisdictional fraud.
Why NQ Minerals Matters
The NQ Minerals case is not an isolated failure. It is a textbook example of:
Retail investors being misled on a global scale
Professional enablers extracting value while claiming compliance
Regulators and fiduciaries failing in their duties
Whistleblowers facing retaliation rather than protection
This website documents NQ Minerals because it sits at the centre of a wider network of related frauds and regulatory failures that continue to this day.
Sources & Supporting Documents:
Green Fraud – NQ Minerals analysis and bondholder evidence
ASIC whistleblower report and correspondence confirming receipt and inaction
Additional primary documents available at veridicus.org
