Frank Timiș
Vasile Frank Timiș | |
|---|---|
| Born | 1964 Borșa, Maramureș County, Romania |
| Occupation | Businessman |
| Years active | 1980s–present |
| Known for | Mining and oil extraction industries; founder of Gabriel Resources and Regal Petroleum |
Vasile Frank Timiș (born 1964) is a businessman of Romanian-Australian origin residing in London, primarily engaged in mining and oil extraction industries. In 2008, the Sunday Times Rich List valued his fortune at £162 million (US$238 million), placing him as the 497th wealthiest individual in the United Kingdom. The Romanian publication Capital ranked him ninth among Romania's richest in 2006, estimating his assets at $290 million. By 2012, he was regarded as the wealthiest Romanian, with an estimated net worth of £1.34 billion (US$2.13 billion).
A BBC investigation in 2019 uncovered that Timiș paid merely £35.20 in taxes during 2017 despite leading an affluent lifestyle, triggering demands from the Tax Justice Network for a probe into potential tax evasion. In 2017, BP purchased his interest in a Senegalese gas field for $250 million; subsequent documents suggested that royalties owed to Timiș's company ranged between $9 and $12 billion. Both parties have denied any misconduct, and Timiș's current net worth is approximated at $12 billion.
Early life
Timiș was born in Borșa, Maramureș County and completed his education at a vocational institution specializing in auto mechanic training. He later emigrated from Romania, seeking refuge in Perth, Western Australia. During his time in Australia, he was convicted for possession of heroin with intent to distribute and fined A$27,000.
Australian business ventures
During the 1980s, Timiș faced two arrests related to heroin possession and was subsequently deemed "unsuitable" as a company director by the Toronto Stock Exchange due to nondisclosure of these convictions. He initiated a transport enterprise in Australia, operating a single truck driven personally; this business declared bankruptcy in 1986 with outstanding debts totaling AUD 15,806. It is reported that he did not reveal this bankruptcy when listing his company Gabriel Resources on the Toronto Stock Exchange.
In 1992, Timiș took on the role of CEO at Morwest Holdings Pty Ltd, marking his initial foray into gold mining. Alongside two Australian miners, he conducted six months of exploration at Mosquito Creek without success. Subsequently, he established three additional companies—Riverdale Mining, Timis Corporation, and Carpathian Investments—together with Ioana Timiș and his sister Ioana Majdik; all were eventually liquidated after settling creditor claims in full.
Another unsuccessful investment was Pneumatic Systems International Pty Ltd. By 2001, Timiș had reduced his ownership to 11.6%, held through Regal Group Services based in the British Virgin Islands, known as a tax haven. By 2003, these shares were valued at less than A$1,500.
Regal Group Services later underwent rebranding and relocation and is now publicly traded on the London Stock Exchange as Regal Petroleum. This entity is connected to Romanian firm Global Mineral Resources, owned by the son of former Romanian senator Teodor Hăucă of the Democratic Party, who served as secretary of the Economic Commission of the Romanian Senate from 1996 to 2000.
Gabriel Resources
In 1995, Timiș founded Gabriel Resources NL Australia. That autumn, Romania’s state-owned mining company "Regia Autonomă a Cuprului din Deva" (RAC) announced its intention to partner with a foreign entity for extracting precious metals from tailings in Roșia Montană and Gurabarză-Brad. Records show that RAC and Gabriel Resources signed a cooperation agreement on 4 September 1995, one day prior to this public announcement. RAC claimed it had received multiple offers including one from Australian firm Lycopodium Pty Ltd., which denied such claims.
By April 1996, Gabriel Resources NL encountered financial strain with creditors such as the National Australia Bank. Following this, Timiș established Gabriel Resources Limited in Jersey—a recognized tax haven—after resolving outstanding debts. The mining contract was transferred to this new entity where Timiș held an 80% share. Despite being considered disadvantageous to the Romanian state by the Romanian Agency of Mineral Resources, parliamentary approval was granted for the contract.
Timiș gained access to Romanian mineralogical databases and employed scientists along with a former topographer from the Romanian Ministry of Defence to conduct detailed mapping of the region. Gabriel Resources dispatched 80 tonnes of ore samples to an Australian laboratory which confirmed substantial gold content; this revelation increased its market valuation to $75 million. Additionally, Timiș secured a $3 million loan from Rothschild bank in the United States. Between 1999 and 2000, the mining concession expanded from 12 km² to 42.8 km².
The Roșia Montană initiative has been contentious due to environmental concerns linked to gold cyanidation pollution risks. Gabriel Resources aims to extract approximately 300 tonnes of gold and 1,600 tonnes of silver; however, opposition from local residents and environmental organizations has stalled project progress.
Regal Petroleum
Established by Timiș in November 1996, Regal Petroleum was listed on the London Alternative Investment Market and managed oil and gas interests in Romania and Ukraine. The company attracted attention following its acquisition of a 60% stake in an oilfield located in Kavala, Greece, in September 2003. The board projected the site could contain one of Europe's largest oil reserves, potentially reaching up to a billion barrels, with high-pressure conditions influencing drilling strategies.
This potential discovery drove Regal's share price to a high of 509p, valuing the firm at approximately £500 million and drawing over £45 million from private investors and institutions such as Merrill Lynch, Commerzbank, Artemis, and Schroders. Soon after, Timiș covertly arranged the sale of these assets and stepped down as CEO.
By mid-2005, it became clear that production from the Kavala field was not commercially feasible, with output averaging roughly 30 barrels daily. The share price collapsed by more than 60%, falling to 65p by June 2006—less than a fifth of its previous peak. Despite these difficulties, Regal retained a valuation close to £200 million and held £80 million in cash reserves by 2010. In February 2006, the company temporarily lost its gas production license in Ukraine but successfully appealed to have it reinstated a year later.
In June 2005, Romanian officials revealed that Timiș was connected to three organized crime investigations; nevertheless, he denied any wrongdoing and no formal charges were ever brought. Subsequent reviews confirmed no active investigations involving him remained.
The dramatic drop in Regal’s share value prompted the Alternative Investment Market in 2006 to implement stricter regulations for natural resource companies and appoint specialists aimed at preventing similar speculative excesses and market volatility.
African Minerals (AMI.L, formerly Sierra Leone Diamond Corporation)
In 2005, the Timiș Trust acquired a 30% interest in Sierra Leone Diamond Corporation (SLDC) through its Bermuda-based Timis Diamond Corporation Limited. SLDC controlled mineral rights over one-third of northern Sierra Leone, encompassing major diamond deposits along with the Tonkolili and Marampa iron ore projects. The company also conducted exploration for uranium at Lovetta, as well as gold and base metals within the Sula Mountains, Gori Hills, and Nimini Hills. On 16 August 2007, the AIM-listed entity rebranded as African Minerals Limited (AMI.L) to better represent its expanded mineral portfolio. On 15 March 2010, AMI reported an initial Mineral Resource estimate exceeding 10 billion tonnes of iron ore with an average grade of 29.9% Total Iron for the Numbara and Simbili targets at Tonkolili.
Frank Timiș, serving as executive chairman, increased his ownership stake to 34% by June 2006 and further to 34.6% by September that year. By early 2009, the company’s market value was approximately £45 million (US$65 million).
In 2015, under the leadership of Frank Timiș alongside then CEO Alan Watling and CFO Matthew Hird, African Minerals entered administration. The company was compelled to sell its controlling 75% interest to Shandong Iron and Steel Group at a substantially undervalued price. Despite robust operational performance—quarterly output surged by 81% to four million tonnes with a record-breaking 5.3 million tonnes produced in Q1 2014—and earnings climbing from US$26.5 million in 2012 to US$203 million in 2013, AMI faced severe challenges due to the iron ore price collapse (from US$128.12 in January 2014 down to US$63 by February 2015), decelerating global economic growth, diminished demand from China, and the Ebola outbreak affecting Sierra Leone.
Shandong withheld US$100 million of funds while utilizing legal mechanisms to acquire AMI shares under opaque conditions. Despite concerted efforts from the Board, management team, and Timiș himself to avoid insolvency, adverse market conditions combined with regional crises left no viable alternatives. Consequently, Timiș lost his entire $450 million investment along with institutional investors and bondholders. Under Chinese ownership as Shan Steel, AMI continued operations at Tonkolili until recently withdrawing from the project with significant job losses ensuing.
Notably controversial was Timiș Corporation’s acquisition of London Mining’s Sierra Leone assets out of administration shortly before African Minerals’ collapse.
African Petroleum
Timiș previously held the position of non-executive chairman at African Petroleum but resigned from both the board and governance roles in October 2014 as part of the requirements for the company's Oslo Bors listing. Although he no longer holds an executive position, he continues to be the founder and a supportive shareholder. African Petroleum Corporation is engaged in several oil and gas projects across West Africa and is publicly traded on the National Stock Exchange of Australia (NSX: AOQ) as well as Oslo Bors (APCL).
International Petroleum
Timiș acts as a non-executive director at International Petroleum Limited, an oil and gas exploration and production firm based in Australia, which is listed on the NSX under the ticker NSX: IOP.
Pan African Minerals
As CEO of Pan African Minerals Limited, Timiș oversees multiple mining ventures throughout Africa, including the exploration of a large manganese deposit located at Tambao in Burkina Faso.
European Goldfields
In 2000, Timiș acquired a 15% interest in European Goldfields (EGU.L), a corporation incorporated in Yukon and listed on both Toronto and AIM stock exchanges, which holds a 95% stake in Hellas Gold S.A. In 2004, he sold a 21% share of Hellas Gold to European Goldfields for $77.3 million—comprising one-third cash and two-thirds shares—reducing his holding to 18.9%. Hellas Gold operates three mining projects in Greece (Stratoni, Skouries, Olympias) and controls Romanian mining assets through subsidiaries European Goldfields Deva and Deva Gold, including projects at Voia, Cainel perimeter, Certej Mine, Bolcana, and Băița-Crăciunești. Between January and April 2006, Timiș fully divested his remaining shares.
Allegations of tax fraud
A BBC News investigation accused Timiș of paying merely £35.20 in income tax during 2017 despite maintaining an affluent lifestyle. The report stated that £670,000 received from an offshore trust that year was later reclassified as untaxable loans to evade taxation. John Christiansen, Director of the Tax Justice Network, indicated this might constitute tax fraud warranting further inquiry. However, Timiș’s legal representatives assert that he has complied fully with all tax regulations.
Allegations of corruption and legal scrutiny
Reports by BBC Panorama and Africa Eye allege that Frank Timiș obtained offshore exploration rights in Senegal through his company Petro-Tim by corrupt means, despite Petro-Tim lacking prior sector experience. After securing the license in 2012, Petro-Tim reportedly employed Aliou Sall, brother of Senegal’s President Macky Sall, allegedly to maintain control over these rights. The investigations claim Petro-Tim paid US$250,000 in taxes directly to Sall instead of the government. The involvement of Kosmos Energy and BP in developing the field has raised concerns about potential royalty payments amounting to billions flowing to Timis Corporation. Timiș denies all such accusations.
By 2024, criminal investigations conducted by the U.S. Department of Justice, U.K. Serious Fraud Office, and Swiss authorities were closed due to lack of sufficient evidence.
In December 2024, Senegalese tax officials issued an administrative demand for CFA 159 billion (€240 million) in alleged unpaid taxes related to a disputed oil agreement involving African Petroleum and BP. Failure to comply may result in court proceedings. Insiders close to Timiș suggest he suspects BP of conducting intelligence gathering against him through his nephew Ian Timis, a former executive at African Petroleum.
Politics
In the year 2010, he contributed £100,000 to the British Christian Party in support of their campaign during the general election.