The Daily Telegraph - Business
Argo Blockchain opposes nominee of investor Frank Timis
A CRYPTOCURRENCY start-up has tried to rebuff a director nomination by a shareholder set on a board clear-out.
London-listed Argo Blockchain faces pressure from First Investment Holdings, controlled by Romanian-Australian businessman Frank Timis.
Its board warned his nominee, Jeff Couch of the Bank of Montreal, would face “challenging time constraints” and said it “did not share ... confidence” in his experience of digital currencies. Mr Timis did not disclose the banker’s close relationship with his previous ventures as director of a company he founded, the board said. Shareholders vote on his appointment this week.
Directors must disclose roles in the last five years with significant links to a firm or major shareholders. From 2010 to 2015, Mr Couch was a director at African Petroleum, founded by Mr Timis. Since he is yet to be appointed there is no suggestion any City rules have been broken. The board move to rebuff his nomination comes as First Investment tries to oust two Argo founders.
Mr Timis has long invested in mining and mineral firms in Australia and Africa; he claims to have lost $252m (£194m) in the fall of African Minerals.