Pearl Gold AG

Pearl Gold AG is a German holding company headquartered in Frankfurt am Main. Its core business was investing in gold mining projects in Africa. The company was founded on 11 November 2008 as Perle 16. AG, renamed Perl Gold AG in September 2010, and listed on the Open Market of the Frankfurt Stock Exchange on 17 December 2010. On 25 September 2012, its shares were uplisted to the General Standard and included in the CDAX. For the 2013 financial year, the company had to make write-downs on assets and financial investments of over EUR 185 million. Its only source of income was proceeds from the sale of gold delivery rights. Because gold production never commenced, these rights were deemed worthless. Consequently, insolvency proceedings were filed in June 2016 at the Local Court of Frankfurt am Main, and the insolvency proceedings were opened in October 2016. In 2017, it was reported that the gold mine in Mali, from which the promised gold was to come, had already been shut down in 2013, and prosecutors in France and Switzerland were investigating on suspicion of fraud and breach of trust. As of May 2019, investigations continued in Germany against former board member Michael Pacha for bankruptcy, breach of trust, and delayed insolvency filing. In July 2019, an insolvency plan was presented, confirmed by the Local Court in August 2019, and took effect. The insolvency administrator fulfilled all conditions for the cancellation of the insolvency proceedings, which were cancelled as of 31 December 2020. Since the insolvency plan contained no corporate law provisions, the company was in liquidation from 1 January 2021. The sole former board member, Julia Boutonnet (Geneva, Switzerland), was appointed sole liquidator. On the proposal of the liquidator and the supervisory board, the general meeting of 4 November 2021 resolved to continue the company; Boutonnet was appointed to the board for the case of continuation. The resolutions were entered in the commercial register on 7 April 2022 and became effective. Since then, the company is again a fully operating company. Since 20 November 2023, Gregor Hubler has been the sole member of the board.

Pearl Gold AG was founded on 11 November 2008 as Perle 16. AG. In September 2010, it was renamed Perl Gold AG, and on 17 December 2010, it went public on the Open Market of the Frankfurt Stock Exchange. On 25 September 2012, the stock was uplisted to the General Standard and included in the CDAX. For the 2013 financial year, the company had to make write-downs on assets and financial investments of over EUR 185 million. Shareholder meetings were repeatedly convened, postponed, and ultimately cancelled. The 2013 annual report was submitted late and corrected only in 2016. The company's only source of income was proceeds from the sale of gold delivery rights. Because gold production never commenced, the gold delivery rights had to be considered worthless. Consequently, in June 2016, an insolvency petition was filed at the Local Court of Frankfurt am Main, and in October 2016, insolvency proceedings were opened. In 2017, it was reported that the gold mine in Mali, from which the promised gold was to come, had already been shut down in 2013, and prosecutors in France and Switzerland were investigating on suspicion of fraud and breach of trust. As of May 2019, investigations continued in Germany against former board member Michael Pacha for bankruptcy, breach of trust, and delayed insolvency filing. He had allegedly assured shareholders in 2015 that he could not explain the mass layoffs of the mine operator. Also in 2015, delivery rights were sold for EUR 175 per troy ounce while the market price was EUR 1,080. He was also accused of selling 10,000 troy ounces of gold to himself through a third company far below market price. After the insolvency administrator filed a criminal complaint against Pacha, he resigned as board member in 2017 and disappeared. In July 2019, an insolvency plan was presented, which was confirmed by the Local Court in August 2019. The insolvency plan took effect. The insolvency administrator subsequently fulfilled all conditions for the cancellation of the insolvency proceedings, and the proceedings were cancelled as of 31 December 2020. Since the insolvency plan contained no corporate law provisions, the company was in liquidation from 1 January 2021 (§ 262 Abs. 1 Nr. 3 i. V. m. § 264 Abs. 1 AktG). The sole former board member, Julia Boutonnet (Geneva, Switzerland), was appointed sole liquidator pursuant to § 265 Abs. 1 AktG. On the proposal of the liquidator and the supervisory board, the general meeting of 4 November 2021 resolved with the required majority to continue the company; Boutonnet was appointed by the supervisory board to the board for the case of continuation. The resolutions were entered in the commercial register on 7 April 2022 and thus became effective. Since then, the company is again a fully operating company. Since 20 November 2023, Gregor Hubler has been the sole member of the board.

• Founded as Perle 16. AG

• Renamed Perl Gold AG

• IPO on the Open Market of the Frankfurt Stock Exchange

• Uplisted to General Standard and included in CDAX

• Write-downs of over EUR 185 million for financial year 2013

• Insolvency petition filed at the Local Court of Frankfurt am Main

• Insolvency proceedings opened

• Reports that Mali gold mine was shut down in 2013; investigations in France and Switzerland

• Ongoing investigations against former board member Michael Pacha

• Insolvency plan presented

• Insolvency plan confirmed by the Local Court

• Insolvency proceedings cancelled

• Company in liquidation

• General meeting resolves continuation of the company

• Continuation resolutions entered in the commercial register

• Gregor Hubler becomes sole board member

German holding company focused on gold mining investments in Africa

• Investment in gold mining projects

• Gold delivery rights

• Fraud and breach of trust investigations

• Investigations against Michael Pacha

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1. 1Pearl Gold - Wikipedia (German)de.wikipedia.org
2. 2Pearl Gold - Wikidatawikidata.org
3. 3Company websitepearlgoldag.com