Dermot Desmond’s punt on African Gold teeters on the edge
The billionaire Irish sponsor of the blank cheque company stands to lose a significant amount of his investment as the gold firm has a mere two months to complete a major deal while also dealing with the fallout from a major embezzlement case
Dermot Desmond doesn’t get many bets wrong. But thanks to a failed crypto-trader, the Irish billionaire businessman’s punt on African gold as a hedge against central bank-driven inflation is teetering on the brink.
African Gold Acquisition Corporation, a New York-listed blank cheque company sponsored by Desmond, has just two months left to complete a major acquisition.
That daunting proposition has been further complicated by Cooper Morgenthau, the company’s former chief financial officer, pleading guilty to ...
