Solv-Ex Corporation

When others were spending billions and decades perfecting plants to extract petroleum from Canadian tar sands, Solv-Ex came onto the scene claiming to have patented technology to cut the cost of producing oil from tar sands more than 70%. Solv-Ex is one of three transactions that involved companies creating plants based on pilot experimentation.
All of them failed spectacularly. Solv-Ex was the only one of the three that actually created a completely fake plant. The highlight of’s investigation was the hiring of a plane to fly over the supposed plant site to prove it did not exist. The result of this investigation was a report titled “Nothing in Solv-Ex’s entire plant works.”

No. Date Reports
30 May 9, 2000 Solv-Ex Suit Against Asensio & Company Dismissed.

29 October 9, 1997 Solv-Ex has no valuable asset to sell and no bids of any kind.

28 October 6, 1997 Solv-Ex Geopetrol farce exposed.

27 October 3, 1997 Solv-Ex shareholder value eliminated.

26 July 3, 1997 Solv-Ex possesses no titanium dioxide product.

25 June 26, 1997 Solv-Ex technical employee provides definitive proof of fraud.

24 June 24, 1997 Solv-Ex attempts new Reg S offering. Conversion may cause shares to exceed amount authorized.

23 June 11, 1997 Solv-Ex possesses no valuable reserves.

22 May 27, 1997 Asensio provides testimony against Solv-Ex.

21 May 20, 1997 Solv-Ex’s latest Form 10Q reveals part of its true state of affairs.

20 May 20, 1997 Solv-Ex’s “quiet” Form 10Q filing confirms its production claims are completely false and acknowledges its default.

19 May 13, 1997 SEC conducts discovery in its investigation of Solv-Ex and Mr. Rendall.

18 May 12, 1997 Asensio & Company agrees to give testimony against Solv-Ex

17 May 2, 1997 Solv-Ex’s AEUB approval claims are completely false.

16 May 2, 1997 New Solv-Ex lawsuit clearly proves that particularly all its investor representations are completely false and fraudulent.

15 April 7, 1997 Solv-Ex’s “production” claims shown to be false.

14 April 2, 1997 Solv-Ex fails to get regulatory approval.

13 March 27, 1997 Solv-Ex puts false spin on temporarily rigged plant.

12 March 13, 1997 Solv-Ex defaults on $33 million loan.

11 March 11, 1997 Request for NASDAQ Listing Review

10 March 10, 1997 Solv-Ex forced to cancel conference call.

9 March 7, 1997 Solv-Ex’s schedule claims are completely false and untrue.

8 March 7, 1997 Asensio & Company’s correspondence with Deutsche Bank.

7 March 3, 1997 Solv-Ex’s own documents show its claims to be false.

6 February 26, 1997 Solv-Ex fires the entire crew that was to have started-up the plant. Mr. Rendall confirms his prior statements were false and untrue.

5 February 25, 1997 Nothing in Solv-Ex’s entire plant works. Funds run out. Plant site and equipment have insignificant residual value.

4 February 20, 1997 SEC Securities Fraud Investigation Is Trailing Proceeds From Certain Solv-Ex Transactions Made By Mr. Rendall. Two Sworn Affidavits Directly Contradict Mr. Rendall’s Written Statements.

3 February 19, 1997 Management’s representations concerning Solv-Ex’s progress are entirely false and untrue despite a new SEC investigation into its Chairman’s role in fraudulent securities transactions.

2 February 3, 1997 Solv-Ex acknowledges Federal Grand Jury investigation.

1 October 7, 1996 Solv-Ex’s dealings with MorganGrenfell begin to unfold.