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Resource ID: #13815
Subject: Business
Source: Bloomberg Business News (Princeton, N.J.)
Affiliation: 
Date: 

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Description

Solv-Ex Corp., a tiny New Mexico company, claims to have the technology to extract oil from tar sands at half the current cost. If successful, the company could unlock one of the world's biggest untapped oil reserves and significantly reduce U.S. dependence on foreign imports. however, after 15 years of trying, the company has earned no profits, generated no sales and produced no oil. It has, however, developed a flair for raising money, particularly form company's stock by international swindlers ultimately uncovered the biggest mutual fund scandal of the year. Solv-Ex was a central figure in the scandal that rocked London's Morgan Grenfell Asset Management and led to the firing of prominent fund manager Peter Young and others. (March 22 - December, 1, 1996)

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