All the cash, and some of the debt, for the acquisition of Carthage Power Company, Taweelah Asia Power Company, and Meiya Power Company has come from Middle East investors. They are identified as the holders of Class A shares. Wael Almazeedi refers to these as the "preference shares." The appellation, however, is seemingly a misnomer. The IFIC lawsuit mentions that
BTU Power Management (the "Manager") was the owner of "the
sole Class B voting share of the Fund." The 3rd Al-Mazeedi affidavit makes clear that Al-Mazeedi was the sole director of the Manager as well as the Fund. In other words, he had ABSOLUTE control.
Al-Mazeedi's affidavits mention the following investors:
[
Note: This list is not comprehensive]
- Qatar Investment Authority (Qatar)
- Qatar National Bank (Qatar)
- Bahrain Pension Fund (Bahrain)
- Dubai Islamic Bank (United Arab Emirates)
- Emirates International Investment Company (United Arab Emirates)
- Abu Dhabi Islamic Bank (United Arab Emirates)
- Dubai Investment Group (United Arab Emirates)
- Industrial and Financial Investments Company (Kuwait)
- (International Investment Bank) ASEAN Investment Company (Bahrain)
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