The only revenues that Wael Al Mazeedi and Mitsue Oishi have access to are those that ostensibly belong to the Middle East investors. The chart below shows how everything is supposed to function. Taweelah Asia Power Company (Abu Dhabi) as well as Carthage Power Company (Tunisia) generate profits that belong to the Middle East investors. After these profits are generated, Wael, as the fund manager, MUST send them over to the Middle East investors.
However, things only function according to how Wael wants them to function. Minimal (if not ZERO) dividends have been sent back to the Middle East investors. This is so in spite of the fact that Wael Al Mazeedi is contractually obligated to return the Middle East investors entire investment ($120 million) plus an additional 5% return on investment ($6 million without compounding) by 2013. Otherwise, they get to kick his ass out as Manager. So wait a second, if Wael and Mitsue have sent ZERO dividends back to the the Middle East investors that means they have to come up with $120 million + $6 million = $126 million sometime in the next year or so...
How on earth will they pull that off? Tibor Toth and Emil Mamedov, any ideas?
Premise
There is NO arrow or anything that connects BTU Ventures or BTU Industries to QGEN. How does the money actually flow? - Dividends generated by the BTU Power Company are held in offshore accounts in the Cayman Islands, Bermuda, Monaco, etc
- Neither QGEN Ltd nor QGEN (USA) Inc. generate ANY dividends whatsoever.
- What kind of check are you going to send to the City of Victorville, California???Is Wael Al Mazeedi proposing to make a wire transfer from an offshore bank account to Victorville?
- Al Mazeedi is trying to "purchase" land and associated development rights (for a failed hybrid solar power plant) from the City of Victorville
- This failed power plant is subject to the following (these are all things that investors wanting to invest billions and billions with Wael Al Mazeedi are surely looking for...)
- grand jury convened in San Bernardino County regarding city finances (they are nearly insolvent although they have a $250 million annual budget)
- Securities and Exchange Commission investigation regarding bond offering to finance power project, among other things.
- grand jury using forensic accounting firm Kessler International to go over the City's books
- special task force: FBI and US District Attorney with members from previous SBC grand juries sworn-in as participants
3 comments:
I believe the interest rate is 8% and not 5% that the investors need to earn. Investors get 8% compounded return before BTU/QGEN gets any proceeds from a sale of the assets. $120 million compounded at 8% is $259 million, at 5% it is $195. Simple 8% return ($9.6 million/yr)for 10 years is $216 million. Either way, no way the assets are worth that much.
No dividends paid so Wael needs to pay the full amount. He has spent the dividends and the contracts with TAPCO/CPC are for a fixed period so the amount of future cash decreases each year.
As each year passes, with less future cash expected from the assets, the value of the investments DECREASES each year.
The investors are SCREWED. Each year Wael delays he takes more of the cash that can never be recovered. The value of the assets DECREASES as the needed cash return to investors INCREASES.
Financial Death spiral.
only 2 more years left? Is that true? As an employee of his, I want to know for sure.
I have access to everything. Do you need anything here? Just ask!
less than two years left... possibly less than two months... could even be less than two weeks...
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