Showing posts with label BTU Industries. Show all posts
Showing posts with label BTU Industries. Show all posts

Tuesday, April 5, 2011

An $8 million "Good Fortune" for BTU Industries and Wael Al Mazeedi- Good Fortune International Limited

Everybody should hope to have such "Good Fortune"
Good Fortune International Limited (Caymans).... fantastically appropriate name!  $8 million for???  Claims from various parties state that Almazeedi was paid $8 million for ??? "services" under this agreement.

  • This document was filed in the IFIC litigation. 
    • [Note: It's worth reiterating that the IFIC litigation was dismissed on the basis of forum non conveniens, not on the basis of the FACTS.] 
  • This document and the actions surrounding it are also at the heart of the Hayat litigation. 
  • During the course of his employment with BTU, Betancourt detected apparent criminal fraud by his employer, and, as a whistleblower, shared documents evidencing same to counsel for a group of investors who were suing BTU.  [from Betancourt's Memorandum of Law in Opposition to Motion to Dismiss Counterclaims/Third Party Complaint]

    The lawyers representing the plaintiffs in the IFIC litigation described the agreement as follows:
    "...Plaintiffs received an envelope bearing the name of 'Minter Ellison,' a law firm located in the Asian Pacific; the annotation 'Hong Kong' presumably referring to Minter Ellison's Hong Kong office; and a Boston Massachusetts postmark.  The envelope did not contain a cover letter clarifying the origin of the mailing or the intent of the sender.  Instead, it enclosed a copy of an Advisory Services Agreement ("Agreement") memorializing the $8 million kickback paid to Industries and "loaned" to Ventures.

    "The Agreement requires no tangible or enforceable action of Industries or Ventures, providing Industries with $8 million in exchange for illusory promises."

    link: Second Affidavit of Joshua W. Gardner
    link: Good Fortune International Limited - Advisory Services Agreement 

    Observation
    This is probably an incorrect recollection: A saying or maxim states something to the effect that "...someone's good fortune is someone else's misfortune..."

    Friday, December 24, 2010

    BTU Ventures, QGEN and ELMED: why tell the US Government, the US Federal Courts, and the Tunisian Government different stories?

    All we know about QGEN comes from their own press release and 3-page website. Doing a bit more research, we see other "reflections" of QGEN and its "business" from information provided to, and subsequently published/used by, US government agencies, Tunisian government agencies, and US Federal courts.

    Thursday, December 16, 2010

    BTU Ventures, BTU Industries, QGEN: the "numbers" don't add up.

    Elsewhere in this blog there are several posts that discuss the claims made by BTU Ventures, BTU Industries, and QGEN regarding how they are "powering global development" or in a "quest to power global development." Ambitious claims.

    It goes without saying that significant resources (personnel, MONEY, etc.) are required to achieve such world-class objectives. However, it appears that any of the organizations named above could consist of nothing more than:
    • Wael Al-Mazeedi
    • 10,000 sq. ft. of office space in Waltham, MA
    • A Human Resources "person"
    • One or two executive assistants
    The management fee generated by the two investments remaining in BTU Power Company could not support anything more.

    Thursday, December 9, 2010

    Wael Al-Mazeedi's $1 billion business empire: can't get the numbers to add up.

    See companion discussion in page titled "What is QGEN?"

    Their OWN Description:
    "The BTU Group (BTU) is a growing, diversified group of companies engaged in project development, equity investment, and asset management, focusing on the energy and energy-related industries in the Middle East, North Africa, and North and South East Asia.
    The BTU Group has close to $600 million in committed capital exclusively for power generation and water desalination projects, and is in the process of increasing its capital to $1 billion. Shareholders of the BTU Group include leading publicly traded companies, institutional investors and investment banks in the Gulf Cooperation Council (“GCC”) countries,"
    Link: TAPCO - About Us (vintage, October 2010) (section on BTU Power)

    Sunday, August 22, 2010

    Wael Al-Mazeedi presenting BTU Industries to the Tunisian government and the rest of the world at the Tunisia Economic Forum 2007

    "BTU Industries is a global developer, owner and operator of independent power and desalination plants and a venture capital investor in renewable energy technologies.
    BTU Industries' investment strategy is focused on utility-scale and distributed power plants that generate electricity from natural gas and renewable energy resources. BTU Power Company, an affiliate, is a leading private developer and operator of independent power in the Republic of Tunisia accounting for 24% of electricity consumption in 2006."
    Link: Sponsors:

    Wael Al-Mazeedi - Chairman and CEO of visionary BTU Industries: U.S. - Arab Energy Relationship and Wealth Reallocation

    "The American Middle East Economic Affairs Committee (AMEEAC) is pleased to welcome Mr. Wael Al-Mazeedi, CEO & Chairman of BTU Industries as a keynote speaker at the USAEF. BTU is a unique private equity group whose goal is to pioneer a universally accessible and sustainable energy infrastructure, to transform the global energy industry into an engine for socially and environmentally responsible economic growth and technological advancement."
    Link: BeirutTimes : THE OFFICIAL NEWSPAPER OF THE LEBANESE AND THE ARAB AMERICANS IN THE UNITED STATES:

    BTU Industries' sponsorship of the of U.S.-Arab Economic Forum

    "BTU Industries is a global developer, owner and operator of independent power and desalination plants and a venture capital investor in renewable energy technologies."
    Link: Strategic Partners

    Wael Al-Mazeedi speaking about BTU Industries, his $1 billion company

    "One speech given by Wael Al-Mazeedi, CEO and chairman of BTU Industries, outlined the activities of his $1 billion venture capital company, which invests in electrical power generation in China, South Korea, Taiwan, Tunisia and U.A.E. He spoke about the company's vision to utilize solar and hydro energy resources to help reduce reliance on coal and gas."
    Link: The Arab American News: