Note: This is still a work-in-progress
Background and current persona of Wael Al-Mazeedi All of the CEO's/Chairmen of publicly traded companies are KNOWN to the world. Their deeds and words are closely scrutinized as they are held accountable by regulators, shareholders, partners, etc. However, when you are a partner in a closely-held, unregulated partnership with absolute control you can portray yourself anyway you want.
Who can ever question you if your story can never be corroborated or contradicted? For all intents and purposes your story becomes the TRUTH.
Al-Mazeedi's most current version of himself is the following:
- Mr. Almazeedi is Founder and Chairman of QGEN.
- He is also Managing Partner of BTU Power, a private equity firm with a track record in developing, managing and owning 11,000 MW (gross) of installed power generation capacity located in China, South Korea, Taiwan, Tunisia and the United Arab Emirates.
- Prior to QGEN and BTU Power, Mr. Almazeedi’s worked for the
- World Bank Group and for the
- Kuwait Petroleum Corporation.
- In 2006, Mr. Almazeedi was awarded the Ernst & Young Entrepreneur of the Year® Award in the energy category for New England.
[
link: ACG Growth Conference: Boston]
The Al-Mazeedi trajectory, as projected by Al-Mazeedi, is seemingly very clear: Kuwait Petroleum Corporation
> World Bank Group > BTU Power > Entrepreneur of the Year (see the post elsewhere in this blog regarding the E&Y award) > QGEN.
The story, as told by Al-Mazeedi, of how he achieved all his "success" while going through "tremendous hardships" follows. Al-Mazeedi's story looks quite different when you account for omitted facts.
A fearless Al-Mazeedi comes to America with $50 and builds a successful business that earns him accolades.
Many of you won't have access to the Boston Herald article (referenced below) that "covered" the Ernst & Young Entrepreneur of the Year awards in 2006. We can not reprint it but we will produce some excerpts so as to not run afoul of copyright laws.
Even with just a few excerpts it's obvious that Al-Mazeedi wants to paint an inspiring picture of heroism, harrowing loss, deprivation, hard work (goes without saying), and success.
"... turbulent life experience, namely escaping Kuwait in the run-up to the Persian Gulf War."
"Al-Mazeedi, who now runs the successful Waltham-based company ... said losing everything sharpened his business skills."
"Al-Mazeedi came to the United States with $50, and there were times when he and his family went without electricity...."
"But Al-Mazeedi's road out of Kuwait and to the United States was even more hair-raising."
"When Iraq invaded Kuwait in 1990, Al-Mazeedi was working at the country's national oil company."
"Before fleeing Kuwait, Al-Mazeedi went to retrieve a laptop from his office and found himself at the end of the barrel of a machine gun. The Iraquis holding him at gunpoint eventually left him alone, but Al-Mazeedi had to make an escape across the desert to Saudi Arabia."
ERNST & YOUNG ENTREPRENEUR OF THE YEAR; NEW ENGLAND 2006; ENERGY Award recipient; AN ESCAPE TO SUCCESS; Kuwait native took very hard road (Boston Herald - Jesse Noyes - June 16, 2006)
Everybody that could, and had means, escaped to Saudi Arabia
"On 2 August 1990 Iraq launched the invasion by bombing Kuwait City, the Kuwaiti capital." [link: Wikipedia: First Gulf War]
"After two days of intense combat, most of the Kuwaiti Armed Forces were either overrun by the Iraqi Republican Guard, or had escaped to neighboring Saudi Arabia. The emir and key ministers were able to get out and head south along the highway for refuge in Saudi Arabia ... From the mountainous city of Taif resort in Saudi Arabia, Sheikh Jaber set up his government so that its ministers were still in control and were in constant communication with the people still in Kuwait." [link: Emir of Kuwait: Jaber_Al-Ahmad_Al-Jaber_Al-Sabah]
Observation: The ruler of Kuwait also escaped to Saudi Arabia (to a resort town). His ministers escaped to Saudi Arabia. The Kuwaiti Armed Forces that had a chance to also escaped to Saudi Arabia. If Al-Mazeedi did indeed escape to Saudi Arabia,
he was just one of the many of the people with means that left the country.
"The Iraqi Invasion of Kuwait devastated Kuwait, but it did not devastate KPC (Kuwait Petroleum Company) which, because of its international diversification strategy, survived. Senior staff of KPC escaped with the bulk of crucial management information intact, and within days had set up an alternative head office in the London premises of Kuwait Petroleum International." [link: FUNDINGUNIVERSE.com: Company Histories - Kuwait Petroleum Corporation]
Observation: In addition, seems likes his colleagues at the Kuwait Petroleum Company also had no problem getting out of Kuwait and were in a position to quickly set up shop in London. They also took the "bulk of crucial management information intact." Leads us to wonder what on earth Al-Mazeedi would be doing retrieving his laptop from a building occupied by Iraqi soldiers. If Al-Mazeedi was headed for London anyhow, it makes one wonder why his colleagues didn't just take him along?
Where in the world was Wael Al-Mazeedi in 1990
Somehow after escaping to Saudi Arabia by the skin of his teeth and having lost everything Al-Mazeedi ends up in London in no time. Between August 1990 and the end of the year he sets up shop in a section of London
(63 Curzon St, Mayfair, London) where "...rents are among the highest in London and the world." [
link: Wikipedia: Mayfair]
Not bad after the "turbulent life experience" associated with "escaping" through the desert and losing everything.
"(Al-Mazeedi) left the public service sector in 1990, and established the Strategic Investment Forum, a London-based management consultancy firm engaged in privatization and professional management development....." [link: Google books - Strategic positioning in the oil industry: trends and options (By Paul Stevens)]
Article published in Energy Policy, Volume 20, Issue 10 on October 1992, Pages 983-994 "Wael Al-Mazeedi, Managing Director, Strategic Investment Forum, 63 Curzon Street, London W1Y 7PE, UK" [link: ScienceDirect.com - Energy Policiy: Privatization]
Observation: We have a
MAJOR DISCONNECT in the story as told by Al-Mazeedi to the Boston Herald in 2006.
He supposedly escaped to Saudi Arabia and came to the US with just $50 and life was so hard that he and his family had to live without electricity at times. It kind of looks like he might have actually spent the entire duration of the first Gulf War, which formally ended in February 1991, in merry old London. Also, there's no way to tell when in 1990 he arrived in London, before August 2, 1990 or after?
Al-Mazeedi goes from London to Washington DC (presumably with only $50)
As the chronology below will show, Al-Mazeedi tried his hand at various other "business" initiatives. All of which appear to have yielded no results. From 1990 through 2001 Al-Mazeedi is behind the following:
- Strategic Investment Forum
- MENA Capital Resources
- MENA Task Force for Private Infrastructure Finance
- BTU Capital Group (this company doesn't appear to be related to BTU Holdings Company, the company where Hayat is 44% owner in any, way shape or form. The Secretary of the Commonwealth posted a notice of revocation April 20, 2009) [link: BTU Capital Group, LLC]
The money starts coming in and Al-Mazeedi is finally associated with a real business: Thanks to Hayat
The chronology below seems to indicate that Al-Mazeedi was at Harvard ~1998. In 1999 Al-Mazeedi's fortunes change when he meets Abdulmohsen Hayat.
Hayat later learned that Al-Mazeedi (along with his life partner, Ms. Mitsue Oishi) were in substantial financial debt [presumably from previous failed business ventures]. (Original Hayat Complaint, paragraph 12)
At the time we began this effort in 1999 and 2000, Al-Mazeedi had no capital whatsoever to invest in our venture or even support his family; I provided him the money he needed for all expenses (business and personal) until I was able to find a lender (I believe in 2001) to loan money to our venture. (1st Hayat Affidavit, paragraph 26)
"... Hayat was primarily responsible for engaging investors with whom he had prior relationships." (Original Hayat Complaint, paragraph 15)
Hayat was able to bring to BTU Group substantial investors, and so fund its operations. (Original Hayat Complaint, paragraph 27)
In 2003 investors were finally located and committed to large investments in the fund maintained by a subsidiary (over $250,000,000 was committed.) (1st Hayat Affidavit, paragraph 32)
Other Observations
Al-Mazeedi makes various references in different bios to the World Bank. He identifies himself as a consultant TO the World Bank, a consultant FOR the World Bank, as well as WORKING for the World Bank. Seemingly small differences in the portrayal but it does sound more "impressive" to say you consulted or worked for the Word Bank (insider) versus saying you provided consulting services to the World Bank (outsider).
Some Conclusions
The Wael Al-Mazeedi story sounds quite different when you fill-in a lot of the blanks left out in the Boston Herald article. You have to admit that it SOUNDED good. We have not reprinted the entire article. However, much of the rest of the "story" in the Boston Herald follows the same plot line.
Wael Al-Mazeedi: Known Chronology
