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:
Showing posts with label Bahrain. Show all posts
Showing posts with label Bahrain. Show all posts
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