Someone (from the law firm Harneys) notified the Grand Court of the Cayman Islands on 5 December 2011 regarding their upcoming representation in "...intended legal proceedings against BTU Power Company."
Question
Is the following from:
- someone already involved in legal proceedings regarding Wael Al Mazeedi opening-up a new front?
- someone new that is pissed off at Wael and his "management" of money that doesn't belong to him?
- Maples & Calder are representing Wael (in whatever incarnation he chooses to appear: BTU Power Management Company, BTU Power Company, etc..)
- Appleby are representing Hayat.
- Walkers are representing Qatar Investment Authority, et al.
- Harneys are representing ?
The following background info was assembled courtesy of Qatar Investment Authority "Winding-Up Petition In Regards to the BTU Power Company"
BTU Power Company = The Company
The Company currently holds equity stakes in two independent power projects: Carthage Power Company ("CPC") and Taweelah Asian Power Company ("TAPCO").
The business of the Company is managed by the Company's board of directors (the "Board of Directors"). The Company currently only has one director, Wael Almazeedi ("Almazeedi"). The Board of Directors has largely delegated the management of the Company to BTU Power Management Company (the "Manager") pursuant to a management agreement between the Company and the Manager, dated 6 June 2003 (the "Management Agreement").
The Manager is an exempted limited company incorporated under the laws of the Cayman Islands. The Manager has been appointed to provide certain management services to the Company pursuant to the Management Agreement. The Manager manages and directs all of the business activities and decisions of the Company, including with respect to the Company's investments. Almazeedi is understood to be the chief executive officer and sole director of the Manager.
Bottom Line:
Wael Al Mazeedi = The Manager = BTU Power Management Company.
Wael is Everything and Everything is Wael.
Original PDF (it's just one page). Notice of appearance by law firm Harneys in "...inteded proceedings against BTU Power Management Company." |
Question: must be a reason he's got such a big smile on his face). |
Conclusion
Looks like someone is pissed-off and ready to sue Wael in the Cayman Islands. Given that BTU Power Management Company is the sole means by which Wael controls the (flow of) Middle East investors dividends (to himself and Mitsue) it must mean that somebody probably wants to shut-off the seemingly never-ending money fountain that Wael has claimed as his for the past decade.
