Another legal action against Wael Al Mazeedi and his "companies" filed January 5, 2012 - Writ of Summons: Dubai Islamic Bank PSJ v. BTU Power Management Company, BTU Power Company, and Q Gen Industries Limited at the Grand Court of the Cayman Islands.


Background
Another legal action against Wael Al Mazeedi and his companies was just filed in Grand Court of the Cayman Islands on January 5, 2012. This is actually a short filing.

Plaintiff
  • Dubai Islamic Bank PSJ 
Defendants
  • BTU Power Management Company 
  • BTU Power Company 
  • Q Gen Industries Limited 
DIB is seeking legal recourse to obtain control of their shares in BTU Power Company.  BTU Power Company was always intended to be structured to be Sharia-compliant in order for DIB to maintain their investment in the company.  Wael Al Mazeedi, personally, held the shares of DIB "In Trust" on behalf of DIB.  He did this in his role as Mudarib in BTU Power Management.
Simple request from the BTU Power Company investors:  Just give us our money back and our assets and GO AWAY.
Q Gen Industries Limited is named as a defendant because Wael has apparently transferred the control of BTU Power Company and the investors shares and dividends (through the voting shares in BTU Power Management Company) to HIS personal company - "QGEN".


What is QGEN?
We've actually asked this question before... Seemingly a LONG time ago... Seems like we are back to square one...

Documentation found by this blog demonstrated the existence of a Wael Al Mazeedi-controlled, Cayman Islands-based company named QGEN Ltd.  See image below.  Tibor Toth, the Chief Investment Officer for QGEN Ltd. works out of a Waltham, Massachusetts office.  We've also found evidence of another US-based entity that is carrying-on operations in Massachusetts, QGEN (USA) INC.  Various Waltham-based people have identified themselves as employees of QGEN (USA) INC.
Q: What QGEN is this QGEN?  A: Who cares, it's just more of the same old Wael Al Mazeedi shell game carried on with the infinitely valuable assistance of Simon Firth at Maples & Calder
The Qatar Investment Authority Petition to Wind-Up BTU Power Company identified Q Gen Industries Limited as the entity that ostensibly holds the voting (i.e. controlling) shares.

Observation
Simon Firth at Maples & Calder has been busy together with Mitsue Oishi and Wael Al Mazeedi coming up with new schemes.  That's all...