And the race is on! (to find the money before more of it disappears)
There is only one known data point right now: Wael burned through at least $12-$15 million with his QGEN plaything. That is the number reported by QIA in its original petition to Wind-Up BTU Power Company. That number could only have been provided by Wael Al Mazeedi. What are the chances that number is on the low end? How many other things did Wael burn money on that QIA and the other investors don't know about?
[Note: QGEN was registered to conduct business in Massachusetts January 29, 2010. QIA states that Almazeedi communicated the number to them sometime in July or August 2011. Damn! Almazeedi probably burned $15 million in just 1.5 years. Good show!]Observation
The following is typical of the wanton manner in which Wael burned through the Middle East investors' dividends chasing rainbows or moonbeams:
Speaker: Wael Almazeedi, QGEN
Location: Cape Town, South Africa. October 3-7, 2011
The Opportunity for Space Technology to Energize the Economic Development of Africa
What on earth did this conference have to do with "managing" two plain vanilla, power and desalination plants.
The Joint Liquidators will undoubtedly find countless instances of spending on "small, stupid things" like the conference and "large, stupid things" like ??? Qatar Investment Authority, Qatar National Bank, Dubai Islamic Bank, etc. requested the following team to be Joint Liquidators. The court agreed. Sounds like these guys are the right team to wade through all the "smoke and mirrors" that were employed by Wael and minions for years to play "keep away" with the investors' money. They are going to have to bring some pretty big shovels to dig through all the crap that was the BTU empire. Some of you out there may be hearing from these guys in the near term.
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| Oft-heard shout from "The Chairman's Office": Get Me Graphics! Where are Brad and Judy, I need them now! |
Mike Penner is a Partner and is responsible for the firm’s Financial Advisory Services. Mike specialises in developing, managing and performing cross-border fraud investigation and asset recovery solutions. He has also developed an expertise in managing large multi-jurisdictional investigative and asset recovery cases. Mike is a member of Deloitte Touche Tohmatsu’s Global Asset Recovery Solutions Team ("GARS"), a specialist team from within the worldwide forensic services capability of Deloitte that focuses on asset recovery assignments using an extensive web of proven contacts in jurisdictions around the world.
Direct: +1(345) 814 3317
Email: mpenner@deloitte.com
Stuart Sybersma is a Partner, having responsibility for the firm’s Financial Advisory Services. This department encompasses the two main service lines of Insolvency and Reorganization and Fraud & Forensic Investigation. Stuart specialises in financial institution and mutual fund insolvency, fraud and financial investigation, litigation support, and anti-money laundering. Stuart has extensive experience with cross border asset tracing and recovery matters and is a member of the Deloitte Touche Tohmatsu international Global Financial Services Industry anti-money laundering team.
Direct: +1(345) 814 3337
Email: ssybersma@deloitte.com
