Word: bahrain
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...SPOILS OF WAR. In a federal indictment in Denver, former Ambassador to Bahrain Sam Zakhem and two associates were charged with accepting $7.7 million from Kuwait in 1990 to help win American public support for military action against Iraq. Zakhem, 56, who made an unsuccessful bid this year to become the G.O.P. Senate nominee from Colorado, was accused of failing to register with the Justice Department under the Foreign Agents Registration Act and of avoiding U.S. income taxes...
Eisenson acknowledged that Harken is aninvestment with make or break prospects in thenear future. The outcome, he said, depends largelyon exploratory drilling currently underway in thePersian Gulf, off the coast of Bahrain...
Connections to B.C.C.I. are proving to be politically sticky. Last week the Bush Administration denied any knowledge of a business relationship between Charles Hostler, the U.S. envoy to Bahrain, and B.C.C.I. An NBC News report had linked Hostler, a major G.O.P contributor, to a Connecticut real estate development controlled by reputed B.C.C.I. front man Mohammed Hammoud. Hostler says he became involved in the Connecticut project because of friendship with Hammoud and did not profit from it, and denies ties to B.C.C.I. Hammoud's connections, however, seem clear. Internal B.C.C.I. documents examined by TIME show that the bank planned to move...
...With the Bahrain deal in hand, Quasha decided to dump almost everything else. The company owned 1,000 wells and 600 gas-station pumps, all of which helped produce more than $40 million in losses in 1990. Earlier this year, Quasha spun off Harken's debt-laden businesses into separate public companies and then retired as chairman. "I've yet to find a business that's had nothing but successes," says he. "We've obviously had disappointments...
George Bush Jr. was probably never a prime mover behind the Bahrain deal. In fact, board members say he voiced doubts about whether Harken had the means and expertise for such a distant oil play. Even so, he has already earned a handsome profit from it. In late June 1990, five months after the deal was ( sealed and about a month before Iraq invaded Kuwait, young Bush sold 66% of his Harken stake (or 212,140 shares) at the top of the market for nearly $850,000, which represented a 200% profit on his original stake. Yet he failed...