Word: stakes
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Dates: during 1990-1999
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...mysterious and eccentric outfits ever to drill for oil. Harken consists of almost no assets besides an exclusive 35-year contract to explore for crude in Bahrain. When the country's rulers handed Harken that deal early last year, it puzzled oil experts around the world. Why would Bahrain stake so much of its financial future on an obscure, money-losing company with no refineries and no experience in offshore oil exploration? "It was a surprise," says Jay Gallagher, a senior analyst for Petroconsultants, one of the world's largest oil information outfits. "Harken is not traditionally a company that...
...year after Bush came aboard, a reclusive Saudi named Abdullah Taha Bakhsh bought an 11% stake in Harken through a Netherlands Antilles shell company. The Saudi, a tycoon with global interests in oil, real estate and jewelry, hoped Harken could someday serve as a vehicle for moving Saudi crude into the U.S. But the strategy would never come to pass...
...several occasions Quasha's deals have been marked by apparent conflicts of interest. Last year he tried in vain to get Harken to buy a privately held refinery, Frontier Oil, in which he owned a sizable stake. In another instance Quasha sold Harken's Hawaiian retail unit to a company controlled by both his own family and the South African Ruperts. Harken booked an $8 million gain on the deal, only to write it all off later as a loss...
...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 to report the transaction until last March, in apparent violation of Securities and Exchange Commission rules. Bush contended at the time that...
...Peretz warned that Israel should be wary of the process because of its close relationship with the U.S., which has a large stake in turning the conference into a success...