Comments on: SEC, Saad Group and minimum contacts - Update 1 http://bphouse.com/honest_money/2009/07/25/sec-saad-min-contacts/ Gold is Wealth Hiding in Oil Fri, 10 Sep 2010 21:00:15 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Ivo Cerckel http://bphouse.com/honest_money/2009/07/25/sec-saad-min-contacts/comment-page-1/#comment-1862 Ivo Cerckel Thu, 30 Jul 2009 04:14:42 +0000 http://bphouse.com/honest_money/2009/07/25/sec-saad-min-contacts/#comment-1862 lack of personal jurisdiction Deutsche Bank in NY court fight with Algosaibi unit Wed Jul 29, 2009 1:16pm EDT * Algosaibi-controlled unit sued by Deutsche Bank * Dispute over $74.2 million in forex swap By Grant McCool http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN2927405920090729 SNIP NEW YORK, July 29 (Reuters) - Lawyers for Deutsche Bank (DBKGn.DE) and a subsidiary of Saudi Arabia's Algosaibi Group are arguing over whether the bank's claim for $74.2 million in a foreign exchange swap deal belongs in a New York court, according to court papers. The civil case against The International Banking Corp (TIBC) was adjourned on Monday until Sept. 8 after TIBC lawyers asked New York State Supreme Court Justice Bernard Fried to "dismiss the action for lack of personal jurisdiction." Ahmad Hamad Algosaibi and Brothers Group (AHAB), a controlling shareholder in TIBC of Bahrain, has separately been sued in the same court by Mashreq Bank MASB.DU of Dubai -- a case that has also embroiled another Saudi conglomerate, the Saad Group [SAADG.UL]. Saad Group and Algosaibi are restructuring a huge debt pile to which regional and international banks are exposed. The trouble at the two conglomerates have brought the level of disclosure in the Gulf Arab region into question. [ID:nLL566732] lack of personal jurisdiction

Deutsche Bank in NY court fight with Algosaibi unit
Wed Jul 29, 2009 1:16pm EDT
* Algosaibi-controlled unit sued by Deutsche Bank
* Dispute over $74.2 million in forex swap
By Grant McCool
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN2927405920090729
SNIP
NEW YORK, July 29 (Reuters) - Lawyers for Deutsche Bank (DBKGn.DE) and a subsidiary of Saudi Arabia’s Algosaibi Group are arguing over whether the bank’s claim for $74.2 million in a foreign exchange swap deal belongs in a New York court, according to court papers.

The civil case against The International Banking Corp (TIBC) was adjourned on Monday until Sept. 8 after TIBC lawyers asked New York State Supreme Court Justice Bernard Fried to “dismiss the action for

lack of personal jurisdiction.”

Ahmad Hamad Algosaibi and Brothers Group (AHAB), a controlling shareholder in TIBC of Bahrain, has separately been sued in the same court by Mashreq Bank MASB.DU of Dubai — a case that has also embroiled another Saudi conglomerate, the Saad Group [SAADG.UL].

Saad Group and Algosaibi are restructuring a huge debt pile to which regional and international banks are exposed. The trouble at the two conglomerates have brought the level of disclosure in the Gulf Arab region into question. [ID:nLL566732]

]]> By: Ivo Cerckel http://bphouse.com/honest_money/2009/07/25/sec-saad-min-contacts/comment-page-1/#comment-1793 Ivo Cerckel Sat, 25 Jul 2009 09:19:12 +0000 http://bphouse.com/honest_money/2009/07/25/sec-saad-min-contacts/#comment-1793 Kuwait's KAMCO hits back at U.S. lawsuit Jul 25, 2009 at 05:39 http://business.maktoob.com/20090000008495/Kuwait_s_KAMCO_hits_back_at_U_S_lawsuit/Article.htm SNIP Kuwaiti fund manager KAMCO said on Friday it had made no gain from trades in shares of Harman International Industries and Textron investigated by U.S. regulators. UNSNIP Ivo: This is a stupid defence As I said: Are we all SEC bureaucrats now? Do we have to accept exceptions to the freedom of speech? Is there a conflict between the right to speak freely and other rights held in vastly higher esteem? Take over, that’s like marriage "En mariage, il trompe qui peut." Nobody who is married can say that her partner deceived her before the marriage. Kuwait’s KAMCO hits back at U.S. lawsuit
Jul 25, 2009 at 05:39
http://business.maktoob.com/20090000008495/Kuwait_s_KAMCO_hits_back_at_U_S_lawsuit/Article.htm
SNIP
Kuwaiti fund manager KAMCO said on Friday it had made no gain from trades in shares of Harman International Industries and Textron investigated by U.S. regulators. UNSNIP

Ivo:
This is a stupid defence

As I said:

Are we all SEC bureaucrats now?
Do we have to accept exceptions to the freedom of speech?
Is there a conflict between the right to speak freely and other rights held in vastly higher esteem?

Take over, that’s like marriage
“En mariage, il trompe qui peut.”
Nobody who is married can say that her partner deceived her before the marriage.

]]> By: Ivo Cerckel http://bphouse.com/honest_money/2009/07/25/sec-saad-min-contacts/comment-page-1/#comment-1791 Ivo Cerckel Sat, 25 Jul 2009 08:45:38 +0000 http://bphouse.com/honest_money/2009/07/25/sec-saad-min-contacts/#comment-1791 Will I now also be prosecuted for spreading rumours (False-News Schemes) that Madoff escaped with his Ponzi Schemes from jail? Will I now also be prosecuted for spreading rumours (False-News Schemes) that Madoff escaped with his Ponzi Schemes from jail?

]]> By: Twitted by IvoCerckel http://bphouse.com/honest_money/2009/07/25/sec-saad-min-contacts/comment-page-1/#comment-1790 Twitted by IvoCerckel Sat, 25 Jul 2009 08:45:20 +0000 http://bphouse.com/honest_money/2009/07/25/sec-saad-min-contacts/#comment-1790 [...] This post was Twitted by IvoCerckel [...] [...] This post was Twitted by IvoCerckel [...]

]]> By: Ivo Cerckel http://bphouse.com/honest_money/2009/07/25/sec-saad-min-contacts/comment-page-1/#comment-1789 Ivo Cerckel Sat, 25 Jul 2009 08:37:38 +0000 http://bphouse.com/honest_money/2009/07/25/sec-saad-min-contacts/#comment-1789 False-News Scheme ... It’s like a Ponzi ... Scheme. They are good at building Madoff-perceptions. SEC Charges Trader, Entities In False-News Scheme JULY 23, 2009, 5:30 P.M. ET.UPDATE: http://online.wsj.com/article/BT-CO-20090723-721452.html SNIP WASHINGTON (Dow Jones)--The U.S. Securities and Exchange Commission Thursday charged a Kuwait-based trader and three related foreign entities with making millions of dollars in trading profits following the dissemination of false news about two U.S. companies False-News Scheme …

It’s like a Ponzi … Scheme.

They are good at building Madoff-perceptions.

SEC Charges Trader, Entities In False-News Scheme
JULY 23, 2009, 5:30 P.M. ET.UPDATE:
http://online.wsj.com/article/BT-CO-20090723-721452.html
SNIP
WASHINGTON (Dow Jones)–The U.S. Securities and Exchange Commission Thursday charged a Kuwait-based trader and three related foreign entities with making millions of dollars in trading profits following the dissemination of false news about two U.S. companies

]]> By: Ivo Cerckel http://bphouse.com/honest_money/2009/07/25/sec-saad-min-contacts/comment-page-1/#comment-1788 Ivo Cerckel Sat, 25 Jul 2009 08:22:27 +0000 http://bphouse.com/honest_money/2009/07/25/sec-saad-min-contacts/#comment-1788 It’s becoming interesting. Read my lips The SEC will "follow the trail wherever it leads", said Robert Khuzami, director of enforcement. A phoney announcement of the bogus offer for Harman was faxed to media outlets on Sunday, then reported on the internet, pushing the company's share price more than 40 per cent in pre-market trading on Monday (SEC pursues Kuwaitis in Harman hoax By Joanna Chung, Julie MacIntosh, Miles Johnson and Andrew England Published: July 24 2009 03:00 | Last updated: July 24 2009 03:00 http://www.ft.com/cms/s/0/c4ab879e-77e9-11de-9713-00144feabdc0.html It’s becoming interesting.

Read my lips

The SEC will “follow the trail wherever it leads”, said Robert Khuzami, director of enforcement. A phoney announcement of the bogus offer for Harman was faxed to media outlets on Sunday, then reported on the internet, pushing the company’s share price more than 40 per cent in pre-market trading on Monday
(SEC pursues Kuwaitis in Harman hoax
By Joanna Chung, Julie MacIntosh, Miles Johnson and Andrew England
Published: July 24 2009 03:00 | Last updated: July 24 2009 03:00
http://www.ft.com/cms/s/0/c4ab879e-77e9-11de-9713-00144feabdc0.html

]]> By: Ivo Cerckel http://bphouse.com/honest_money/2009/07/25/sec-saad-min-contacts/comment-page-1/#comment-1787 Ivo Cerckel Sat, 25 Jul 2009 07:53:52 +0000 http://bphouse.com/honest_money/2009/07/25/sec-saad-min-contacts/#comment-1787 Kuwaiti groups deny gains from Harman trade Published: July 24 2009 23:30 | Last updated: July 24 2009 23:30 http://www.ft.com/cms/s/0/7f26f598-78a0-11de-bb06-00144feabdc0.html SNIP On Thursday, the U.S. Securities and Exchange Commission sued Kuwaiti financier Hazem Khalid Al-Braikan and entities linked to him, including KAMCO, saying they earned millions from trades in Harman and Textron after ”FRAUDULENT” TAKEOVER REPORTS sent the shares of the two U.S. companies soaring. UNSNIP Ivo: You see, the bureaucrats at SEC are jealous of the gains. Take over, that’s like marriage. En mariage, il trompe qui peut. Nobody who is married can say that her partner deceived her before the marriage. Kuwaiti groups deny gains from Harman trade
Published: July 24 2009 23:30 | Last updated: July 24 2009 23:30
http://www.ft.com/cms/s/0/7f26f598-78a0-11de-bb06-00144feabdc0.html
SNIP
On Thursday, the U.S. Securities and Exchange Commission sued Kuwaiti financier Hazem Khalid Al-Braikan and entities linked to him, including KAMCO, saying they earned millions from trades in Harman and Textron after ”FRAUDULENT” TAKEOVER REPORTS sent the shares of the two U.S. companies soaring. UNSNIP

Ivo:
You see, the bureaucrats at SEC are jealous of the gains.

Take over, that’s like marriage.

En mariage, il trompe qui peut.

Nobody who is married can say that her partner deceived her before the marriage.

]]>