desperately seeking gamal researching his assets nicholas hildyard the corner house
TRANSCRIPT
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Desperately Seeking Gamal
Researching his assets
Nicholas Hildyard
The Corner House
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Looking for Clues
• What’s Gamal himself said about his companies?
• Intelligence from Egyptian and other social movements
• Newspaper reports
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Google Search : “Gamal Mubarak + Linkedin”
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Google Search: “Gamal Mubarak + Wiki”
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Search:“Mubarak” + EFG Hermes
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Three potential assets . . .
•Medinvest Associates, UK
•Bullion Company Limited, ????
•EFG Hermes Private Equity, ????
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Opencorporates search: EFG Hermes Private Equity
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Opencorporates:Bullion
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Duedil:Medinvest Associates
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Getting a snapshot through Duedil
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But Medinvest had no substantive assets . .
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Dissolved AFTER EU Freezing Order
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QUESTION
• Why did UK authorities permit company to be wound up, given its links to Gamal Mubarak and the EU Council freezing regulation?
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Medinvest Shareholders
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Off to Companies House . . .
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Gamaldirector
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Annual return for 2000 gives Gamal’s address – a potentially seizable asset
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Bullion’s country of registration
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Company Registrars in other Countries
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Cyprus
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Searches on Bullion in Cyprus Registry reveal . . .
Incorporated: 23 August 1996 in Cyprus, Co Number: ΗΕ 80915 Current status: Active
Mubarak-related Directors: • Ala’a Mubarak, 23 August 1996 to 22 February 2011• Walid Kaba (British), 29 August 1996 to 7 February 2008
Ownership: CP Palema ServicesBeneficial owners are unknown.
· Previous major shareholders have included Panworld Investments Inc, Nakoda Limited, Walid Kaba and Said Kaba.
Assets: No details available.
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Bullion Co LimitedRegistered in Cyprus
Walid Kaba Said Kaba Marrash
Panworld Investments INC
BVI or Mauritius?
Medinvest Associates Limited
UK
100%
50%25% 25%
After 2003?
EFG-Hermes Private Equity BV
35% or 36%
International Securities Fund
Established 2001Managed by Bullion
Skin the game?
Bullion Shareholders Aug 1996 – Jan 2008
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Bullion Co LimitedRegistered in Cyprus
Walid Kaba
Said Kaba
Marrash
Nakoda LimitedCyprus
50%
Medinvest Associates
LimitedUK
100%
50%25% 25%
After 2003?
EFG-Hermes Private Equity BV
35% or 36%
International Securities Fund
Established 2001Managed by Bullion
Skin the game?
CP Palema Administrator
Registered in CyprusNominee shareholder?
ACTING FOR WHOM?
CP Palema Services Limited
Registered in CyprusNominee shareholder?
ACTING FOR WHOM?
99%1%
Bullion Co Limited ownership structure
5 February 2008 to 30 October 2010*
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Bullion Current Shareholders
Bullion Co Cyprus
CP Palema Services Limited
ACTING FOR WHOM?
Nakoda
Medinvest
Associates Limited
After 2003?
EFG-Hermes Private Equity
International
Securities
Karlstem Limited
50%
50
99% 1%
???35% or 36%100%
ΧΑΡΑΛΑΜΠΟΣ ΠΑΠΑΣ
100
%
ΠΑΜΠΟΣ ΠΑΠΑΣ
100%
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Three more companies
Nakoda
Panworld Investments Inc
C.P. Palema Services
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Search: “EFG Hermes Annual Reports”
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What the EFG Hermes accounts tell. . .
•EFG Hermes Private Equity not mentioned until 2000,thus a number of years after 1997 when Mubarak refered to it in interview.
•Shareholding pattern for EFG Hermes Private Equity does not accord with Mubarak having a stake
•In 2003, EFG Hermes Private Equity disappears from the list of subsidiaries
•A third company – EFG-Hermes Private Equity (BVI) – also appears in the 2003 accounts . This British Virgin Island-registered company is the only one with a shareholding patter that accords with Mubarak having a 18% stake
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“EFG-Hermes Private Equity”, as recorded in EFG-Hermes Annual Reports
Name Date first recorded in Annual Report
EFG-Hermes Holding Direct Stake
EFG-Hermes Holding Indirect Stake
Current Status
EFG-Hermes Private Equity
Accounts for year ending 31 December 2000
96.2% 3.8% No mention after 2003
EFG-Hermes Private Equity (Egypt)
Accounts for year ending 31 December 2003
96.3% 3.7% No mention after 2003
EFG-Hermes Private Equity (BVI)
Accounts for year ending 31 December 2003
65% Current?
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Questions to EFG HermesIs EFG Hermes Private Equity (BVI) the same as the EFG Hermes referred to in the statement of 2011?
Does Mubarak hold a beneficial interest and if so how?
Invitation to comment on specific statements
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Bingo!
• EFG Hermes confirms Gamal Mubarak’s interest in EFG Hermes Private Equity BVI