(while researching APCOA Parking UK we came across this tasty
morsel, and a direct link between the lost billions of BICC and
APCOA parking. Very dodgy Arabs, terrorists and secret bank accounts
in the Cayman Islands.)
Vultures In The Parking Lot
BinLaden shareholder in European
parking management company Apcoa
Every time you put money in the meter, it says KECHANG! in Manama,
the capital of Bahrain and a few moments later your money goes
into an account on the Cayman Islands.
Indeed, the sheiks of Bahrain, Kuwait and Saudi-Arabia have recently
taken over Europes leading car park management company,
Apcoa Parking Ag. At more than 700,000 parking spots in Europe
you now buy tickets from them....
Little by little Apcoa Parking AG acquired the individual parking
management companies in Europe and turned it into one big holding.
Apcoa Parking AG was until very recently a part of German quality
Salamander is a shell company for Germanys number one electricity
giant EnBW. EnBW has brought together a number of companies it
owns and that are not related to energy in Salamander. HSBC splits
ownership of EnBW with Electricite de France. And so all these
parking spots belong to Europes largest investment bank.
That says something about the profits that can be made there.
To put things right: Apcoa doesnt own all of these parking
lots. They are built, financed by the local communities. Apcoa
doesnt take any risk. It merely manages the parking space....
After the attacks on the WTC in New York and the fear on the
markets, EnBW sells its non-energy holdings. Apcoa is sold to
Investcorp. The company is present in London, Manama and in the
Investcorp paid 67 million Euro in equity for Apcoa. It isnt
really buying, but more an aggregate of holding companies marrying
Investcorp isnt your everyday investment company. It merely
works with the very rich, preferably from the middle-east. In
2005 its portfolio is valued at 8.6 billion dollars.
If we would be really accurate we would call Investcorp a leveraged
buy-out company. Its WALLSTREET all over. Investcorp holds
different funds to which you - not you, but they, the very rich
- can subscribe. Investcorp then puts the companies it acquires
into these funds and immediately has its money back (with a profit
for the real shareholders of Investcorp).
According to Time Magazine, Investcorp is known to have worked
the books in the ninetees, making a losing company look like a
Nemir Kirdar is president and CEO. Forbes puts him at number
206 on the Rich List. His excellency Abdul-Rahman Al-Ateequ, ex-minister
of oil and finance of Kuwait, advisor to the emir of Bahrain and
the first ambassador of Kuwait to the U.S.A. has been Chairman
since the start of the investment company. Vice-president is,
Ahmed Ali Kanoo, who manages about 1.5 billion dollars of the
family fortune. Among the shareholders we find Sheik Ahmed Zki
Yamani, ex minister of oil of Saudi-Arabia and seven members of
the House of Saud.
Also present in this group is Abdullah Taha Bakhsh, connected
to different bank frauds. Until September 11th 2001 he was representative
of the Saudi Bin Laden group in the U.S. According to the prospectus
of Investcorp from 1992 the Minister of Finance of Bahrain is
indirectly one of the major shareholders through a shell-company.
BANK OF CROOKS AND CRIMINALS INTERNATIONAL
This is where it gets really interesting. Abdullah Taha Bakshs,
Abdul Rahman Al-Ateeqi were both important shareholders in the
Bank of Credit and Commerce International. The BCCI went down
in a sea of scandals in the early 90's. 23 billion dollars disappeared
in the hole in 73 countries and still is missing. The American
Justice Department calls BCCI a criminal organization under cover
of a bank.
The C.I.A. slushed funds through BCCI to the Mujahedin. This
went quite easy because Osama BinLaden had a few accounts at the
BCCI. Illegal finance for arms deals with Iraq and Iran were being
done at BCCI. Money laundering for the Escobar and Meddelin-cartel
all went through BCCI. When the curtain fell 1 billion dollars
worth of loans was booked to a random collection of Kuwaiti from
the yellow pages.
Khalid binMafhouz holds the number 2 slot at Investcorp with
25% of the shares. He currently is number 210 on the Times rich
List. He was member of the board of BCCI and made a deal with
the U.S. Justice Department. He paid 225 million dollars for claims,
37 million dollars in lieu of fines and 253 million dollars for
In 2003 it transpired that the Bank of England never stopped
the British seat of BCCI though it knew the bank laundered money
from drugs trade.
Former president Manuel Noriega, former President Ferdinand Marcos,
and Saddam Hussein were among the clientele. From complaints in
South-Korea it is clear that about 120 members of staff from 33
embassies had put money at the BCCI.
Khalid binMafhouz explains he has financially backed the Mujahedin
in Afghanistan. But then, so did the U.S. It may be useful to
remind the reader that Osama Binladen was one of the leaders of
the Mujahedin. Bakr Mohammed binLaden, Osamas brother, has
a seat on the executive board.
Investcorp Holding is owned by Investcorp Bank which in turn
is held by SIPCO, a Cayman holding company. SIPCOs 320 shareholders
prefer to keep anonymity....
THE PARKING LOT!
These are the people that manage your parking lots.
They receive money for our own public spaces, streets and squares.
Every time we put money in one of the more than 700,000 parking
meters of Apcoa-managed parking lots, money directly flows to
Bahrain and the Cayman Islands.
Apcoa AG has a turnover of about 500 million euros. Everyday
700,000 meters receive Eurocents, pounds and pennies. A continuous
flow of money day in day out.
It really is like a source of oil.
~ ~ ~
For more, GO TO > > > Investigating Investcorp; The
Strange Saga of BCCI
~ ~ ~
< < < FLASHBACK < < <
October 16, 2001
More woes emerging at airport
By Tina Lam, Detroit Free Press
A former parking manager at Detroit Metro Airport says the firm
he worked for may have put as much as $50,000 in parking revenue
into its petty cash fund over several years, rather than turning
it over to the airport.
The money was used for personal expenses and to buy golf accessories
handed out at tournaments hosted by Wayne County Executive Edward
McNamara and Wayne County Sheriff Robert Ficano, said Jules Lachman,
former head supervisor of APCOA/Standard Parking.
Lachman said Monday that he spoke to an FBI agent about two weeks
ago as part of a federal probe of airport contracts. He said he
was told he would be asked to testify before a grand jury....
APCOA has come under fire on several fronts: from county auditors
for overcharging for shuttle vans and insurance; from state auditors
for nepotism and undocumented loans, and from the Wayne County
Commission, which filed suit against the firm in 1999.
Commissioners rescinded the firms contract in September
State auditors said APCOA hired relatives of key officials, including
four relatives of McNamara, a daughter of the countys deputy
chief operating officer Wilbourne Kelley, and four relatives of
Allie Abbas, the airport official who oversaw the parking contract.
The county commission alleged in its lawsuit that because of
the nepotism, county officials overlooked APCOAs overcharges.
In a November 2000 deposition in the county lawsuit, Crisovan
said he spent half his time running parking lots for APCOA in
Canada and three, states, but his full salary of $85,000 plus
20-percent bonus was charged to Metro Airport. In the same sworn
statement, he said APCOA had overcharged the airport for insurance
and 401(k) fees.
APCOAs attorney Morganroth disputed those overcharges Monday
and said the county still owes APCOA $2 million in reimbursement.
Besides nepotism by hiring county officials, state auditors also
raised questions in a report obtained Friday by the Free Press
about an APCOA partner, Archie Clark, county deputy for Jobs and
Economic Development, was a joint venture partner with APCOA at
the airport and also was a partner in a subcontract to APCOA before
taking his county job in 1995, the report said. The subcontractor
was paid $256,000 for maintenance, auditors said. Clark told the
auditors he didnt remember being part of that company....
$ $ $
October 27, 2002
Mayors Palau trip not reported
A spokeswoman says city attorneys ruled the air fare
and hotel stay did not constitute a gift
By Rick Daysog, Honolulu Star-Bulletin
Honolulu Mayor Jeremy Harris did not disclose that the Republic
of Palau paid for his travel to an environmental conference earlier
this summer, in what one city councilwoman said is symptomatic
of the Harris administrations lack of openness.
But a city spokeswoman said that the mayor did not list the trip
in his annual disclosure report with the Office of the City Clerk
after city attorneys determined that it was not a gift.
Harris was in Palau in late June at the invitation of its president
Tommy Remengesau Jr. to deliver the keynote speech for the 21st
annual Pacific Islands Environment Conference at the Palasia Hotel
in the city of Koror.
The Palau government agreed to pay for Harriss air fare
and hotel costs for the June 24-28 conference, which attracted
more than 200 environmental experts and government officials from
about a dozen countries, said Tom Yocum, one of the enents
organizers and an official with the Environmental Protection agency.
Yocum, and EPA wetlands expert, said he could not recall the
total costs, but that the Palau government received a discounted,
$824 air fare with Continental airlines for the mayor. Typically,
two-way fares for Honolulu to Palau flights range between $1,600
and $2,000, he said.
Under city ethics laws in effect at the time, elected officials
are required to list all gifts that they receive from outside
sources. Such gifts include any form of money, goods, services,
loans, entertainment, lodging and travel that comes from a donor
that has an interest before the city official.
(The citys ethics law was amended earlier this year to
ban all gifts above $200. but the amended law, which took effect
July 1, eliminated the reporting requirements for gifts.)
The Palau trim came less than a month after Harris dropped out
of this years governors race. At the time, Harris
was considered the Democratic front-runner.
City spokeswoman Carol Costa said city attorneys advised the
mayors staff in July that the Palau trip is not a gift and
should not be included in Harris gift disclosure form....
City Councilwoman Ann Kobayashi said the omission of Harris
Palau trip illustrates his administrations lack of candor.
Kobayashi, a frequent critic of the Harris fiscal policies,
said the administration has been reluctant to disclose information
that should be public....
Its a question of accountability, Kobayashi
said. Why dont they just disclose these things? What
is there to hide?
Under city law, failure to disclose a gift could result in penalties
as severe as impeachment of an elected official. The corporation
counsel also could sue a donor or a recipient if a gift is not
In his July 31, 2002, gift-disclosure form, Haris revealed that
he received more than $21,000 in gifts during the past year, including
several honorary memberships to exclusive clubs such as the Waialae
Country Club, the Pacific Club and the Mid-Pacific Country Club.
The report, which covered July 1, 2001, through June 30, 2002,
also said that Harris and his wife, Ramona, each received annual
parking passes worth $100 from APCOA Inc. The couple also received
movie passes valued at $175 each from Consolidated Theatres, Wallace
Theatre and Signature Theatres.
Chuck Totto, executive director of the City Ethics Commission,
declined to comment on Harris gift report....
~ ~ ~
For more on former Honolulu Mayor Jeffrey Harris, GO TO >
> > Predators in Paradise
$ $ $
September 27, 2003
Metro Airport to settle
Legal battle touched off probe of county officials
By Rajiv Vyas and Jeff Bennett, Detroit Free Press
Detroit Metro Airport will pay the company that once ran its
parking garage and lots $800,000 to settle the legal battle that
eventually led to allegations of corruption and a federal investigation
of Michigan political kingpin Ed McNamara.
The Wayne County Airport Authority accepted the mediators
recommendation Friday to settle the 5-year-old lawsuit with Chicago-based
APCOA Standard Parking, now Standard Parking Corp.
Wayne County sued and later fired APCOA, accusing it of overcharging
the airport more than $1 million. APCOA countersued, saying it
had done nothing wrong, and that it was actually owed an additional
When the financial dispute escalated into allegations of corruption
and nepotism in the countys dealings with APCOA and other
contractors, it became front-page news. That was the first step
toward an ongoing criminal investigation of top county officials,
He was still Wayne County executive, the countys highest
elected official, when FBI agents staged a 14-hour raid on his
campaign offices last November. One of his former deputies and
his wife were the first to be indicted in the probe in March.
According to an airport statement, the three mediators appointed
by Wayne County Circuit Judge Pamela Harwood found there
was no wrongdoing by any party and recommended that the
airport authority pay APCOA $800,000 for expenses it had incurred
while managing the parking lots.
We think thats terrific, said James Wilhelm,
Standard Parking president and chief executive officer. We
are very pleased that the county in retrospect agreed that there
was no wrongdoing....
The dispute began in December 1998, when county Auditor General
Brendan Dunleavy said APCOA overcharged the airport as much as
$400,000. A subsequent investigation by the county prosecutor
raised the estimate of the overcharge over six years to $1 million.
In June 1999, the county filed a lawsuit accusing APCOA of overcharging
the airport $1 million over six years on leases for the shuttle
vans that carry travelers between the airports three terminals
and its parking garage and lots.
APCOA denied the claims and filed a countersuit seeking $2 million.
In September 1999, a review of invoices obtained by the Free
Press under the Freedom of Information Act found that McNamaras
brother-in-law, Louis Feys Jr., collected more than $870,000 at
Detroit Metro during the year ending July 31, 1999.
Seven months later, former commission chairman Ricardo Solomon
filed another lawsuit claiming the airport allowed APCOA and McQ
Leasing Inc. of Grosse Lie Township to overcharge for the leases
in exchange for jobs and no-bid contracts to relatives of county
and airport officials.
The charges touched off a state audit which found that APCOA
had hired relatives of key officials, including four relatives
of McNamara, a daughter of the countys deputy chief operating
officer Wilbourne Kelley, and four relatives of Allie Abbas, the
airport official who oversaw the parking contract.
The Free Press, which obtained a memo in March 2001, also found
that executives for APCOA and the county may have conspired to
overcharge for insurance premiums and other reimbursable costs.
Subsequent court filings reviewed by the Free Press, also revealed
controversial high-interest loans totaling $660,000 that were
made to Wayne County for additions to airport parking lots. There
were no bids for the loans or the work, as required by county
rules. Airport officials could not identify or document the loans,
which never came before the county Board of Commissioners, as
required for any construction project of more than $50,000.
The legal mess with APCOA also touched off a federal probe in
March 2002 into contract irregularities and campaigning on public
time by airport and Wayne County officials.
Federal authorities raided McNamaras campaign office in
November and seized records.
In March, a federal grand jury indicted Kelley and his wife,
Barbara. They were charged with extortion, conspiracy and government
program fraud in order to secure a job for their son, a $40,000
kitchen, and a dress to wear to President Bill Clintons
$ $ $
MORE TO COME...
MEANWHILE, PLEASE DONT FEED THE VULTURES IN THE
PARKING LOT. INSTEAD, TAKE A GANDER
AT THE FOLLOWING
A Connecticut Yankee in King Kamehamehas Court
AIG: The Un-American Insurance Group
Allied World Assurance
Aloha, Harken Energy!
An Octopus Named Wackenhut
Birds in the Lobby
Birds on the Power Lines
Birds that Drink from Cesspools
Buzzards of Paradise
Buzzards on the Bar
Claims By Harmon
Dirty Gold in Goldman Sachs
Dirty Money, Dirty Politics & Bishop Estate
Down the Rabbit-Hole
Investors Equity Life Insurance: Vultures In The Meadows
How to Pluck a Non-Profit
HUD: The Housing & Urban Disaster
I Sing The Hawaiian Electric
Nests in the Pentagon
RICO in Paradise
The Chubb Group
The Great Nest Egg Robberies
The American Red Double-Cross
The Eagle Awakes
The Freedom to Sing
The Indonesian Connection
The Kissinger of Death
The Marsh Birds
The Nests of CB Richard Ellis
The Nests of Osama bin Laden
The Nuclear Nests
The Pimps to Power
The Poop on Aon
NEW > > > The Puna Connection < < < NEW
The Secret Nests
The Sinking of the Ehime Maru
The Stephen Friedman Flock
The Story of Enron
The Strange Saga of BCCI
The United Defense Industries Matrix
Thorns in the Rose Garden
Uncle Sams Guinea Pigs
Whos Guarding the Hen House?
Woo vs. Harmon
NEW > Zeroing In On Zurich Financial Services < NEW
~ o ~
MORE OF THE CATBIRDS FAVORITE LINKS
THE CATBIRD SEAT FORUM
THE CATBIRD SEAT
~ o ~
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Last Update June 11, 2006, by The Catbird