Will the Retired General’s Club help Agility buy it’s way out of trouble
I am going to have to reset my Google alerts to make sure I don’t miss all this Agility drama! Evidently Agility is in negotiations with the Feds to see if they can get themselves out of trouble. Evidently Agility has offered $600 million in fines/restitution as part the this deal. $600 Million isn’t squat in comparison to what they stole from the US Taxpayers. And does that include jail time. If so, who will be the sacrificial lamb for Agility….which I now call “The Jack Stanley”. For those who don’t recall Jack Stanley was KBR’s CEO who took the fall and was sentenced to prison for KBR’s part in the Nigerian bribery scandal.
Public Warehousing in talks with U.S. to settle fraud case
By Walter Pincus
Washington Post Staff Writer
Wednesday, December 30, 2009
The Kuwaiti firm indicted last month for allegedly overcharging the Army on a multibillion-dollar contract to supply food to U.S. troops in Iraq, Kuwait and Jordan has announced it is negotiating with the Justice Department to settle the case.
Public Warehousing Co. made the announcement in a statement posted Monday on the Kuwait Stock Exchange Web site and added: “No deal has been struck so far and there are no guarantees that the negotiations will result in a settlement.”
Last month, Public Warehousing — which is in the process of changing its name to Agility — was indicted in Atlanta for allegedly submitting inflated bills and false claims for food and other products supplied to the U.S. military over the past six years in contracts worth $8.5 billion. The company has denied the charges.
Public Warehousing has been prohibited from bidding on other government contracts while the charges are pending. The price of the company’s stock on the Kuwait Stock Exchange has dropped 50 percent from its high this summer and dropped again slightly after the announcement on settlement negotiations. Kuwaiti newspapers reported that a settlement of $500 million to $600 million is being discussed.
Spokesmen for the company and federal prosecutors in Atlanta did not respond to requests for comment Tuesday.
Since the allegations emerged in 2005, Public Warehousing’s chief executive, Tarek Abbulaziz Sultan al-Essa, has been changing some of the company’s top leadership, recruiting former senior American officials.
In June 2006 he hired retired Army Maj. Gen. Dan Mongeon as president of his Defense & Government Services group, which held the U.S. military food and other logistics contracts. Mongeon had been the top operations officer at the Defense Logistics Agency until his retirement in 2005. Public Warehousing officials say Mongeon was not involved in the decision by the agency to renew the company’s contract in July of that year.
In July 2008, Mongeon hired retired Army Lt. Gen. Paul Cerjan to oversee the food contract for the troops in Iraq and Kuwait.
In September 2008, the company hired retired Army Lt. Gen. Joseph M. Cosumano Jr. as president of its Taos Industries subsidiary. In July, the company announced that former U.S. ambassador John D. Negroponte had joined the board of directors of its Defense and Government Services group.
Negroponte, now vice chairman of McLarty Associates in Washington, said then in a statement that he could “provide useful insights and perspectives to the leadership of Agility as it guides the company to new levels of achievement.” (Click HERE for link to original)
Gulf Warehousing to ink merger deal with Agility
Jan 5, 2010
Doha: Gulf Warehousing Company has announced it will ink a merger deal with Agility Qatar today and hold its annual general meeting (AGM) on March 3, 2010. In a statement published on the website of Qatar Exchange, the Qatari bourse, the Gulf Warehousing Company announced the outcome of its Board of Directors meeting held on Sunday.
During the meeting, Mohammed Al-Emadi, the company’s chairman, was been authorized to sign the merger contract.
The Board also decided to convene Ordinary and Extraordinary Annual General Meetings on March 3, 2010. If the required quorum is not met, a second meeting will be held on March 10.
The Company added that it has commissioned a law firm, to be delivered to competent court, to validate the net assets of Agility Qatar issued by Deloitte & Touche.
The merger with Agility is expected to be finalized by the middle of March this year. (Click HERE for link to original)
Agility’s US court hearing set for Jan 29
Jan 11, 2010
Kuwaiti logistics firm Agility’s court hearing for its US fraud case has been rescheduled for January 29 at 10:30 am Eastern time (1530 GMT), the company’s spokesperson said
In November, Agility was accused of overcharging the US
Army on $8.5 billion worth of contracts to provide food to soldiers in Iraq, Kuwait and Jordan.
If Agility loses the case, it will face probation and a fine of up to twice the gain it realised or twice the loss to the United States.
Agility’s shares have plunged about 41 percent since November 16 after the firm was indicted by a US grand jury. -Reuters (Click HERE for link to original)