The True Story Behind The Creation Of INVESTCORP

INVESTCORP – (02) Why Writing Now?

There are many reasons:

  1. Nemir Kirdar’s continuous assertions that INVESTCORP was his brainchild while it was not. The facts and documents revealed here (for the first time) will show that the entity now known as INVESTCORP was conceived at the Arab Monetary Fund during the period from 1980-1982 while Dr. Jawad Hashim was its President. Nemir Kirdar was a “foot-soldier” employed by Jawad Hashim to be one of his advisors at the Fund. Kirdar was given the task of researching the Gulf financial market in preparation for the establishment of an investment entity. As the documents will show, it was the AMF who funded almost all the expenses associated with the project from its infancy to its creation, including Nemir Kirdar’s salary, accommodation and travel allowances, and importantly used its prestige and platform to solicit core investors and gain regulatory approval.
  2. In 2003, Hashim published his political memoirs (in Arabic). The manuscripts were sent to the publisher (Dar Al-Saqi, London) through an Iraqi author and historian residing in London, England.(1) The memoirs contained several photographs and short biography of Dr. Hashim — with a photo showing Hashim as a member of the first Board of Directors of INVESTCORP. The biography made a reference to Hashim as one of the founders of INVESTCORP. It was thought that at the behest of Nemir Kirdar, the friend removed the photograph and the reference to INVESTCORP from the biography without Hashim’s knowledge or consent. But in an email (dated July 5, 2008) to Hashim this friend vehemently denied being responsible for the mysterious deletion of the two items. For commiting such an act, the email foes on “would have been most immoral.”
  3. Many friends of Hashim, who read his memoirs and who are familiar with his role in founding INVESTCORP, repeatedly urged him to expand his memoirs to include a chapter on the true story of INVESTCORP’s creation.
  4. Prior to publishing this document, Dr. Hashim contacted Mr. Kirdar personally to inform him of his intention to update his memoirs by adding a chapter on the history behind the creation of INVESTCORP. Thus, on October 21, 2007, Dr. Hashim emailed Mr. Kirdar, asking him to call and discuss a matter of mutual interest. (See: Appendix-02)

    No response was received. Dr. Hashim sent another email on October 29, 2007, advising Mr. Kirdar of his memoirs-update and the nature of documents to be relied upon in writing the section relevant to INVESTCORP. (See: Appendix-02)
  5. This email was sent as a matter of courtesy to ask whether Mr. Kirdar would like to review the draft prior to publication. Mr. Kirdar did not respond personally. Instead, his lawyers, Gibson, Dunn & Crutcher of London-England, forwarded a letter to Dr. Hashim advising that:

Mr. Kirdar has asked us to put you on notice … that he will be monitoring the publication of your memoirs very closely.

(See: Appendix-02 for the full text of the letter)

  1. Puzzling as it was, the above letter may be interpreted as an attempt to suppress the publication of documentary-supported facts which would bring to the open the true story behind the creation of INVESTCORP. Hence, on January 7, 2008, Dr. Hashim responded to the above letter by a detailed email. (See: Appendix-02)

    As can be seen from its contents, Dr. Hashim offered Mr. Kirdar a second opportunity to review the memoirs draft. No response was ever received.(2)


(1) This person happened to be a relative of Nemir Kirdar.

(2) On May 27, 2008, Hashim emailed Mr. Kirdar’s British attorneys requesting Kirdar’s personal email-address in order to send him the final draft of this document prior to publication. No response was received.