INVESTCORP: Chronology Of Events

In this chronology “JH” refers to Jawad Hashim and “NK” refers to Nemir Kirdar.

Date Description

Early 1977

JH meets NK in Abu Dhabi.


May 1977

JH assumes his post as President of Arab Monetary Fund (HQ - Abu Dhabi).


Summer 1979

JH pays an official visit to Bahrain. During this visit, he meets NK at Chase Manhattan Bank - Manama, Bahrain. JH informs NK of his intention to embark on a detailed study for the establishment of an investment entity with an international dimensions. JH asks NK if he is willing to leave Chase and join AMF as an advisor to JH. NK declines. JH suggests to write to David Rockefeller (Chairman of Chase) to second NK to AMF for one year.

(See: Appendix-01, Paragraph-3)


October 1979

JH meets David Rockefeller in Belgrade during IMF and IBRD annual meeting and discuss possibility of NK being seconded to AMF.

November 1979

JH visits David Rockefeller in New York and repeats his request re: NK. Rockefeller promises to look into the matter.

January 1980

NK transferred from Chase-Bahrain to Chase-London, England, to assume the post of Investment Officer.

January 1980

David Rockefeller retires as CEO of Chase, and Willard Butcher becomes the bank’s new boss.


March 13, 1980

JH writes to Willard Butcher, requesting the secondment of NK.

(See: Appendix-03)


March 1980

JH letter to Willard Butcher is referred to William Flanz — NK’s superior at Chase Manhattan Bank - New York. Flanz telephones NK to see if NK is interested to join AMF. NK asks for time to make up his mind. Then NK calls JH and requests a meeting. At the meeting, JH and NK reach an understanding as follows:

  1. NK joins the AMF as one of the advisors to JH for the sole purpose of preparing a feasibility study on the investment of Arab surplus funds; proposal for the possible creation of an investment vehicle that will provide financial services to Gulf region with special emphasis on the private sector;

  2. NK will be provided with one full-time secretary;

  3. NK travel expenses associated with the special study are paid by the AMF;

  4. JH will lend NK $1,000,000 to buy a house in London for his wife and children to live in;

  5. NK accommodation expenses in Abu Dhabi will be paid by the AMF;

  6. At the end of his one-year employment at the AMF, NK will go back to Chase Manhattan Bank - London. The special study, its recommendations and any other material relevant to the creation of the investment vehicle remain the property of AMF.

April 10, 1980

Chase Manhattan Bank agrees to second NK to AMF for one year. NK requests Chase to apply to British immigration authorities (The Home Office) to grant residency-permit to his wife and two daughters on the ground that NK will join Chase Manhattan - London after the end of his secondment to AMF.

June 1980

NK rents a furnished apartment in London for his family and enrolls his children at schools.

July 1980

NK joins AMF staff as Advisor to JH.

August 6, 1980

JH personally lends NK one-million Swiss Francs for a period of three years maturing August 5, 1983. As collateral, NK provides JH with a Promissory Note.

(See: Appendix-04)


November 17, 1980

The feasibility study is completed.

(See: Appendix-10)


November 19, 1980

JH asks NK to approach a leading law-firm in Bahrain to provide legal opinion for the promotion and possible incorporation of the investment vehicle if the AMF so wishes. NK suggests the law-firm of Hatim Zu’bi.

(See: Appendix-05)


November 23, 1980

JH, in his capacity as the President of AMF, appoints the Law Offices of Hatim Zu’bi as the legal advisors for the AMF for the sole purpose of the proposed investment vehicle (which later is called Investcorp).

(See: Appendix-05)


November 29, 1980

From this date onward, JH, in his capacity as President of AMF, writes to several government institutions and national banks in the Gulf States, inviting them to participate in the proposed investment entity’s capital. These institutions included: National Bank of Abu Dhabi, Qatar National Bank, National Bank of Bahrain and others. An example of these official AMF letters is the one addressed to Ahmed Khalifa Al-Suwaidi – Chairmain of the Board of National Bank of Abu Dhabi.

(See: Appendix-06)


January 17, 1981

By a letter dated January 17, 1981, to the Chairman of National Bank of Bahrain, NK (in his capacity as Advisor to the President of AMF) forwards the feasibility study, as an official document of the AMF. The Bank’s reply to NK (as Advisor to AMF’s President) arrives on February 16, 1981.

(See: Appendix-07)


Fenbruary 21, 1981

David Rockefeller writes to JH referring to his visit to Abu Dhabi.

(See: Appendix-08)


April 6, 1981

JH responds to David Rockefeller’s above letter.

(See: Appendix-08)


May 24, 1981

An application is made to Bahrain Ministry of Commerce and Agriculture for the incorporation of Investcorp.

August 12, 1981

Investcorp’s Founders Shareholders meet in Manama, Bahrain, and appoints NK as the project’s coordinator.


August 15, 1981

NK leaves AMF, as his one-year secondment from Chase Manhattan Bank ends.

May 5, 1982

JH term of office as President of AMF ends. JH leaves for London, England.

June 20, 1982

Investcorp’s first Board of Directors meeting. NK is appointed CEO for three-year term.

October 1983

JH receives information that the regime of Saddam Hussein is planning to kidnap him.

July 23, 1983

JH and family leave London and reside in Toronto, Canada.

December 7, 1983

JH resigns from Investcorp’s Board of Directors and Executive Committee.

February 16, 1984

JH resignation accepted and the Chairman of Investcorp’s Board of Directors sends a thank-you letter.

(See: Appendix-09)

 



01. IntroductionnextNext >>