This Powered Corp deal has been bugging me lately – everyone has thus far been focused on the Oklahoma link between the Minister of Energy Moustafa Bahran and Jalal Alghani. While I agree that the link is very suspicious, Bahran just doesn’t strike me as the corrupt type that would sell his country short…the guy is a career scientist and academic, not a sleazy politician or business type. I have instead been focusing on the other side of the Powered Corp management table…on Mr. James Jeffrey – and as it turns out, Mr. Jeffrey’s business relationship with Yemen predates his corporate connected to Alghani…at least as far back as 2003.
According to SEC filings, prior to Powered Corp. Mr. Jeffrey was the sole shareholder of a similar start-up-type company also based out of Houston (but registered in Delaware). Like Powered Corp., the company, IEG Energy Group Inc., started with no assets, with the hope of attracting investment at a later date. Its SEC filing in 2003 stated that the company’s objective was to:
“search the petroleum refining industry for under-utilized and under-managed refining facilities that are suitable for restructuring their management, ownership and finances. In the event that we acquire all or a portion of a working oil refinery and thereby become eligible to trade oil on the world market, we intend to pursue such an opportunity. We will also seek opportunities to participate in new or ongoing projects that directly generate or co-generate energy. At this point in time no projects have been identified nor is there any assurance to investors that any projects will be identified in the future. We will initially focus our efforts in the United States, Canada and the Middle East.”
How successful Mr. Jeffrey and IEG Energy were I have yet to ascertain, but what is known is that the company filed a Withdrawal Request and a Certificate of Termination only 8 months later.
So what’s the connection? Well there are two of them – Two names show up in connected to both Powered Corp and IEG Energy. The first, and admittedly less interesting one is Amer El-Kurdi, who is the current Division Chief of the Treasury and Exchange Department of the AMF in Dubai.
The second name, which I find very interesting, is an “Ismail al Noaman.” Like El-Kurdi, Al Noaman is listed as an “advisor” to both companies. According to records, al Noaman is/was the general manager of Yemen Export Co (LPG Sales and Export)(2002-2003); General Manager of Crude Oil Marketing Directorate, Sanaa, Yemen (1996 – 2001); Chairman of JCC, Yemen Hunt Oil Company (1990 – 1996); and General Manager, Office of Ministry of Oil & Minerals, Sanaa, Yemen (1987 – 1990).
He also happens to be listed as a share holder in the Powered Corp SEC documents.
Even more interesting, is that al Noaman, who tops the list as the first “advisor” in the SEC filing, has been completely left off the Powered Corp website– nowhere to be found – the only Powered Corp “advisor” that is….hmm.
Who is Ismail al Noaman?
IEG Energy Group Inc. “Advisors”
Powered Corp. “Advisors”
Powered Corp. Shareholders