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SINGHAIYI-TUA CHIONG
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wanglausern
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08-Jul-2013 14:59
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Sunday, Aug 28, 2011
10:01 PM +0800 Even in the Great
Recession, the dim bulb of a dynasty manages to cash in on the family name
As
the global economy has tanked in recent years, international companies have
sought every advantage they can muster in seeking to score business deals
abroad. One tactic, especially favored by big energy firms, is to retain the
services of a middleman or “fixer.” These obscure but vital players use clout,
brains and wiles to broker deals between industry and third-world leaders, and
to generally grease the gears of the global oil and gas trade. Which
on the surface makes it hard to understand why U.S. and foreign firms continue
to seek the services of Neil Bush. The son of one president and brother of
another, Neil’s political clout has declined since Barack Obama replaced George
W. Bush in 2009, and neither brains nor wiles is Neil’s strong suit. Two
decades ago, the Washington Post observed that his business ventures had “a
history of crashing and burning in spectacular fashion,” and time, alas, seems
not to have improved his record. Neil
claims to have 30 years in the energy industry,
though at least 10 people from the Texas oil patch I spoke with said they had
never heard of him playing any notable role in the energy business. Of the
former first sibling, one international oil executive and consultant said, “I
can’t imagine anything he could bring to the table.” Yet
Bush, who declined comment for this story, seems to have no trouble staying
busy and prosperous. Chinese firms hire him to try to open doors in Africa, and
U.S. companies retain him to do the same in Central Asia. Neil is also the
founder and CEO of a number of small energy companies — it’s not clear exactly
what they do or if he has financial backers — and lives a life of ease and
comfort in Houston, where he resides with his second wife in a luxury condo and
regularly graces the social pages. He travels far in search of deals. As the chairman of Houston-based TX Oil, Neil met with Turkmenistan’s crackpot Stalinist dictator, Gurbanguly Berdymukhammedov, in an effort to gain offshore oil concessions in the Caspian Sea. The tightly controlled state media claimed that he brought a letter from former President George H.W. Bush wishing “sound health and successes” to Berdymukhammedov, and thanking him for inviting Neil “to your beautiful country and for receiving him personally despite your heavy work load.”
In
November 2010, Neil returned to the country for the Turkmenistan International
Oil and Gas Conference, and TX Oil hosted the event’s closing cocktail party.
“The oil business is in the Bush family bloodline,” he declared, according to
an account in an energy industry publication, Nefte Compass. TX
Oil is still reportedly
in the running for Turkmen concessions, alongside brand name competitors like
Chevron and ConocoPhillips. Not everyone seems happy about Bush’s potential
involvement. “It is the eastern tradition to receive all guests with open
arms,” said a story in
News Central Asia. “However, as independent observers we would recommend that
the government of Turkmenistan should consider carefully before committing to
any proposals brought by Neil Bush. For one thing, [his company] is a virtually
unknown entity … On top of that, he has a history of questionable business
practices.” Indeed,
he does. Neil first distinguished himself when the Silverado Savings and Loan
of Denver went belly up in 1988 at a time when his father was finishing a
second term as Ronald Reagan’s vice president. While serving on the S & L’s
board of directors, Neil voted to approve $100 million in loans to two of his
business partners — he somehow neglected to mention the relationships to fellow
board members — who both subsequently went bankrupt. This adventure in
socialized capitalism cost U.S. taxpayers $1.3 billion. One
of the loan recipients was JNB International, an energy exploration company
Neil founded with $100 out of his own pocket, and somewhat larger sums from two
Denver real estate moguls. “Tell him Neil Bush called,” he reportedly told a
secretary when leaving a message for a Denver oilman during this period. “You
know, the vice president’s son.” The
family safety net spared Neil from the full consequences of his misdeeds. In
regard to Silverado, federal investigators found “breaches of his fiduciary
duties involving multiple conflicts of interest.” The younger Bush was banned
from banking and ordered to pay a $50,000 fine at a civil trial, but a
Republican fundraiser held on his behalf helped ease the sting of settling that
debt. Neil
went on to found a gas-exploration company called Apex Energy
with $2.3 million from Bush-family friend Louis Marx Jr. Neil, who put up
$3,000 of his money, received $300,000 in salary over the next two years, at
which point Apex went broke. Little gas was ever found. Next
up came a brief stint at TransMedia Communications, owned by a cable TV baron
who had raised more than $300,000 for George H.W. Bush. Neil’s annual pay was
$60,000 and his job description was daunting: “learn the business.” In 1993,
two years after the conclusion of the first Gulf War, the emir of Kuwait flew Bush
Sr. over on his private plane for a ceremony honoring him for leading the
coalition that evicted Saddam Hussein. Neil and former Secretary of State James
Baker traveled along to try to arrange a power plant deal for Enron, which
never happened. The
post-Silverado years proved dark for Neil, so it was fortunate that another
family friend, Jamal Daniel, stepped in to help out. A Syrian-American fixer
with substantial interests in the international energy business and beyond,
Daniel has close ties
to the ruling families in Saudi Arabia, Qatar, Syria, Lebanon and Yemen. Daniel,
who lives in Houston, was a major donor to the presidential campaigns of both
Bush Sr. and Bush Jr., and to the latter’s 1994 Texas gubernatorial campaign.
In 2003, after the invasion of Iraq, he and other Bush administration cronies
set up New Bridge
Strategies LLC to advise companies seeking business in post-Saddam
Iraq. The consulting firm didn’t work out so well — probably because few
businesses cared to invest in war-torn Iraq — though the Paris-based newsletter
Intelligence Online reported in June that Daniel had invested in an oil deal in
Iraqi Kurdistan, so the invasion wasn’t a total loss for him. (There is no
indication that Neil had any role in the investment.) Daniel
treats Neil like next of kin. Over the years, he has paid for Neil’s family to
take a trip to Disneyland Paris and bought Neil and his wife, Sharon, a $380,000 cottage
in Maine. Neil also married his second wife, Maria, at Daniel’s
Houston mansion. In
return, Neil has occasionally exerted himself. Back in the late-1990s, Daniel
made Neil co-chairman of Crest Investment Corporation and paid him $60,000
annually for a few hours of work per week. Separately, Daniel and other Bush
Family Friends financially backed Neil’s education company, Ignite! Much of the
firm’s business was obtained through sole-source contracts from school
districts in Texas. In 2006, his mother donated an undisclosed
amount of money to the Bush-Clinton Katrina Fund with specific
instructions that it be earmarked to buy Ignite! products for local schools
that took in hurricane evacuees. Yet
for all the handouts from the Bush family network, Neil’s ventures still failed
to generate much profit. His famously nasty 2003 divorce proceedings with
Sharon revealed that he was essentially broke. At the time, a well-placed
source told me, he drove a minivan owned by his mother. The proceedings also
revealed that on at least three business trips to Asia, women Neil didn’t know
came into his hotel room unbidden and had sex with him. The practice, he
acknowledged, seemed “very unusual.” “You
don’t think he was picked to be part of all of those business deals because he
was so brilliant, do you?” Marshall Davis Brown, Sharon Bush’s attorney, asked
when I met him at his Houston office. “He had a big hat but no horse.” Neil
has received relatively little press attention since his divorce, though he has
been living well. In February 2005, Mexican magnate Jaime Camil hosted a 50th
birthday party for Neil at his estate in Acapulco. The Houston Chronicle
reported that two dozen Houstonians flew down for the festivities.
“Saturday night, the host-with-the-most pulled out the stops at his expansive
villa,” wrote the newspaper’s society columnist. “A lavish fireworks display
topped off a night that included a 16-piece mariachi band, dancers from Mexico
City’s Ballet Folklorico and gourmet fare.” The
truth is, failure has been very good to Neil. He currently resides in a $1.6 million, six-bedroom,
five-bathroom condominium located near Houston’s upscale West Oaks
Mall. He has in recent years set up at least 10 firms in Houston and Austin,
according to incorporation records filed with the Texas secretary of state’s
office. His companies have generic names like GCC Source Point, Global XS2, BTZ
Holdings and ATX Oil, and it’s hard to find out much about them since they are
registered as limited liability companies (and hence little public disclosure
is required), mostly don’t have websites and almost never turn up in news
accounts. If he has consummated any deals through these firms, they were
probably not big. One
of Neil’s firms is registered at an address that doesn’t exist and several are
registered at his condo, including a firm called Nexus Energy, which actually
operates from (or at least has an office at) an oil firm headed by his current
wife’s ex-husband, Robert Andrews. Neil established Nexus in late 2008 “to
pursue business opportunities both overseas and in the United States,” according
to a corporate profile it has distributed. “[Neil has] cultivated many
relationships among private business people and large energy related
enterprises in Asia and the Middle East. Nexus seeks to leverage these
relationships to act on behalf of a client or partner company.” In November
2009, Neil represented Nexus at an energy conference in New Orleans, at which
Karl Rove tagged along. Firms
from China regularly retain Neil, which isn’t surprising given the deep ties
his family has there. Bush Sr. was appointed as U.S. liaison in Beijing under
President Gerald Ford, and during his presidency sought greatly expanded trade
with Beijing while downplaying human rights concerns. George W. Bush also
forged a close relationship with China, and Neil’s deceased uncle, Prescott
Bush Jr., was a close friend of former premier Jiang Zemin and did a good deal
of business there. In
March of this year, Bush Sr., wife Barbara and Neil had dinner at the residence
of the Chinese consul general in Houston. The Chinese government expressed hope
in a written statement that the Bushes would “continue playing an important
role in making contributions to … the friendship between the two peoples.” For
their part the Bush family said the visit felt “like home,” and expressed
special pleasure at being served “their favorite Beijing Roasted Duck.” The
consul general and the Bushes also “exchanged views on China-U.S. relations …
and other issues of their common interest.” These
sorts of ties have surely contributed to Neil’s list of Chinese clients, mainly
companies seeking natural resource deals in Africa, including Shougang
Holdings, a state-owned steel giant. In 2009, Neil led a delegation of the
company’s officials to Liberia, where Shougang was seeking an iron ore mining
concession. The Neil connection didn’t help: An Israeli firm ultimately won
out. The
same year Neil traveled to Ghana with executives from oil giant Sinopec, the
world’s seventh largest firm and a major competitor of U.S. companies. Neil
managed to get meetings with top local political leaders. A source familiar
with Bush’s efforts said that he opened doors in Ghana with the help of his
friend Chris Wilmot, a businessman originally from Ghana who now lives in
Houston. “Chris has the ties in Ghana that go all the way to the top,” this
person told me. “Neil was riding on his coattails over there.” To no avail.
Neil’s clients didn’t get the deal they were angling for. On
a weekday morning, I stopped by TX Oil’s headquarters in a bland office
building on Westheimer Road in Houston. New Age music played from a Bose system
in the reception area, which was decorated with a cowboy painting, an aquarium
and a leather sofa. The office wasn’t bristling with activity, and the
secretary told me no one would be available to talk to me about TX Oil. “Is
there a brochure or any information you can give me?” I asked. “Not
yet,” she replied with a cool smile. Why
do companies keep hiring Neil? It can’t be for his business acumen. More
likely, his employers write checks out of friendship, loyalty and interest in
currying favor with his family’s business and political network. In a
reflection of the declining value of the Bush family name in the age of Obama,
Neil does not seem to command the fees he once did. In
2002, he received payments of $2 million in stock and $10,000 per board meeting
from Grace
Semiconductor — a firm backed by the son of Jiang Zemin — even
though he knew nothing at all about semiconductors. Last December he was named
a director of China Timber
Resources Group, which has forest resources in Guyana and China.
Neil’s director’s fee is a mere $1,200 a month, which the company said “was
determined with reference to his experience, scope of work, level of
involvement, seniority as well as the prevailing market conditions.” Ouch. It’s
getting tougher to be a fixer who can’t fix much.
Ken
Silverstein is an Open Society Institute fellow and contributing editor to
Harper’s magazine. Ken Silverstein is a contributing editor at Harper’s
magazine and an Open Society fellow. Research support for this article was
provided by The Investigative Fund at The Nation Institute. |
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explosive2013
Member |
08-Jul-2013 14:54
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share console mean share consolidated for example to consolidated 5 share into 1 share. |
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wanglausern
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08-Jul-2013 14:54
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Profile of Neil Bush. |
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veliscorin
Member |
08-Jul-2013 12:25
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shifu ysh2006, what you meant by share console like Contel?
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ysh2006
Senior |
08-Jul-2013 11:25
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Yes, especially they said will issue tons of shares to US investors helping them into their  property market, maybe after right issue they can make a share console like Contel , 5:1 to attract US buyers..... | ||||
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leewankiat
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08-Jul-2013 11:21
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Personally I think they have dragged the issuing of rights too long since Mar 2013.  Now the rights would look unattractive at all. | ||||
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ysh2006
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08-Jul-2013 11:20
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For those who sold Singhaiyi at 2.5 cents when Singhaiyi drop back to 1.5 cents like Oceanus, if other not converting ,they will buy back lah...2.5-1.5 =1 cents profit mah....  
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explosive2013
Member |
08-Jul-2013 10:39
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if singhaiyi drop to 0.015 then nobody will go to exercise right issue. if nobody exercise right issue then singhaiyi will not able to raise fund to expand to US . do you guy think this will happan ? | ||||
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explosive2013
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08-Jul-2013 10:37
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who are actually earn money on singhaiyi. those who bought singhaiyi on March  2013 to now, are they make profit ?   |
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dekmelvie
Senior |
07-Jul-2013 23:10
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You can read the book they send regarding the rights issue. All dates are there.
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beginners
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07-Jul-2013 16:20
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Oic, Thanks for enlighten me. Usually how long will it takes for the rights to convert to mother share? Thks.
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dekmelvie
Senior |
07-Jul-2013 14:28
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Yes it go down to .015. Unfortunately rights been expired. All those holding it will sell and buy back from the rights. That is why it can go down to .015. Take oceanus as example.
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leewankiat
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06-Jul-2013 12:59
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I hope it will move up to 40 range...  But think will need more time now... | ||||
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beginners
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05-Jul-2013 22:44
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If it really goes down to 0.015 will be The same price as rights. Which I don't think so. If it is, will buy in open market then take up the rights.
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dekmelvie
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05-Jul-2013 20:57
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is there a huge chance it will go down to .015? | ||||
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Winwin01
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05-Jul-2013 19:23
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What if I buy before CR do I have 1 for 1? | ||||
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yewhuan
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05-Jul-2013 17:19
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which means you sell today also you entitled to the right issue.   But if you buy today you're not entitled to the right issue cos is already X
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yewhuan
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05-Jul-2013 17:15
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yes, as long as you buy and hold until XD and you're entitled to the right.   eg. - you buy before xd you're entitled to the right issue       - you sell that day when you see the " X"   (Singhaiyi     X ) you're still entitled to the right issue  
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dekmelvie
Senior |
05-Jul-2013 17:07
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Do you mean if i sell on monday i can still get the 1for1 even though i dont have shares anymore? | ||||
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cheng987
Senior |
05-Jul-2013 16:00
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You are right, even if you sell today you still entitled for 1-for- 1 share .
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