All,
I have been tracking the comments on this company primarily through WK forum and recently here on SI. I still have yet to determine if this company is on the up and up. (regardless of all the chatter about investigations, which is somewhat irrelevant unless the depth of the investigation and the reasons behind it are disclosed)
However, I am seeing several things. The first is that Zayed either didn't know about Dominey's past, or had ignored it. The first I can forgive because I work around each day who's past I'm unsure of.
The latter scenario is more of a problem, but we'll never know the truth on this unless we become insiders or spend beaucoup dollars doing our own little investigation.
But.... Zayed should be commended for replacing Dominey immeditately, rather than trying to retain him as an officer. Undoubtedly he must have some expertise, other than fraud.. :0), or he wouldn't have been involved. However, having been exposed in my life to individuals such as Mr. Dominey, I can understand how he would want to repair his reputation by being part of something worthwhile. (putting all cynicism aside, of course)
Also, the fact that Zayed is selling Congress Re-Insurance, which is deemed the most controversial (and profitable) aspect of the GIFS holdings, I would say that he is quite adept at damage control and is moving GIFS toward more understandable and straight-forward operations. If he gets the price that he wants for Congress, then we should see substantial revenues continue, while minimizing GIFS exposure to further inquiries.
Just a few thoughts to put a different spin on things. Basically, if Zayed was in cohoots with a bunch of corrupt folks, I don't think that he would have been so quick to let Mr. Dominey go. Especially if Dominey had "dirt" on Zayed. I wouldn't let someone reduce "my" stature so quickly if I had something I could use to "blackmail" loyalty with.
Regards,
Ron |
