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Adnan Kashoggi, an infamous figure of worldwide disrepute, is a substantial owner in Genesis Intermedia, according to this Blooomberg piece. I start this thread to post articles and information found about Mr. Kashoggi. Saudi Financier Kashoggi Controls 33% of GenesisIntermediacom Van Nuys, California, Jan. 5 (Bloomberg) -- Saudi financier and arms merchant Adnan Kashoggi amassed a 33 percent stake in GenesisInternational.com though an offshore holding company last year as the self-help marketer's shares gained 195 percent. Last week Genesis, which sells videotapes on love, diet and finance and operates kiosks providing free Internet access in more than 20 shopping malls, offered $49.1 million to buy Fashionmall.com, which markets apparel and beauty products over the Internet. Kashoggi's role as president of Ultimate Holdings Ltd., of Bermuda, was disclosed for the first time Wednesday in an amended Securities and Exchange Commission filing concerning its stake. The 65-year-old Saudi citizen, who claimed in the 1970s to be the richest man in the world, is known for his role in helping to finance the sale of arms by the U.S. government in the 1985 Iran- Contra affair. Ultimate now owns 2,138,634 Genesis shares, according to the filing, which said the company's principal business is investing in technology and telecommunications companies. Ultimate began buying Genesis stock in February, according to Ultimate's prior filings. Genesis, which lost $16.7 million in the first three quarters of 2000, said in its earnings report that it has received $30.9 million of loans from Ultimate since November, 1999. A `Surprise' Ramy El-Batrawi chief executive of Genesis, said he was surprised to hear that Kashoggi's name was on the SEC filing. ``It's strange that it came out,'' said El-Batrawi, in a telephone interview. ''He wanted a low profile.'' El-Batrawi said he has known Kashoggi for 15 years and worked with him ``on deals'' between 1988 and 1993. He said the two speak ``almost every day,'' and Kashoggi has visited the company's office. Ultimate's first Genesis purchase was 1,600 shares for $16.50 a share on Feb. 24. The next day, Genesis soared 70 percent after Courtney Smith, president of Courtney Smith & Co. of New York, recommended it on CNBC television. Smith, repeated his recommendation in four more television appearances in March, June, July and December on the CNN and CNN- FN networks. Smith wasn't immediately available for comment. Kashoggi, whose name is sometimes spelled Khashoggi, is wanted by police in Thailand on suspicion of loan fraud in connection with the collapse of the Bangkok Bank of Commerce in May 1996, according to the Economic Crime Division of that nation's police. A Saudi Address Kashoggi's principal occupation was listed as ``director and president'' of Ultimate in its amended 13-D filed Wednesday. The document said his principal office was at Alnasar Trading Industries, in Rayd, Saudi Arabia. Kashoggi wasn't immediately available for comment. U.S. securities laws didn't require the disclosure of Kashoggi's involvement with Genesis, said Alan Bromberg, law professor at Southern Methodist University. ``That's a piece of information investors would be interested in knowing, but there's no express disclosure requirement,'' he said. Last week, Genesis offered to pay $2 in cash and .29 shares for each share of Fashionmall.com. That's about $7 a share, more than double Fashionmall.com's recent price of $3. Genesis said it has already purchased a 7 percent stake in the New York-based online clothing retailer. Fashionmall.com had $27 million of cash on Sept.30, or about $3.60 a share. El-Batrawi said Kashoggi supports the proposed acquisition. ``He likes the play,'' said El-Batrawi. For the first nine months of 2000, Genesis lost $2.90 per share on sales of $32.2 million. Its net worth on Sept. 30 was $4.7 million. The market value of its 6.5 million shares is more than $110 million. Less than 1 percent of its sales came from its Internet kiosk business during that period. Genesis fell 19 cents to $17 in late morning trading. The company has 6.5 million shares outstanding as of Nov. 14. Jan/05/2001 11:29 ET | ||||||||||||
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