and sentenced to 25 months in prison. He was released in 2002 after serving two-thirds of his sentence.
Fisher, a well-known attorney, was originally arrested on suspicions relating to the case of former Ashdod Port union chief Alon Hassan. Fisher is suspected of asking Hassan, who is the target of several ongoing criminal investigations, for money to pay off certain police officials in return for having the investigations dropped.
Last week, retired Superintendent Eran Malka, who served in the Lahav 443 investigations unit was also arrested. Lahav 433, popularly known as Israel’s FBI, is a unit incorporating the fraud, financial, and serious and international crimes units. He was suspected of supplying Fisher with information he used for his clients' defense.
It was reported this week that the Justice Ministry is considered turning Malka into a state's witness too, if he can provide information about even more senior police officers involved in the Fisher affair - in return for lenient treatment. Malka had remained silent during questioning until Monday, when after developments in the case he began to answer police questions and suggested that he become a state's witness. The Justice Ministry is waiting for more information in the investigation before making a decision concerning Malka.
Nimrodi's lawyers said he had answered all the police's questions and denied any connection with the affair, and was released after questioning.
Nimrodi was one of the owners of Israel Lands Development Corporation, which owned Maariv. He was arrested in 1995 on suspicions of conducting illegal wiretapping as part of the fierce competition between Maariv and Yedioth Aharonoth. Three years later he was convicted and sentenced to eight months in prison, and suspended himself as editor of the paper.
In late 1999, Nimrodi was arrested again on suspicions of bribery, attempted murder, obstruction of justice, and other charges. In a plea bargain agreement in which he admitted to the relatively minor offenses, he was convicted for obstruction of justice, fraud, and harassing a witness,
Prominent Israeli businessman arrested for alleged bribery
Ofer Nimrodi, accused of bribing attorney Ronel Fisher, has had many other brushes with the law - including two prison terms; he was released to house arrest.
By Nir Hasson and Yaniv Kubovich 18:16 05.05.15 0
Ofer Nimrodi, the former publisher, editor-in-chief and one of the owners of Israeli daily newspaper Maariv, and a very well-known Israeli businessman, was arrested Monday for allegedly bribing attorney Ronel Fisher.
Police suspect Nimrodi paid Fisher cash in return for information on police investigations against him. He was remanded to a two-day house arrest. The Ministry Of Justice's Police Internal Investigations Department said Nimrodi was suspected of bribery and obstruction of justice, and that the investigation against him and other persons in the matter was ongoing.
Two businessmen, brothers who are involved in real estate, were also arrested along with Nimrodi; as was Shay Baras, the former CEO of the government-owned National Roads Company of Israel. Baras is suspected of paying a police officer for information on police investigations.
Fisher is also under arrest in cases in which he is suspected of bribing senior police officers, who then supplied him with information about investigations concerning his clients.
It was revealed in recent days that the prosecution has enlisted a state’s witness in the case against Fisher. The witness was Fisher’s former right-hand woman in his law office, and she provided Police Internal Investigations Department investigators with information on other cases in which senior police officers were allegedly involved, including officers in the police’s leading investigative units that also deal with organized crime.
Gas talks make breakthrough
The state will be able to demand competition between the Leviathan reservoir partners in the future.
A breakthrough has been achieved in the talks between the natural gas companies and the state on the compromise plan for the gas sector. Noble Energy (NBL) has accepted the state's demands for the inclusion in the plan of an option for separate marketing from the Leviathan reservoir 10 years after this huge reservoir is developed. Senior state sources involved in the plan say that this constitutes a significant breakthrough.
"Globes" reported at the beginning of the week that the state was seeking to reserve an option to require future competition between the Leviathan partners. The state was seeking to add to the agreement a clause saying that in 10 years time, after the Leviathan reservoir is developed, the state can force the partners to compete with each other in the sale of gas to the domestic economy. The gas companies opposed this, saying they would be willing to sign a compromise agreement only if it provided decades of certainty. Now, two days before the compromise plan is slated for presentation to the security cabinet,
Noble Energy is willing to be flexible.
According to the gas companies, they will be willing to allow the state to demand separate marketing from Leviathan in the future, but not without conditions. They allege that a very complex model is involved that will require the state to first of all assess the feasibility of separate marketing, and the number of customers and the infrastructures in the economy. The state will also have to explain to the gas companies how the model will be implemented.
My guess is ILDC and possibly JPR. It's my understanding that when the Cambay sale to Fire Creek was snuffed by GSPC, JPR convinced ILDC that he could close the deal without giving up DD. That is when Miller was ousted.
From Keys quarterly report:
The former CEO is seeking to control GeoGlobal’s business interests in India without
legitimate board or corporate authority creating a hostile environment in which the Company is
attempting to exercise its accounting responsibilities.
An MOU is not a contract. IMO Columbia is dead. Also, before the GGR website went offline, Columbia was no longer listed as an asset.
commentary - Key's notes to the financial statements make it clear that they have not invested money in GGR. Key's investment in GGR is limited to $500K worth of services provided. This may be the first tranche. All other components of the deal are predicated on Red Rocket Assets, a peer to peer LLC, sourcing investors to fund the Key/GGR deal. Peer-to-peer companies match borrowers and lenders through an online platform. As far as I know, no cash has made it's way to GGR from Key or from Key through Red Rocket. It is worthy to note that as of March 31 Key had $26 in the bank. I also believe that the deal Key claims it has with GGR was not properly approved by GGR stockholders. That is why ILDC has stepped in. I would love to read other board members take on this topic.
As for Columbia, GGR had an MOU with Petro Caribbean. I never read that the arrangement was formalized so I assume the MOU expired. Petro moved on to a farm-in with Suroco who in turn was acquired by Petroamerica. Petroamerica is a penny stock that is listed on the TSX.
The big question I have is who is getting the Cambay money?
GSPC is doing no different than RIL, they're stalling until the GoI institutes a higher selling price. GSPC doesn't have to work hard at stalling. They're a natural at screwing things up.
Energean is now operator of Sara/Myra. They have put re-entry into Sara on hold until the GoI comes up with a gas policy.
In the meantime, I would like to know who is in charge of GGR.
NOTE 9. INVESTMENT IN AFFILIATE AND CONTINGENT LIABILITY
Investment in Affiliate
On August 24, 2014, the Company entered into a stock purchase agreement by accepting a debt settlement agreement from GeoGlobal Resources, Inc. (“GeoGlobal”) for consulting services rendered by the Company and for due diligence fees in the aggregate amount of $500,000.
Services provided to GeoGlobal included assistance in avoiding bankruptcy protection, the loss of remaining assets, the arrangement of short term operation funding, the acquisition of working capital loans, extensive corporate services, initiation of legal process, and extensive due diligence required to proceed financing facilities.
The Company received an approximate 64.3% interest in GeoGlobal in the form of 900,000 Series A Preferred Shares of Stock in GeoGlobal in settlement of the $500,000 services rendered.
Each share of GeoGlobal’s Series A Preferred Stock is convertible at any time by the Holder into 300 shares of GeoGlobal common stock. Each Series A Preferred Share carries with it 300 votes on all matters submitted for stockholder approval. Key Capital Corporation
The agreement also contains a performance condition wherein the Company agrees to subscribe to 100,000 shares of Series B Preferred Shares, each share convertible to 300 shares of Common Stock, at the purchase price of $30 per share for a total of $3,000,000. As a minimum, the Company shall subscribe to the Series B Preferred Shares in tranches of 20,000 shares each at six-month intervals with the first tranche due and payable February 24, 2015. If the Company does not purchase the additional Series B Preferred shares then it is obligated to transfer 750,000 Series A Preferred shares back to GeoGlobal. The Company is reporting the $3,000,000 as a contingent liability.
Orange - I doubt Key has control of GGR. If they did the website would not re-direct you to ILDC. Also, Key has provided "$500K of services" to GGR and through Q1 of this year has not invested any cash.
How much of that "revenue" is collectable as cash? From Key Capital's website:
Oil & Gas - GeoGlobal has its principal assets onshore north of Mumbai and offshore east of Madras in India. GeoGlobal represents a rescued company, by all accounts it was days from bankruptcy and has been sustained long enough to enter production and to receive monthly revenue. GeoGlobal, which is 65% controlled by Key Capital, requires $15.0 Million to clear debts, enable restructuring, and to have sufficient operating funds to meet its commitments to its production interests, and also to prepare for listing on London’s AIM. GeoGlobal, which is already in production, is forecast to provide Lenders an estimated return of 15%-17% per annum. Current revenue is around $400,000 per month and is expected to reach $1 Million per month by year-end.
Onshore assets in Cambay Basin are in the form of working interests in developed and producing blocks as well as in a significantly larger 1,200 square kilometer ‘ring fence’ development block in the heart of the Cambay Basin. Initial established discovery wells are now being tied to production, and production drilling within the ‘ring-fence’ block is scheduled to commence later this year.
Offshore assets include a Carried Interest in the established Deen Dayal West gas production field in a 500 square kilometer block in the south-east Indian Krishna-Godavari Basin. This multi-billion dollar investment is anticipated to enter production in 2017/8 at an initial projected 200 million cubic feet per day.
Total exploration and development expenditure on the properties by the partners is estimated at over $500 million in the onshore blocks and approximately $3 billion in the offshore block.
NEW DELHI: Canada's Niko Resources has extended by over three months the search for a buyer of its stake in Reliance Industries' KG¬D6 gas block to pay off debt.
Niko had in February announced plans to sell its 10 per cent stake in the KG¬D6 block to pay off USD 340 million debt. It had planned to sell off the interest by April 30 but later extended it till May 31.
It now reached reached an understanding with lenders to extend the search till September 15.
The company in filings to Toronto Stock Exchange last week said: "The Board of Directors of Niko now believes that it requires more time to determine if the sales process will be successful or, if not, to develop an alternative plan with the assistance of its advisors and stakeholders to achieve the best results for the stakeholders of the Company."
Niko said it has reached an agreement with the lenders to the search for a buyer of KG¬D6 stake to September 15, 2015.
In February, Niko had blamed lower¬than¬expected gas price for its decision to sell its stake in the KG¬D6 block where a total of 20 oil and gas discoveries had been made and three out of them are in production.
The government had in October announced raising natural gas price to USD 5.61 per million British thermal unit from USD 4.2. The increase was lower than USD 8.4 that the industry was expecting and prevailing USD 5.71 rate applicable to gas from western offshore fields.
"The announced price for the period from November 2014 to March 2015 is a 33 per cent increase over the price received previously, but is lower than expected. In addition, there is uncertainty around the long¬term natural gas price outlook in India," Kevin J. Clarke, Chairman and interim Chief Executive Officer, Niko Resources Ltd had said then.
The company had engaged Jefferies as its financial advisor to look for a buyer for KG¬D6 stake.
RIL is the operator of the block with 60 per cent interest while 30 per cent is with BP plc of UK.
Statements from the Oil Ministry
Ministry informed that 254 blocks were given for exploration of oil and gas, since 1999. This was presented in nine rounds of New Exploration Licensing Policy (NELP). Out of these, only 96 are operational. The others have been abandoned as they have poor production capacity or there are obstacles for making them operational.
The report further stated that till date, 135 hydrocarbon discoveries are done under NELP in a total of 46 blocks. This includes 46 crude oil and 89 natural gas discoveries.
The maximum number of discoveries is done by Reliance Industries. They have made 51 discoveries out of which 12 are of oil and 39 of gas. The company's significant KG-DWN-98/3 or KG-D6 block consists of 19 oil and gas finds.The ministry also informed that some 22 NELP hydrocarbon discoveries are under development, at present and this may also contribute to the output.
The State-led Oil and Natural Gas Corp (ONGC) is a little behind with 45 discoveries. They have 14 oil and 31 gas discoveries. Gujarat State Petroleum Corp (GSPC) will generate 1 mmscmd from its Deendayal block KG-OSN-2003/1 in KG basin in the beginning and by 2016 –-2017, the same will reach at 5 mmscmd.
Fall of Sanjay Gupta: From IAS to conman
ET Bureau May 20, 2015, 10.34AM IST
Former IAS officer turned entrepreneur Sanjay Gupta, accused of corruption during his stint with Ahmedabad Metro, was sent to judicial custody on Tuesday after the state CID decided not to seek further custody. The next hearing of the case is scheduled on May 21.
Gupta was arrested on Friday on charges of corruption amounting to a sum of Rs 113 cr during his tenure with the Ahmedabad Metro Rail Project between 2011 and 2013.
The state CID has also carried out searches at various places to find documents pertaining to the alleged acts of corruption. However, according to sources, the sleuths have not been successful in their endeavour as also in their effort to ferret out information from the former bureaucrat.
The 1985 batch IAS officer had played a pivotal role in turning around the Gujarat State Petroleum Corporation (GSPC) and also setting up the Science City project during the regime of Keshubhai Patel.
However, after the current Prime Minister, Narendra Modi became Chief Minister of Gujarat in 2001, Gupta was transferred to Sangeet Natak Academi from his position of Managing Director of GSPC. It is said that he was blamed for a tussle between the state government and a Canada based corporate house that had displeased too many people.
In 2011 he was made the chairman of the Metro¬link Express for Gandhinagar and Ahmedabad ( MEGA) Company Ltd. However amid speculations of corruption, he had resigned in 2013.
After resigned from the IAS Gupta briefly joined the Adani group as the CEO of Adani Infrastructure Project. But he soon turned entrepreneur himself and started the Neesa Group of hotels and resorts under the brand name Cambay across Gandhinagar, Jaipur, Gurgaon, Goa and Kerala.
GSPC prepares 3 wells at Deen Dayal
Vol 18, PW 18 (07 May 15) News in Brief
GSPC is preparing to drill three more development wells at its DEEN DAYAL
West (DDW) field at...
GSPC wants new ‘partners’ at Deen Dayal block
Vol 18, PW 19 (21 May 15) Exploration & Production
GSPC managing director Atanu Chakraborty says his company wants strategic
The government may allow a part of the natural gas produced by firms like ONGC and Reliance Industries from new discoveries to be sold at market price as it looks to boost domestic exploration and production. The government, while approving a new gas pricing formula based on international hub rates in October last year, had decided that new gas discoveries in deep¬water, ultra¬deep sea or high¬temperature and high¬pressure fields will be given a premium over and above the approved price. The premium will be in form of allowing a fixed percentage of natural gas produced from difficult fields to be sold at market price and the remaining as per the approved price, an oil ministry source said. While the current domestic gas price is $4.66 per million British thermal unit, the market price as measured by the rate at which the fuel is imported, is $7¬8. "The percentage of total volumes that can be sold at market price will be different for ultradeep sea discoveries, deepsea finds and high¬temperature and high¬pressure (HTHP) fields," the source said without elaborating. The formula suggested by DGH was a middle path of balancing the industry expectations of market price for all of the gas and government concerns of not allowing too high a price that could have a cascading impact on cost of fertilizer and power as well as CNG and cooking gas. All gas producers including state¬owned oil and Natural Gas Corp (ONGC) have stated that it was uneconomical to produce gas from difficult fields at the current price of $4.66 per mmBtu, the source said. Oil Ministry, he said, after reviewing the premium formula suggested by DGH, has forwarded the same to the Finance Ministry for vetting. An announcement on the premium is likely soon, he said. It however not clear if the industry demand of applying the premium to existing discoveries as well, will be accepted.
Pratim Ranjan Bose
Hopes reduced focus on E&P portfolio will improve finances Kolkata
Gujarat State Petroleum Corporation (GSPC) is planning a major restructuring of business to improve the State¬run company’s financial performance.
The company, under the newly appointed Managing Director Atanu Chakraborty, seeks to consolidate its leadership position in the gas transmission and distribution sector through possible acquisitions, while reducing emphasis on exploration and production (E&P).
GSPC, started operations in 1994 with E&P as its main business, is now one of the most aggressive players in the entire natural gas vertical.
But the expansion has come at a cost.
The ₹12,000¬crore company, which reported a thin ₹35 crore profit in FY¬14, has a debt burden of ₹12,000 crore.
Having long concentrated on Gujarat, the company recently won distribution licences in the Union Territories of Dadra and Nagar Haveli as well as Thane in Maharashtra.
On the cards are acquisitions of smaller city gas distribution agencies in Gujarat, Rajasthan, Punjab and the National Capital Region (NCR); massive pruning of its E&P portfolio; and stake dilution in the much publicised KrishnaGodavari asset.
To reduce stress on balance sheet, the group may also look at diluting a part of its 74 per cent holding in the merged city gas entity of GSPC Gas and Gujarat Gas.
What went wrong?
GSPC had struck six discoveries in the KG basin in 2005. But it failed to monetise the finds due to difficult geology and management failures.
In 2009, the company undertook a $1.7 billion (₹11,430 crore today) programme to develop a part of the asset to produce 5.7¬8.6 million standard cubic metres a day (mscmd) from 10 wells by June 2012.