I would like to introduce Western Gulf Advisory as a business advisor
that takes a genuine and personal interest in the well-being and
financial success of your business.
Today, scarcity of financial resources is the root cause of many
businesses cracking under economic pressure. Irresponsible banks,
financial institutions and private placement companies have allowed
businesses to borrow beyond their capacity, inevitably leading to
collapse. Alan Greenspan's statement: "Any informed borrower is simply
less vulnerable to fraud and abuse," is quite pertinent in this respect.
In all realms of life it takes courage to stretch limits and fulfill
your potential. .. it's no different in the financial realm. As a
trustworthy financial and legal advisor, Western Gulf Advisory (WGA)
believes that understanding market behavior and legal systems is a
keystone of wealth, leading to financial affluence and business growth.
We have a 10-year old track record of enhancing the credit history of
businesses such as yours. Our solutions are real and our expectations,
realistic. This is one of the reasons why WGA has continued to grow and
expand in spite of the global economic crisis in regions such as the
Middle East, Europe and Far East having offices in Switzerland ,
Bahrain and Hong Kong .
WGA has an extensive network of investors and sovereign clients who
would be willing to leverage their financial power to strengthen your
business aspirations. Our past record is testimonial of our success in
drawing significant finances for those who have sought our expertise.
We are not commission agents nor do we believe in taking undue
advantage of your necessity. We simply harness the power to transform
your financial inabilities into abilities and convert your weakness
WGA, you can be assured of completely transparent dealings with
integrity - no hidden costs, no bureaucracy, and no wastage of precious
time. We welcome you to a dialogue where we can understand how our
joint potential can unite to create a highly rewarding relationship.
WGA's range of services is diverse and personalized: ranging from
Business Networking, investment planning and tax advisory to
immigration and jurisprudence. Also, should you require any information
on us in order to carry out your due diligence, please feel free to
visit our website:www.westerngulfadvisory.com,
which contains all of our details and also in the attachment, you can
find the annual report of our company . However, for more personal
discussion, please do not hesitate to contact me on the address given
Chief Financial Officer
Western Gulf Advisory
Office: +97317585395 Mobile: +97336200055 Fax: +97317587584
Subject: RE: Project Finance - senior debt
To: "'Omer Khan'" <firstname.lastname@example.org>
Date: Monday, 11 January, 2010, 08:40
hope you are well. May I thank you for the rendered information.
Further to our conversation, please note that the project is in the
advanced stages of development with key milestones reached.
am unable to render a full blown project summary until we have signed
an NDA – this is necessary since we will be exchanging
confidential/proprietary information. Upon confirmation I can send you
our standard NDA.
I hope the
website provides with reasonable information for you to asses your
appetite for this transaction.
forward to hearing from you soon.
From: Omer Khan [mailto:email@example.com]
Sent: Monday, January 11, 2010
In the attachment you can find the annual report of our company. For
your information, we have closed this year with about USD 1.19 Billion
in assets. Our new annual report will be on our website in a week or
so. Also, we are not commission agents these are our own funds which we
Main terms of the loan are:
amount to borrow USD 100
rate: 6% to 7% (fixed)
3 to 10 years
is payable every six month. Principle is due in one bullet payment at
the end of the term.
If you would like to take hedging, Western Gulf Advisory can arrange it
for you. The hedging is going to cost you less than 1% (one time) for
the entire term of the loan.
find below the steps that we normally take, right from the conduct of
the first business meeting until the dispatch of the loan.
and foremost, I require your business proposal. Once our senior
management has shown interest in the proposal, we can schedule a
meeting at our head office in Bahrain with the main promoters of your
company with the chairman of our company, where we will begin our
- On completion of our due diligence, we will
send you a Letter of Acceptance confirming our acceptance of you as our
- After signing the Advisory Agreement, the
client is required to deposit GBP 12,000 towards advisory fees.
- Once this has been done, we start structuring
our scope of work.
- On conclusion of these internal procedures,
we approach the investment board of our advisory with regards to your
the investment board has approved the credit line, we issue a Sanction
Letter with all the details of the amount sanctioned as well as the
date of dispatch.
receiving the sanction letter, the client is required to transfer
0.585% of the loan amount, towards registration and legal charges set
by the legal authorities of Switzerland and the Kingdom of Bahrain, a
minimum of 15 days prior to the date of remittance of the loan, after
which, the registration would be executed and the loan would be
dispatched. In the event that the registration does not finalize, due
to any reason from either side, we will refund this entire amount,
i.e., 0.585% of the loan amount, without any deductions.
- The loan will be registered both in the
Kingdom of Bahrain and in Switzerland .
you have any enquiries, or require any further information, please let
Omer Khan, Chief Financial Officer
From: Omer Khan [mailto:firstname.lastname@example.org]
January 20, 2010 4:39 PM
Annual Report 2009
has been a great year for Western Gulf Advisory, a year of building new
relationships and of growth. It gives me great pleasure to inform you
that we have closed our accounts for the year 2009 with USD 1.2 billion
Our Annual Report, for the financial year ended December 31, 2009, is
available on our website, www.westerngulfadvisory.com, for your review.
From: Ahmed Yar [mailto:email@example.com]
February 05, 2010 4:41 PM
To: 'Omer Khan'<
Cc: ' firstname.lastname@example.org '
WGA Annual Report 2009<>
hope you are well. Unreserved apologies for a delayed response as I was
travelling and had limited access to emails. May I thank you for your
annual report 2009. Upon reading the information rendered to date, I
wish to clarify the following:
is a credibility/trust issue whereby we could not ascertain if you have
had an actual closure on any assets (revenues earned to date could just
come from the 0.58%). Our due-diligence to date could not identify any
projects that have been financed by WGA (the Australian news cutting
was useful however this was an intention on your part with no details
of actual financial closure). We could not ascertain the actual capital
structure of your organization and source of funds (the inter-party
unsecured loan on your books - till 2018/18 for $53m and $186m
respectively came from Mr. Ahsan (Note 6 on your annual report) – is
this the mode whereby Mr. Ahsan borrows it from investors and lends to
your entity? As stated by yourself, the funds are proprietary
(from your own balance sheet), but your identified steps and your
balance sheet lead us to believe it otherwise.
rigid structure your proposal was perplexing to the board members
and an emphasis on strict adherence was questioned whereby:
in my banking history nor any of the other board members have
come across a lending structure whereby the borrower is expected to
remit a percentage of loan (0.58%) in favor of the lender prior to the
disbursement on the basis of regulatory compliance.
registration of Loan with Swiss/Bahrain authorities (with an amount
0.585%) is not a mandatory requirement (in pure Loan terms, with other
structures this could be a possibility) – We referred this to our legal
counsel (an expert on Swiss Regulatory Affairs and Swiss Canton
Authorities) and there was no obligation on beneficiary to remit this
percentage prior to disbursement.
insistence on meeting our Chairman or the lead shareholder face to face
in Bahrain – typically the best person in charge of dealing with such
matters is either the Executive Director or the Financial Director with
whom we have entrusted in raising the required funds. Once the term
sheet is agreed upon, our investment committee typically delivers on
its views. I realize the cultural angle, especially the Bahrainian
Chairman but our board felt this was contrary to our internal policy.
– in spirit of openness, we have come across numerous entities that
have proposed and had a common theme as yours – none have delivered to
date. Against this background, we are somewhat cautious and despite the
BDO signed balance sheet we are somewhat perplexed of your proposition.
I hope this will not prejudice our future relationship and will only
serve to enhance relationship once we are comfortable with your pitch.
Should you wish to clarify anything, then please do not hesitate to
Our correspondence with Ahmed:
you Ahmed. A very interesting but very familiar read. Your story is a
mirror of the sagas of at least twenty Australian groups and three from
New Zealand. The latest publicly known victim here may be read from
this link published by The Australian today:
There will be more named in the
press in the coming few weeks.
I reproduce any of your correspondence on our website? The more proof
and evidence we publish, the greater our chance of bringing Ali and
Omer to justice. This is a total ongoing fraud and it must be stopped.
Owner and Editor, Wikifrauds.
you for sharing the Aussie and Kiwi stories. It saddens me that WGA
operation is still continuing - they met two close businessman friends
recently and suggested the same (this was as recent as March). By
buying that Spanish team they are trying to use the media clips as a
way of legitimising their actions.
regard to my case, I was contacted by Omar daily and the more he pushed
me the more I smelled a rat. Despite the language used in our
communication was completely out of norm for someone who was supposedly
a CFO. I was glad they came to target me since I have been through
several similar cases with clients when I was an Investment Banker in
London. I am happy for you to publish my case on your site and if there
is anything I could assist with then please do not hesitate to ask.