http://www.govexec.com/dailyfed/0804/081304lb.htm
More on al Shifa Pharmaceutical Plant and owner Salah Idris
"According to WorldSpace's prospectus, it has been alleged that Bin Mahfouz, Al Amoudi and another Saudi investor, Salah Idris, or charities that they've been involved with, have supported terrorism financially. All three were also named, along with some Saudi government officials, in civil lawsuits filed by families of victims of the Sept. 11, 2001, terrorist attacks. The men have denied the allegations, according to WorldSpace's prospectus. The biggest case in question is still in the early stages.
There's more. Idris, who has a stake in the satellite operator through Yenura, a Singapore-based company owned by Idris and WorldSpace Chairman and CEO Noah Samara, owned an interest in a Sudan-based pharmaceutical factory that was bombed by the U.S. in 1998 in retaliation for allegedly supplying chemicals to the terrorists who blew up two U.S. embassies in Africa. Ties between Idris and terrorists were never proven, according to the SEC filing.
The prospectus goes on to include this tidbit: "Mr. Idris has never appeared on the U.S. Government's designated terrorist list." (WorldSpace is in a quiet period ahead of its IPO, and has declined to comment on any of these issues.)
Keep in mind that an IPO prospectus is part sales pitch, part disclaimer. It provides investors with management's rosy take on a company's potential, as well as all the caveats. WorldSpace's registration statement accomplishes exactly that. The filing also states: "None of the Bin Mahfouzs, Mr. Al-Amoudi or Mr. Idris any longer have any direct debt or equity in our company or have any voting control rights in our company." Of course, the agreement with Stonehouse has certain strings attached, so it isn't as if some indirect influence can't be wielded.
WorldSpace's prospectus warns investors that "Allegations of ties between certain of our investors and terrorism could negatively affect our reputation and stock price." But it's impossible to determine, at this point, the extent to which such allegations or a negative legal development could reflect poorly on WorldSpace in the future. Investors must weigh the legal uncertainties against how they view WorldSpace's future prospects before buying its stock.
For all the ink devoted to the terrorism allegations, however, plenty of prominent Americans seem nonplussed, judging from WorldSpace's board of directors, which includes Jack Kemp, a former Secretary of Housing and Urban Development and Republican vice presidential candidate, and Charles McCurdy Mathias, a former member of the Senate (representing Maryland) and the House (Sixth Congressional District of Maryland).
http://www.smartmoney.com/Techsmart/index.cfm?story=20050803&pgnum=2
From 911 Commission Book.
page 128,
"On November 4, 1998, the US Attorney's Office for the Southern District of New York unsealed its indictment of Bin Laden, charging him with conpiracy to attack US defense installations. The indictment also charged that al Qaeda had allied itself with Sudan, Iran, and Hezbollah. The orginal sealed indictment had added that al Qaeda had "reached an uderstanding with the government of Iraq that al Qaeda would not work against that government and that on particular projects, specifically including weapons development, al Qaeda would work cooperatively with the Government of Iraq." 109 This passage led Clarke, who for years had read intelligence reports on Iraqi-Sudanese cooperation on chemical weapons, to speculate to Berger that a large Iraqi presence at chemical facilities in Khartoum was "probably a direct result of the Iraq-Al Qida agreement." Clarke added that VX precursor traces found near al Shifa were the "exact formula used by Iraq." 110 This language about al Qaeda's "understanding" with Iraq had been dropped, however, when a superseding indictment was filed in November 1998." 111
#109: Indictment, United States v. Usama Bin Laden, No. 98Cr. (S.D.N.Y. unsealed November 4, 1998), page 3. For the reports concerning Derunta, see NSC membo. Clarke to Berger, Roadmap, Nov 3, 1998.
#110: NSC email, Clarke to Berger, Nove, 1998, Evidence on Iraqi ties to al Qaeda is summarized in Chapter 2.
#111
Patrick Fitzgerald testimony, June 16, 2004
"...One of the hazy questions that surrounds Osama bin Laden and al Qaeda is really its relationship, if any, with Iraq and with Saddam Hussein.
We've often heard that Osama bin Laden would not have been a natural ally, for religious reasons, for the composition and nature of Saddam Hussein's regime. And our staff report, as you just heard, basically says there's no credible evidence of any cooperation between the two. However, there seems to be some indicia that there may have been.
And, Mr. Fitzgerald, I'm delighted you're here, because this first question really I wanted to ask specifically to you, because it relates to the indictment of Osama bin Laden in the spring of 1998."
Interview with Mr. Fitzgerald con't
http://www.washingtonpost.com/ac2/wp-dyn/A46525-2004Jun16?language=printer
A press release was made on 4 November 1998 without Iraq.
"According to the Indictment, BIN LADEN and al Qaeda
forged alliances with the National Islamic Front in the Sudan and with representatives of the government of Iran, and its associated terrorist group Hezballah, with the goal of working together against their perceived common enemies in the West, particularly the United States.
Then a superseded indictment was made on 6 November 1998 with Iraq.
Al Qaeda also forged alliances with the National Islamic Front in the Sudan and with the government of Iran and its associated terrorist group Hezballah for the purpose of working together against their perceived common enemies in the West, particularly the United States.
In addition, al Qaeda reached an understanding with the government of Iraq that al Qaeda would not work against that government and that on particular projects, specifically including weapons development, al Qaeda would work cooperatively with the Government of Iraq.
http://www.fas.org/irp/news/1998/11/98110602_nlt.html