Gulf Keystone’s Nadhim Zahawi receives an ‘insulting’ letter

2017/04/25 | 12:10

(Iraq News)- Nadhim Zahawi, millionaire British-Kurdish MP and director of Gulf Keystone Petroleum operating in Iraqi Kurdistan.

Photo: Ekurd/Edu Employers/ flickr

LONDON,— An anonymous person, mostly an angry investor of Gulf Keystone Petroleum, has sent an insulting letter to Nadhim Zahawi, a director of GKP oil company operating in Iraqi Kurdistan.

The British-Kurdish millionaire Zahawi has posted on his twitter “This was delivered to my office today.

It’s very sad some still want to attack me for my “background”.

I’ll be reporting it to the police.”

Small investors who put their faith in GKP have been huge losers as hopes that the troubled oil company will strike it rich in Kurdistan have so far come to nothing.

The company, which initially listed on the junior AIM market in 2004 before moving to the main market a decade later, was popular with private punters.

It has 35,000 shareholders, most of them individuals of modest means.

Zahawi, who has been the MP for Stratford-on-Avon since May 2010, is receiving upwards of £240,000 a year from the heavily-indebted company, even as small shareholders have seen their investment all but wiped out.

Sadly for them, Gulf Keystone has seen its price crash price crash from a high of 425p in 2012 to just over 2p, wiping out more than 99 per cent of its market value.

The MP has made more than £370,000 in 2016 and last from Gulf Keystone, on top of his parliamentary salary.

Zahawi joined Gulf Keystone in July 2015.

As chief strategy officer, he earns a monthly salary of £20,125.

He has also been receiving regular bonus payments of up to £26,000 for advising the company.

The company operates in the Shaikan area of Kurdistan, and produces around 40,000 barrels of oil a day.

It hopes to produce 110,000 barrels of oil a day in the near future.

The company is currently valued at around £350m, with the share price jumping this week after reports of the discussions with Sinopec emerged.

In 2015, Gulf Keystone faced huge financial problems after delays over payments from the KRG.

From September last year, it has managed to negotiate payments of around $100m.

As well as sitting on the select committee, Zahawi is also the co-chair of the all-party parliamentary group on Kurdistan.

Zahawi has a close and long-term relationship with Ashti Hawrami, the minister of natural resources in iraqi Kurdistan who is routinely accused of corruption.

Born in Baghdad to Kurdish parents in 1967, Zahawi left Iraq with his family as a nine-year-old boy, under threat of persecution from Saddam Hussein’s regime.

Kurdistan considered as the most corrupted part of Iraq. According to Kurdish lawmakers billions of dollars are missing from Iraqi Kurdistan’s oil revenues.

A Kurdish lawmaker said earlier in March 2017 the amount of $1.266 billion from oil exports and Iraqi Kurdistan’s revenue has gone missing over the last three months.

Read more about Ashti Hawrami and Kurdistan oilRead more about Corruption in Iraqi Kurdistan

(With files from the Daily Mail)

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