March 8, 2010, - 2:36 pm
You may know Aston Martin as James Bond’s suave sports car of choice. But, unless you’re a longtime reader, you might not know that it is half owned by Kuwaiti Muslims. I wrote about the acquisition, three years ago, when Ford Motor Company sold its controlling interest in the company to Kuwait’s Investment Dar Co., an Islamic investment house that follows sharia (and another Islam-complaint Kuwaiti investment outfit, Adeem Investment).
Pimp Bond’s Ride: Aston Martin’s Kuwaiti Muslim Deadbeat Owners, Adnan Al-Musallem & Mustafa Al-Saleh
But, now, Investment Dar and its Chairman, Adnan Al-Musallem, are under water, and can’t pay creditors. It’s the same scenario I recently told you about with Dubai and its government-run Dubai World. Like Dubai World, Investment Dar tried to “restructure,” with a plan that repays investors only mere pennies on the dollar.
But the creditors balked. So, now, Investment Dar–which also owns the Grosvenor Hotel Apartments in London–is employing protection under Kuwait’s “financial stability law,” a form of Islamic protection which is far more detrimental to creditors than any kind of bankruptcy law.
The Islamic law, written pursuant to sharia, are designed to protect Muslim companies from Western creditors and forces the creditors to agree to virtually whatever payback plan and terms the Muslim company wants.
The law would give Investment Dar immediate protection from “all judicial proceedings … until the competent court circuit [DS: that means a Kuwaiti sharia court] reaches a decision,” according to a translation of the law’s text by DentonWildeSapte, the law firm.
Let this be a lesson to those who choose to do business with Islamic countries (most of whom participate in the Arab boycott of Israel and deny entry to Jews with Israeli passports or stamps in their passports). You play with anti-Semites and Israel-haters, you get burned. Western investors in Investment Dar–including several banks–will be lucky to get anything after all is said and done. Kuwaiti sharia courts will pay them no better respects than they do dogs and pigs.
And even Aston Martin’s sales have been artificially propped up by the same Gulf State sheikhs who don’t pay their creditors. Aston Martin’s biggest recent sale of a fleet of its most expensive cars went to who else? TopSpeed has the details:
The Aston Martin One-77 is limited to only 77 units, but when only one customer gets 10 of them, it makes it impossible to have a chance to buy one. Not that we had that chance. Of course the buyer is from [the] Middle East (where else!) and apparently he bought the cars for “The Family.”
When the customer made his demand (10 cars delivered by September), you can imagine that the guys from Aston Martin said this might be impossible. But a cheque of $23,000,000 made it more than possible (as a refresher an One-77 costs $1,4 million).
Do the math. That means this wealthy Muslim is paying an extra $900,000 per car, at $2.3 million per Astin Martin One-77. Hmmm . . . someone in a keffiyeh is not only inadequate “under the hood,” but so is every male member of his family [pun intended].
Even though the Islamic world owns much of Britain and certainly most of London, it’s all a sharia house of cards. Ditto for their assets in the U.S. More on that coming up. Stay tuned.
Tags: Adnan Al-Musallem, Aston Martin, creditors, DentonWildeSapte, financial stability law, Grosvenor Hotel Apartments, Investment Dar, investors, Islam, Islamic law, James Bond, Kuwait, London, Muslim, sharia