March 09, 2006 02:19 PM
Ports Scandal Over, Hopefully to be Replaced By Something Less Boring
John Warner, on the Senate floor a little while ago:
I shall not recount the events that have occurred here in the last few days, but i've just been contacted by Edward Bilkey, chief operating officer of DP World, and in an effort to get this message to all interested parties as quickly as possible, I indicated a willingness to read a press release that is now being issued by DP World and Edward Bilkey.
It reads as follows, "Because of the strong relationship between the United Arab Emirates and the United States, and to preserve that relationship, DP World has decided to transfer fully the U.S. operation of P&O Ports North America to a United States entity. This decision is based on an understanding that DP World will have time to effect the transfer in an orderly fashion, and that DP World will not suffer economic loss. We look forward to working with the Department of Treasury to implement this decision." End statement.
Remaining questions: Who the hell are they selling to? Why did DP World send out a Press Release earlier today saying they're still taking control of the ports? Are they selling all of their shares of P&O? Once again, to whom? And who's footing the bill for what we're guessing was a pricey buy-out? And doesn't "P&O Ports" sound like a Monopoly space? If we land there, who do we pay rent to?
Captain Hamad is totally losing his job over this one. You fucked up, Cap'n.