1. Investigative Report
WARNING:
OSSAMA AL SHARIF
IS a FRAUD
How Ossama Al Sharif, Amiral, and Sonker Bunkering Company SAE
are Defrauding the Government of Egypt
Salahedin
2/1/2016

2. Page 1 of 5
STRAIGHT FACTS about AMIRAL and OSSAMA AL SHARIF
1. As of December 31, 2014, Amiral Holdings Ltd (BVI) has USD 422 million in cash on its
balance sheet (see Annex A, page 2).
2. As of December 31, 2014, Ossama Al Sharif claims to “own” 100% of Amiral Holdings Ltd
(BVI) and 63% of Sonker Bunkering Company SAE (see Annex B).
3. As of March 31, 2015, Amiral Holdings Ltd (BVI) has already invested about USD 65 million in
the Sonker project. This was financed by USD 5.25 million of cash equity and USD 59.7 million
of cash advances made by Ossama Al Sharif (see Annex C).
4. The estimated total amount of financing to be provided by the banks is USD 265 million,
including USD 50 million from EBRD to reimburse Ossama Al Sharif for the cash that he has
already injected into Sonker (see 3. above).
5. Ossama Al Sharif has the means to provide 100% of that required financing through the cash
held by Amiral Holdings Ltd (BVI), as stated in 1. above.
What are the reasons why Ossama Al Sharif does not want to put in the necessary
cash into the Sonker project?
A. Ossama Al Sharif does not trust the Egyptian government and wants to limit his cash
investment into the Sonker project where the government is a shareholder.
There are several reasons:
 First, the Egyptian government has re-nationalized past privatized companies and is
known to change its policies and attitudes towards private investors based on pressure
from the Egyptian street.
 Second, Ossama Al Sharif does not have today the same insider relationships with
political power-brokers, such as Mr. Omar Tantawi and Mr. Gamal Mubarak, as he used
to have prior to 2011. His current relationships with government officials are much
more on an arms-length basis, despite the fact that he privately claims to have the
Ministry of Petroleum in his pocket.
 Third, the Concession Agreement between the Ministry of Transportation and DP
World, and the Sub-Concession Agreement between DP World and Sonker do not
properly protect and indemnify DP World and/or Sonker and/or the lenders in case the
Ministry of Transportation declares that an Event of Default has occurred and decides to
terminate the Concession Agreement. Ossama Al Sharif knows that the legal risk is high
with the Sonker project.
 Finally, Sonker is running about 12 months late for the construction of the required
liquid bulk storage infrastructure in Sokhna port. Because of that delay, there is a
serious risk that the Egyptian General Petroleum Corporation (EGPC) may cancel or
revise the very lucrative Supply Point Agreement that it signed with Sonker which
contains a quasi-exclusivity to import LPG and Gasoil from the Red Sea.
B. Ossama Al Sharif knows that the real numbers of the Sonker Strategic Business Plan in
terms of LNG, LPG and Gasoil volumes do not support a positive return on investment.
The reality is that:
 The real forecasted volumes provided by EGPC and EGAS are actually much lower than
those included in the business plan presented to the lenders (CIB, EBRD and IFC).
 The growth rates of these volumes do not include any updates related to (a) the
discovery of large natural gas reserves in the Mediterranean, which will greatly

3. Page 2 of 5
decrease the need to import LNG and LPG (a by-product of LNG), and (b) the
introduction of coal-fired power plants to replace or supplement gas fired power plants.
 The real forecasted expenses are much higher than those included in the business plan,
especially those related to port and tug operations, and the Petrojet (EPC) contract
amount.
 To be able to generate a positive return over the next 10 years, Sonker will have to
invest in new port infrastructure in excess of USD 700 million, which no lender and
investor is willing to consider lending to Sonker at this stage.
C. Ossama Al Sharif has started to sell a substantial part of his shares in the companies
that own Sonker and he does not own anymore 63% of the Sonker Bunkering Company,
contrary to his claim. He is on his way out of Sonker and out of Egypt.
Ossama Al Sharif is planning this in several hidden steps:
 Ossama Al Sharif has already sold shares of APELL to small investors, including Walid
Kamal Mohamed Hafez, in order to be able to pay the first and second advanced
payments to Petrojet, the contractor in charge of the engineering, purchasing, and
construction of the entire Sonker project (see Annex D1 and D2).
 Ossama Al Sharif has already started to negotiate the sale of shares of APEL to a large
foreign investment fund (see Annex E1 and E2). This sale is forecasted to be completed
on the same day that the loans of the syndicate of lenders will all become effective.
 Ossama Al Sharif hopes to simultaneously:
 Get USD 50 million of his cash Equity into Sonker refinanced by the European Bank
for Reconstruction & Development (EBRD) and paid back to him (i.e. get back most
of the money he advanced to Sonker), and
 Get USD 150 million through the sale of 49% of APEL’s 63% ownership of Sonker to
a foreign investment fund (Aabar Investments PJS). Final draft of sale document is
dated December 17, 2015 (See Annex E1 and E2).
 Disappear from Egypt with a much larger Swiss bank account (+USD 200 million)
and without having to complete the money-losing Sonker project in partnership
with several government agencies that he does not trust.
 Note: all the other businesses owned by Ossama Al Sharif in Egypt are money-losing
entities, which need cash injections each year to survive. Ossama Al Sharif would not
lose anything if he would leave all these businesses behind…
D. ‘Ossama Al Sharif and family’ does not control 100% of Amiral Holdings Ltd (BVI) and
Ossama Al Sharif cannot dispose of the available cash as he wants.
In reality, Ossama Al Sharif acts as a front person for several other investors or institutions
that prefer to remain anonymous, such as the Palestinian National Authority (PNA/PLO),
which supported financially Ossama Al Sharif by investing into Amiral Holdings Ltd and its
subsidiaries when SOTCO initially built the Sokhna port. As a result, ‘Ossama Al Sharif and
family’ does not effectively control 100% of Amiral Holdings Ltd (BVI). His real ownership
of Amiral Holdings Ltd (BVI) is closer to 49%.
Besides the PNA, several other Palestinian interests from Gaza and from the West Bank are
involved in the control of Amiral Holdings Ltd, including groups with ties to terrorist
activities. This should raise serious concerns in terms of Egyptian national security and the
reliance of the Government of Egypt on Ossama Al Sharif and Amiral/Sonker to store
strategic energy supplies, such as LNG, LPG, and Gasoil, on behalf of the Government of
Egypt.

4. Page 3 of 5
Archive Photos of Mr. Ossama Al Sharif with Mr. Khaled Meshal (Hamas)

5. Page 4 of 5
How is Ossama Al Sharif currently defrauding the Government of Egypt?
First, Ossama Al Sharif has already sold to small investors some shares of APEL and he is planning
to sell to a large investor 49% of the shares of APELL. He is thereby reducing his ownership of
Sonker Bunkering Company without informing (a) the other shareholders of Sonker Bunkering
Company, which are all entities belonging to various ministries of the Government of Egypt; and
without informing (b) the lenders of Sonker.
It is illegal for Ossama Al Sharif to modify the ownership of Sonker Bunkering Company without
informing the Government of Egypt and without receiving the approval of the Government of Egypt.
Second, Ossama Al Sharif is selling the ownership of Sonker shares at a much higher share price
than the official nominal share price he gave to the government entities. If these government
entities had been informed of the real value of Sonker and the resulting higher share price offered
by a foreign investment fund, they could have wanted to sell their shares to this foreign investment
fund too and earn a substantial amount of money. However, Ossama Al Sharif wants the foreign
investment fund to first invest all its available money in the shares he owns. He does not want to
share any profit with the Government of Egypt. Here are the numbers:
New Investor: large foreign investment fund
 New Investor is buying from APEL 49% of the shares of APELL for USD 150,000,000.
 New Investor will then own indirectly 30.56% of the shares of Sonker. This is computed as
follows: 49% of APELL, which owns 99% of EAPS, which owns 63% of Sonker (.49 x .99 x .63
= 30.5613%).
 As a result, new investor now controls 30.56% of Sonker for USD 150,000,000.
 Since Sonker has 6000 shares, now New Investor owns indirectly about 1 834 shares of
Sonker.
 The acquisition price for each share of Sonker is about USD 81,788 per share (USD 150
million divided by 1 834 shares).
 This price of USD 81,788 per share proposed by New Investor is to be compared with the par
value of USD 1,000 per share, which is the current value in the balance sheet of Sonker.
The Government of Egypt’s ownership of Sonker is as follows:
State Entity %
Number of
Shares
Issued
Capital
Paid-Up
Capital Actual %
Egypt Petroleum Co. 15% 900 $900,000 $450,000 7.5%
Ministry of Finance 12% 720 $720,000 $720,000 12%
Petroleum Co. Association 10% 600 $600,000 $300,000 5%
Total 37% 2 220 $2,220,000 $1,470,000 24.5%
 The Government of Egypt should be given an opportunity to sell a portion of its shares at the
same price of USD 81 788 per share.
 Currently, its paid-up capital represents 24.5% of the shares or 1 470 shares.
 If the Government of Egypt was given the opportunity to sell all of its 1 470 shares for
USD 80,788 per share, it would get a total of USD 118,758,360, or a “profit” of USD
117,288,360 when subtracting Paid-Up Capital.

6. Page 5 of 5
Small Investor: Walid Hafez
 Walid Kamal Mohamed Hafez (WH) is buying from Amiral Ports Development Ltd 800 shares
(1.6%) of APEL for USD 2,000,000.
 Walid Hafez will then own indirectly 1.0% of the shares of Sonker. This is computed as
follows: 1.6% of APEL, which owns 100% of APELL, which owns 99% of EAPS, which owns
63% of Sonker (.016 x 1.0 x .99 x .63 = 0.99% or about 1.0%).
 As a result, Walid Hafez now controls 1.0% of Sonker for USD 2,000,000.
 Since Sonker has 6000 shares, now Walid Hafez owns indirectly 60 shares of Sonker.
 The acquisition price for each share of Sonker is about USD 33,333 per share (USD 2 million
divided by 60 shares).
 This price of USD 33,333 per share paid by Walid Hafez is to be compared with the par value
of USD 1,000 per share, which is the current value in the balance sheet of Sonker.
 If the Government of Egypt was given the opportunity to sell all of its 1 470 shares for
USD 33,333 per share, it would get a total of USD 48,999,999 or a “profit” of USD
47,529,999 when subtracting Paid-Up Capital.