[Congressional Record Volume 143, Number 156 (Saturday, November 8, 1997)]
[Extensions of Remarks]
[Page E2235]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     BUCHEIT INTERNATIONAL LIMITED

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                      HON. JAMES A. TRAFICANT, JR.

                                of ohio

                    in the house of representatives

                        Friday, November 7, 1997

  Mr. TRAFICANT. Mr. Speaker, Bucheit International Ltd., a family-
owned company in my 17th Congressional District of Ohio, has 
experienced difficulties in its business dealings with Burgan Bank, 
S.A.K. of Kuwait.
  Bucheit is a shareholder of the Gulf Global Petroleum Establishment, 
which has maintained a $3 million fixed deposit account with Burgan 
Bank since August 17, 1980. Over the following decade, the $3 million 
account was used as a guarantee on Gulf Global's oil trade agreements.
  Prior to Saddam Hussein's invasion of Kuwait in 1990, Gulf Global 
continued to maintain this fixed deposit account, plus accrued 
interest, in order to continue its oil trading business. During the 
Iraqi occupation of Kuwait in 1990 and the gulf war in 1991, Gulf 
Global's account at Burgan Bank was frozen.
  Following the gulf war, Burgan Bank was taken over by the Kuwaiti 
Government. When Gulf Global tried to resume its operations following 
the war, Burgan Bank first denied that Gulf Global's account ever 
existed, even though company has bank receipts to prove it. Then Burgan 
officials said that they had found Gulf Global's account, but there was 
no money in it.
  It should also be noted that all legal and statutory rights of the 
company have been held by Mr. Said Al Sabawi, a Canadian citizen. Mr. 
Sabawi can certify that the account did indeed exist in 1990 and that 
he has never authorized the removal of the funds from the account, as 
Burgan Bank must have his signature for any withdrawal from the 
account.
  Burgan Bank's official story is that the $3 million on deposit was 
withdrawn in 1980. Who's kidding whom? If the money was withdrawn in 
1980, how did Burgan guarantee, in writing, Gulf Global's oil 
purchases? If the money was withdrawn in 1980, how could Burgan issue 
bank statements showing the $3 million was in the account?
  The fact is, the $3 million didn't vanish into thin air. I guarantee 
it's lining the pockets of the Kuwaiti royal family, who seized control 
of Burgan Bank in 1991. It's time the United States State Department 
gets tough with Kuwait, and demands the prompt return of Gulf Global's 
$3 million, in full.

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