VECO Name Is History – Except In Corrupt Barbados
From the Anchorage Daily News…
Sign Comes Down
Colorado-based CH2M Hill on Friday took over scandal-ridden Veco Corp., the Anchorage oil field services and construction company whose former executives pleaded guilty this spring to bribing state legislators.
CH2M Hill decided not to keep the name Veco for what is now a part of the Colorado firm’s energy systems group, and cranes removed Veco signs from the company’s East 36th Avenue offices Friday afternoon
The former Veco businesses will generally operate under the CH2M Hill name .
Corsi said the purchase includes all core operations, people and projects from the former Veco. CH2M Hill said it did not have a breakdown Friday on what was not included in the sale. But Corsi described the assets left on the table as minimal.
“The short answer is essentially all the operational assets are coming, such as the North Slope, Kenai Peninsula, the fabrication shops, Calgary, Bellingham and so on,” Corsi said in an e-mail. “There are some non-core businesses that aren’t included. However, the last couple days have been so busy getting the deal done, I just don’t have those details right now.”
Veco’s former chief executive Bill Allen and former vice president Rick Smith pleaded guilty to federal conspiracy and bribery in the ongoing political corruption investigation in Alaska. Allen, who helped build Veco starting in 1969, admitted to bribing state lawmakers for their votes or influence on legislation important to the oil industry.
Tammy Kerrigan, Allen’s daughter, took over as Veco chairwoman in May after her father pleaded guilty and stepped down from his corporate posts.
“The Allen family is pleased that Veco’s legacy of hard work, client service and professional excellence will continue with this acquisition,” Kerrigan said in a news release. She is leaving the company. Garry Higdem, a CH2M Hill executive, will lead the former Veco…
… read the full article at the Anchorage Daily News (link here)
New Owners Of VECO Looked At Barbados Operation And Ran Away As Fast As They Could!
Barbados has been good – read “very profitable” – for Alaska-based VECO over the years. Between the over-budget oil terminal and the over-budget pipeline and the over-budget prison, plus the BOLT profits, VECO has probably had over a billion dollars of business from the Barbados Government.
That’s not even mentioning the kickbacked profits from secondary suppliers and the long-term operational profits that are yet to come from the mysterious “BOLT” agreements. (You know “BOLT”. In public the government says it means “Build, Operate, Lease, Transfer”, but in private its called “Buy into Our Legalized Thiefing”)
VECO’s CEO Bill Allen ran the company as a corrupt entity from the top on down.
The FBI came in and charged Allen, his VP and a number of politicians with corruption… but not Allen’s son or daughter who were closely associated with the running of VECO! The FBI has thousands of hours of secretly recorded conversations – including one where a politician was promised a job at the new VECO Barbados Prison project in exchange for pushing legislation that was favourable for VECO.
Obviously, disgraced Veco CEO Bill Allen is singing like the birds to the FBI in a deal to keep his son and daughter out of prison.
CH2M Hill is a Colorado-based company that scooped up VECO’s assets when the corruption scandal made Veco a bargain.
But CH2M Hill Did Not Buy VECO’s Profitable Barbados Operation! Why Not?
Here is the mystery folks – but its only a mystery until you think about it. Why didn’t CH2M Hill purchase VECO’s Barbados operations?
Simple… VECO’s Barbados operations are based upon a corrupt relationship with a corrupt Barbados government.
The people in charge of Veco buyer CH2M Hill are no fools. They considered…
– Thousands of hours of FBI secret recordings.
– Seized business records by the FBI in various raids on VECO and politician’s offices and homes.
– Convicted CEO Allen singing like the birds
– All the insider information that they were given…
And they walked away from VECO’s profitable Barbados operations.
They know that when the Alaskan corruption trials and freedom of information requests are all done, VECO’s corrupt Barbados operations are a huge liability.
And you know who else knows all this?
Barbados Prime Minister Owen Arthur and his government – who have remained silent about Veco because they don’t dare open that door.
Our thanks to a good friend who alerted us to this new development in the Veco Barbados scandal.