The Bush Family Saga

Part II - Part I Here

Fresh Del Monte and IAT Group: Rotten Fruit? It just doesn’t stop…

By William Bowles

05/11/03: (Information Clearing House) Let’s start with January 2003.

From the report below:

"The new year begs for a fresh start. But business accusations of international bribery, nefarious investors and a Bush brother awkwardly involved in a troubled company all have a too-familiar ring.

Here's the latest Robert Ludlum-style financial spat.

Marvin Bush, the brother of President Bush and Florida Gov. Jeb Bush, joined the board of directors of Fresh Del Monte in 1998, after the alleged events took place. Marvin Bush was re-elected to the company's board this year for a term ending in 2005, and served on the board's critically important audit and compensation committees.

In October, Bush decided to resign from the board at the end of 2002. Without any public notice of Bush's planned departure by Fresh Del Monte, news of his pending resignation was not reported until last month."

Another suspect deal, another Bush brother in the mix By Robert Trigaux, Times Business Columnist St. Petersburg Times, published January 3, 2003

Brother Marvin Gets His Share of the Take January 5, 2003
"As Times business columnist Robert Trigaux says, "the Bush brothers’ track record as directors of troubled companies is gaining legendary status".

The most recent incident to surface involves brother Marvin Bush, who recently resigned from his director's seat on the board of Fresh Del Monte Produce Inc., a Florida company spun off from Del Monte. He resigned "for personal reasons," though his term was supposed to go until 2005.

The personal reasons may have something to do with a $60-million lawsuit filed by former investors in Fresh Del Monte "accusing majority shareholders IAT Group and Palestinian chairman Mohammad Abu-Ghazaleh of paying bribes to buy the banana and pineapple produce company in 1996 at a ‘ridiculously low price.’"

"Influence and bailouts a business tradition in Bush family" by Robert Trigaux, St. Petersberg Times, October 29 2000

"Lawsuit Says Del Monte Sale Was Rigged" by Anthony Depalma with Diana B. Henriques, December 19 2002

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