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Cameroon Atlantis International (CAI).7 Finley Kumble helped Mr.
Quin in the organization by relaying to him information from
petitioner and Dr. Young. Petitioner was very active in the
organizational process.
CAI's address was Vaucrosson's address in Bermuda, and CAI
was organized under the Companies (Incorporation by Registration)
Act of 1970 (the Act) as an exempt company that could not hold
land. CAI's initial capital was 12,000 shares of stock with a $1
par value,8 and all of its shares were issued to nominees for
petitioner and Dr. Young. Permission had been given on April 25,
1980, by Bermuda's Minister of Finance, to incorporate CAI as an
exempt company, and CAI's memorandum of association was deposited
in the Bermudan Office of the Registrar of Companies in
accordance with the provisions of the Act, on April 28, 1980.
Upon its organization, petitioner and Dr. Young transferred to
CAI their contractual right to receive commissions from Ashland
on any barrels of oil purchased as a result of their efforts.
The sales of oil between ABL and Cameroon in 1980 and 1981
were accomplished through the use of back-to-back contracts
involving CAI as an intermediary. Under these contracts, CAI
contracted with SNH to buy oil at a fixed price, and CAI
7 CAI changed its name to Atlantis International Ltd.
(Atlantis) on Feb. 14, 1981.
8 Atlantis increased its share capital to $71,980 on
Apr. 29, 1981.
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