- 3 -
with oil and added to the crankcase of an operating engine, is
supposed to increase engine compression, power, and efficiency in
older cars. The alloy is manufactured and added to the oil, and
transferred to petitioner through a group of related entities
with which petitioner is affiliated.
The formula and process by which the alloy is manufactured
was developed by a member of the Sultan family. Mr. Omar Sultan,
a U.S. citizen and a member of the Sultan family, sought to
market the alloy. In 1982, purely by chance, Mr. Sultan met Mr.
Ramzi Toufic Fares on a train in Germany where the two men
discussed the uses of the alloy. Mr. Fares had experience in
project development, investment banking, management, and raising
investment capital. As a result of the chance meeting, Mr.
Sultan and Mr. Fares developed a plan whereby they would form a
group of corporations through which they would market the alloy.
In furtherance of their common goal, Mr. Fares and Mr.
Sultan caused the formation of Matrix Metal Corp. (Matrix) under
the laws of the Republic of Panama on January 13, 1983. Under
its articles of incorporation, Matrix had authorized capital of
$5 million divided into 5,000 shares with a par value of $1,000
per share. The first directors of Matrix were listed as Mr.
Fares, Mr. Sultan and Dr. Samir Klat, and the first officers were
Mr. Fares (president and treasurer) and Mr. Sultan (secretary).
The principal activity of Matrix was to act as a holding company
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011