March 03, 2003

Report -- Unnamed Saudis In...

Report -- Unnamed Saudis Invest in Company That Counts Overseas Absentee Ballots: Newsday reports:

Election.com, a struggling Garden City start-up scheduled to provide online absentee ballots for U.S. military personnel in the 2004 federal election, has quietly sold controlling power to an investment group with ties to unnamed Saudi nationals, according to company correspondence.

In a letter sent to a select group of well-heeled Election.com investors Jan. 21, the online voting and voter registration company disclosed that the investment group Osan Ltd. paid $1.2 million to acquire 20 million preferred shares to control 51.6 percent of the voting power.

In a Newsday interview in October, Charles Smith, a representative of Osan who sits on Election.com's board, declined to name the Saudi Arabian investors with a stake in the company, other than to say they were "passive" and part of a larger group that included Americans and Europeans.

Via Mark Kleiman via Matthew Yglesias.

Posted by at March 3, 2003 02:34 PM
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