TIMELINE OF EVENTS IN PROPOSED PORTS DEAL

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MSN - Feb. 26, 2006 - A timeline of events in DP World's proposed $6.8 billion takeover of major operations at six U.S. ports:

Oct. 17, 2005 _ Representatives of DP World approach Treasury officials about its plans to purchase the British firm, Peninsular and Oriental Steam Navigation Co., that controls major operations at six U.S. Nov. 2 _ Homeland Security Department asks U.S. intelligence agencies for information on DP World; they produce nothing "derogatory," according to DHS officials.

Dec. 6 _ Staff from all agencies who sit on U.S. Committee on Foreign Investment (CFIUS) meet with company officials to review transaction.

Dec. 16 _ Company files formal notice of deal with Treasury, which circulates the filing to all CFIUS departments and agencies, as well as the departments of Energy and Transportation.

Jan. 17, 2006 _ CFIUS does not object to the transaction after a 30-day review in which Homeland Security gets DP World to agree to open its books and keep the current U.S. ports management intact.

Feb. 11 _ The Associated Press reports the deal, including Dubai's ties to Sept. 11 terrorists.

Week of Feb. 13 _ Lawmakers from both parties, including Democratic Sen. Charles Schumer and GOP Rep. John Sweeney, call on Treasury Secretary John Snow and Homeland Secretary Michael Chertoff to explain the deal publicly.

Feb. 16 _ Aides inform President Bush of controversy and that administration had approved the deal a month earlier.

Feb. 20 _ Senate Majority Leader Bill Frist says he will introduce legislation to delay the transaction if the White House doesn't do so.

Feb. 21 _ Bush defends the deal, saying it "will not jeopardize the security of the country," and he vows to veto any congressional effort to stop it.

Feb. 23 _ Senate Armed Services Committee holds hearing; Democrats charge Bush administration violated law by not conducting an additional 45-day security review and fully informing Congress. DP World later suggests it will delay the transaction to give lawmakers time to be briefed fully.

Feb. 26 _ DP World agrees to a 45-day review and promises to create a U.S. subsidiary that would operate independently of executives in Dubai until May.

http://www.msnbc.msn.com/id/11577657/from/RL.1/

 

BUSH SAYS HE REMAINS SUPPORTIVE OF PORTS DEAL
Lawmakers upset by revelation Coast Guard had concerns about Dubai firm
Feb. 28: Lawmakers held hearings on the controversial deal to turn over operations at six major American ports to a state-owned company based in the United Arab Emirates. NBC's Chip Reid reports.
WCAU-TV - WASHINGTON - Homeland Security Director Michael Chertoff on Sunday defended the government's security review of an Arab company given permission to take over operations at six major U.S. ports. ..

Critics have cited the UAE's history as an operational and financial base for the hijackers who carried out the attacks of Sept. 11, 2001. ..

In addition, they contend the UAE was an important transfer point for shipments of smuggled nuclear components sent to Iran, North Korea and Libya by a Pakistani scientist. ..

London court OKs Dubai Ports purchase
Acquisition of London-based company fuels U.S. ports controversy

March 2, 2006 - LONDON - Britain’s High Court approved the takeover of British shipping icon Peninsular and Oriental Steam Navigation Co. by state-owned Dubai Ports World on Thursday, despite a last-minute objection by a U.S. company. Justice Nicholas Warren dismissed the appeal from Miami-based Eller & Co. as he gave the required go-ahead for the $6.8 billion deal. Eller had argued that U.S. concerns about a United Arab Emirates company owning significant operations at six major U.S. seaports could substantially harm its business. “The objections of Eller do not persuade me that I should not sanction” the acquisition, Warren said. Eller had argued that U.S. concerns about a United Arab Emirates company owning significant operations at six major U.S. seaports could substantially harm its business. The proposed deal has caused consternation among some lawmakers and businesses in the United States. The judge said he took into account U.S. concerns. “I have been treated to a large amount of evidence on press releases and articles which were no doubt being spun to this direction or that,” Warren said....  http://www.msnbc.msn.com/id/11639040/