State Petroleum Corporation
State Petroleum Corporation was founded by "Pakistani entrepreneur (Mohamed) Lutfur Rahman Khan." [1]
In May 1994, Arakis Energy Corporation purchased State Petroleum Corporation, "through which it acquired the oil concessions for six million shares. Khan was 'president of State and, by all accounts, its prime mover.' But 'the shares were distributed to six different parties'": Larnite Corporation Ltd. (private) of Pakistan; Nadeem Khan of Pakistan; Anthem International Ltd. of the Channel Islands; Westrim Enterprises Inc. of Ferndale, Washington; Azim Rahman Ltd. (private) of Anaheim, California; and Dr. Asif Ali Syed of Vancouver, British Columbia. "Because no single shareholder ended up with more than 10% of Arakis' outstanding shares, they did not have to file insider trading reports...'
"Larnite was, in fact, owned by Khan; Nadeem Khan was his brother; and Khan's long-time associate, Arman Aziz, acted as Westrim's sole officer and director even though he knew little about the company." [2]
The following were shareholders in State Petroleum Corporation prior to its acquisition by Arakis in June 1992. [3]
- Lutfur Rahman Khan
- Dr. Asif Ali Syed
- Nadeem Khan
- Waseem Rahman
- Zahid Kiani
