The principals and associates of Admiralty International have between them many years of international experience working with large multinational institutions.  Directors are listed below.

 

ALEXANDER J. KREM, BA, MBA, JD is Managing Director. Dr Krem has over 25 years’ legal, banking, investment and financial experience in Africa, Asia, Australasia, Eastern and Western Europe, Latin America, the Middle East, the UK and the US. He has had management, corporate finance, credit, investment, merger andacquisition, problem loan and training experience around the world. He is a qualified lawyer who has worked with the US Department of Commerce inWashingtonDCand the international law firm of Graham and James. He spent 17 years with Bank of America inSan Francisco,Tokyo,LondonandCairoas a commercial and investment banker. He developed and managed multimillion dollar loan portfolios. He and his teams are credited with numerous international loan, corporate finance and capital market innovations. He was the Deputy General Manager of NZI Bank and General Manager of the bank’s Investment Banking Group, where he was responsible for managing over NZ$1.4 billion in investment funds. He was Managing Director for Security Pacific National Bank’sNew Zealandmerchant banking operation.  In 1988 he established the Admiralty Investment Group of Companies, including Admiralty Investments Limited and Admiralty Group Limited. Dr Krem holds Bachelor of Arts degree (BA with high honors) in Psychology and small group dynamics, a Master of Business Administration (MBA), and Juris Doctor (JD) degrees from theUniversityofCaliforniaatBerkeley, concentrating on finance and real estate. He has studied Industrial Psychology at the Ph.D. level at the University of Minnesota and has taught law and business at the University of California (Berkeley), University of the Pacific (Stockton, US) and Auckland University. He has lectured worldwide.  Dr. Krem has worked as a banker or lawyer in over 60 countries.

ROBERT E.BAINES, BA, JD, is Executive Director responsible for Central European operations, which include capital market activities, direct investment, privatization, enterprise reform and governance.  Mr. Baines has had over 20 years of international legal, commercial and investment experience, and has worked in or travelled to over 100 countries.  His experience includes capital markets, international commercial and corporate law, enterprise structuring and restructuring, legal due diligence, and financing.  He was Admiralty’s resident in Armenia for three years and was instrumental in establishing Admiralty’s Great Armenia Voucher Investment Fund and was the first foreigner to be licensed as Investment Manager in the country.  He led Admiralty’s efforts in winning the tender to sell 10 of Armenia’s largest companies (in partnership with Wasserstein Perella and Merrill Lynch International); he was responsible for the sale of five of these companies to strategic investors.  In addition, Dr. Baines was involved in the sale of two of the largest hotels in Armenia to foreign investors. He has also been in charge of Admiralty’s Eastern European investments and has obtained annual returns in excess of 57% for Admiralty and its investors. For the previous seven years he specialized in corporate barter (the marketing and utilization of companies’ surplus inventories and assets to finance other corporate needs). In that capacity he set up and ran the London office for Active International, the world’s largest international media based barter company. He has participated in international projects in Albania, Armenia, Argentina, Belgium, Brazil, Bulgaria, Cambodia, Czech Republic, Chile, Denmark, France, Germany, Hungary, Italy, Japan, Moldova, Myanmar, Netherlands, Romania, Russia, Spain, Sweden, Spain, Taiwan and Vietnam.  Dr Baines has attended outstanding universities including Harvard Law School, University of London School of Oriental and African Studies, the Sorbonne, and George Washington University.  He holds a BA (with Special Honors) from George Washington University in International Relations (Sino-Soviet Studies) and a Juris Doctor from the University of Arizona. He has been published in several periodicals including the Harvard International Law Journal.

 

STEPHEN LADEK, BA, MA, MBA, is Managing Principal of International Business and Development Solutions Group LLC, which specializes in enhancing organizational and individual performance, imparting know how, providing program development and management, providing technical assistance and supporting and leveraging best-in-practice performance optimizing, survey technology, monitoring and evaluation, information technologies, private sector development, and capacity building.  He has years of international experience.  He has implemented social and economic development programs that adds value to the communities and worked in areas of public sector reform, private sector development, conflict resolution and community health, safety and environment.  He has extensive experience in emerging economies, in survey and monitoring, in private sector development, and in capacity building. He is an experienced Survey, Monitoring and Evaluation expert.  He has overseen the investigation of the relevance, efficiency, effectiveness, impact, and sustainability of donor-funded programs for numerous clients that have included NGOs, United Nations and intergovernmental organizations, and US Federal programs and institutions. He is involved in the design, delivery and oversight of Admiralty’s programs and projects with specialization in economic and investment climate surveys, stakeholder survey and evaluation, capacity building and institutional strengthening, community and sector development, monitoring and evaluation, and information technologies.   Mr. Ladek holds a Bachelor of Science in Agricultural Resource Economics from Colorado State University, an MA in International Relations from American University in Washington, DC, and MBA from Central European University.

 

CRAIG   NODDER, BCom, MBIA, ACA, CMA, is Executive Director of our New Zealand Office.  In this capacity, he has lead our film financing efforts there, as well as being responsible for our German venture capital operations.  Mr. Nodder has held senior positions at Citibank/Citicorp, Salomon Brothers and Bancorp in Europe and Asia. At Citibank, he was Vice President and Head of Investment Banking Operations for both New Zealand and Germany, with additional responsibility for the business support functions in the bank’s German, Belgium, Dutch, Austrian and Swiss trading centers and trading activities in 19 locations. He was Vice President and Chief Administrative Officer of Salomon Brothers AG’s Frankfurt, Berlin and Tokyo wholesale banking, interbank trading, funds management and capital markets activities. He served as Group Finance Director and Company Secretary for Bancorp Holdings, a NZ based merchant bank with a 32 company financial grouping, where he was also responsible for settlements, syndicated property business development and management, investments management, acquisitions due-diligence, technology, and administration. Mr. Nodder has developed PC based business systems for accounting functions, point-of-sale and manufacturing control functions, including software and hardware selection and installation, staff training, financial, management and taxation accounting, financial modelling, MIS design, manufacturing control systems installation, auditing, market strategy formulation, pricing. He was founding director and shareholder in a software company, whose product became the most successful accounting package in the New Zealand market and which introduced the first public electronic mail service, which was subsequently acquired by NZ Post. In addition to extensive experience in banking and software development, Mr. Nodder has a decade of accounting experience in the agricultural and manufacturing sectors. He has a Bachelors of Commerce degree in Accountancy and Economics and a Masters in Business and Industrial Administration.  He is a Chartered Accountant, and a certified cost and management accountant. He is fluent in German and English.

 

GERHARD W. FALK, MSc, MBA, CFP, is Executive Director of our Austrian Office and served as Managing Director of Admirality Investments AG, Munich, Germany. Mr. Falk has held many senior banking positions with major banking corporations including with Bank of America in San Francisco, London and Hamburg, with Oesterreichische Laenderbank AG in Vienna and Klagenfurt and with EffectInvest Bank AG in Vienna. While with Bank of America in its San Francisco World Headquarters, he was Area Administrator for all of Eastern Europe, including the former USSR and Yugoslavia. In London, he was Assistant Section Head for European Ship Finance.  In Hamburg, he was Bank of America’s Head of Credit and Deputy Branch Manger. After returning to San Francisco, he held the posts of Vice President – Team Leader of the Energy Team and subsequently the Financial Institutions Group, where he gained a high degree of expertise in analyzing banks and financial institutions. In Austria, he was the Regional Manager for all of Laenderbank’s activities in Carinthia and East Tyrol, including project financing for the governments of Slovenia and Croatia and subsequently Chairman of the Management Board of EffectInvest Bank AG in Vienna to lead its restructuring. Mr. Falk holds an MBA specializing in Management and Banking from the Economics University of Vienna, an MSc in International Economics from Louisiana State University and a Certified Financial Planner degree from the University of California at Berkeley.

 

HUGH A. ADAMS, BBA, MBA, is Executive Director, now involved in projects in Vietnam, and former head of our US Office in Washington DC. Mr. Adams has over 25 years of experience in diversified domestic and international assignments. Mr. Adams spearheaded our US investment banking projects for several years, and acted as Director of our venture capital investments in Germany.  Prior to that, he spent over two years in Armenia on an series of assignments.  He has worked with a number of state-owned and newly privatized enterprises, providing finance, enterprise restructuring, marketing and accounting (including accounting conversion of Soviet GOS accounting into IAS standards) advice. He has provided computer and networking consulting to the Armenian Ministry of Finance, bank auditing services to EURSIA foundation and survey services to the World Bank. His European assignments have included clients such as the OECD and the IMF, for which he has developed workflow studies and implementation plans in imaging and document management application. In addition, Mr. Adams has over seven years of experience in nuclear and coal-fired power plants. He has created computer cost models and has published papers on power plant construction cost forecasting. He also worked for the Ford Motor Company for several years. As a company CFO, he has led a successful IPO (NASDAQ) as well as participated in multiple corporate turnaround projects. Mr. Adams has served as a board member for a public company and has been a professor of accounting, auditing and other business courses at the graduate and undergraduate level at American University of Armenia, L’Ecole Nationale des Ponts et Chaussees, Paris and Strayer University, Washington DC. Mr. Adams speaks English and German.

 

OLIVER CAMPBELL WHITE, ACMA, MBIM, is a Director based in England.  A UK qualified accountant by background, Oliver is a specialist in financial management, business development, enterprise restructuring and change management, governance, and economic and institutional development with over 30 years international work experience, covering 40 countries in Africa, Asia, and Europe.  Most recently, he was for six years with the World Bank as a senior public enterprise and privatisation specialist and was that institution’s leading specialist on privatisation in Africa.  Prior to that, he was in international consulting for 20 years.  During that time, he undertook assignments in such sectors as agricultural production, marketing and processing; central government; energy, financial services; health; manufacturing and processing; mining; professional services; retail and wholesale trade; tourism; transport (air, rail, river, road, and maritime), telecommunications; and water/sanitation.  He has worked extensively for governments and public enterprises as well as in the private sector and directed and managed many projects.  He has considerable experience of privatisation beginning with the National Freight Corporation in the UK in 1979 and including the design of the mass privatisation programme in Kazakhstan and of programmes in several African countries, as well as privatising individual enterprises.  He has written extensively for the World Bank, including his book “Privatization in Africa”.  An innovator and entrepreneur, he has successfully started up businesses for clients, employers, and in his own right.  As a company CFO he has multi-currency treasury management and multi-site accounting experience and served on the board of various companies both as a director and as corporation secretary.  He has lectured extensively on privatisation and financial management.

 

MARION H. DAY, BA, MBA, is Director – Eastern Europe Operations. Mr. Day has over 21 years international financial, operational, administrative and management experience. Mr. Day held senior positions in Bank of America in San Francisco, Tokyo and Hong Kong as a Vice President. He was Vice President and senior operations officer for Bankers Trust Company’s Asia Division, with complete responsibility for all administrative and operational functions of the bank. Specific areas of specialty include bank operations and administration, strategic planning, operations research, capital markets, trade finance and technology transfer. Mr. Day has completed World Bank restructuring and privatization projects in Romania and was central to Admiralty’s privatization work in Bulgaria. He has acted as chief advisor to the Minister of Privatization in Romania. He has also served as senior advisor to the State Ownership Fund and to the Agency for Restructuring of Romania. He has also had extensive involvement with developing and newly developed nations (including India, Indonesia, Thailand, Malaysia, Papua New Guinea, the Philippines, Taiwan, Korea, Saudi Arabia, the Caribbean and Pacific island nations), as well as Japan, Hong Kong, Germany, Canada and the US.  He holds a Masters of Business Administration (MBA) degree from Golden Gate University, San Francisco and a BA (with high honors) from the University of Kansas, Lawrence Kansas.

 

ARTHUR L. WARMAN, BA, MA, is a privatization and restructuring specialist, and former Director of our Washington DC office. Mr. Warman has graduate degrees in International Development and over 21 years of diversified corporate, government and management consulting experience. Mr Warman has directed all the international donor-financed consulting activities in Central Europe for a big-six firm, a major consulting firm and is now on assignment with the US Agency for International Development (USAID) in Jakarta. He has directed the worldwide privatization activities for international financial institutions; participated in technical assignments relating to change management, organizational development, private sector development, program evaluations and policy reform. He has supervised the activities of staff in commercial client and donor work relating to telecommunications, informational technology, training and business process redesign. He has held responsibility for profit and loss and business development activities in the US and Russia. He has participated in new business development initiatives in Africa, Central Europe, former Soviet Union and North Africa. He has supervised the development, negotiation, and implementation of $200 million in privatization and enterprise restructuring activities. This included advising the Government of Russia (GOR) on post privatization activities, serving as the senior representative for inter-donor coordination and supervising staff in both the US and Russia. Sectors managed include capital markets development, enterprise restructuring, legal and regulatory reform, and privatization public awareness. He has undertaken consulting assignments for international donors and governments relating to private enterprise development, privatization, loan financing, project design and evaluation, institution building and trade expansion around the world. Mr Warman’s primary areas of expertise are privatization, trade and investment promotion, business planning and market development. Mr Warman holds a BA degree from Earlham College, Richmond, Indiana, and a Masters degree ,International Development from the American University, Washington DC.

 

BRUNO SALVETTI, Doctor in Engineering and MBA, is management consulting specialist. Dr. Salvetti has over 35 years of experience in manufacturing and industrial management consulting with a deep knowledge of information technology and logistic. He was senior consultant and shareholder in ORGA, a leading Italian consulting firm for about 10 years and worked in several important Italian Companies. In 1973 Dr. Salvetti founded Sintex, his own firm offering consulting services to manufactures.  He has worked in many major Italian companies in projects related to logistics, production organisation, lean production, TPM, and design of new processes, using modern Information Technology procedures and managing the process of change management. Dr. Salvetti has specialty knowledge in aeronautics(Agusta, Alitalia, Siai Marchetti, Rome airport etc ), cement ( Unicem, Italcementi, Cementir ), mechanical ( Belleli, Falck, ABB ), utilities( gas, water, power ) and paper ( Saffa, Annunziata, Marzabotto etc ) In the recent years he has worked on several foreign projects for the World Bank and BERS, in Romania, Armenia, Albania, Poland, Egypt and Morocco, where he has provided technical expertise to privatisation projects. In many of these assignments, he has acted Project Director and Team Leader.  Mr Salvetti has a Doctor degree in Electrical Engineering at the Milan University and a Masters of Business Administration from Stanford University.  He is fluent in Italian and English and speaks conversational French.

 

RUDOLF A. de MONCHY, B. COM. University of Rotterdam, is an International Banking Specialist.  Mr. de Monchy has over 20 years experience in international banking in theNetherlands,Germany, theUSA,New Zealandand the South Pacific.  After an intensive credit training at the Chase Manhattan Bank, Mr. de Monchy became Regional Manager in theNetherlands, responsible for large multinational companies like Philips, Shell, Unilever as well as the offshore financing needs of large construction companies.  On behalf of the Dutch construction companies he was closely involved in arranging performance bonds for multibillion off shore construction projects in the Middle East andAfrica.  InNew ZealandMr. de Monchy was General Manager of AIC Finance and later Auckland Regional Manager of NZI Bank with five Branch Managers plus Corporate Managers reporting to him.  The Auckland Region covered over 50% of the bank’s total loan portfolio. Mr. de Monchy was for eleven years Managing Director of a furniture manufacturing company.  He has completed a significant bank strengthening project for the International Finance Corporation (World Bank). Ru de Monchyspeaks English and Dutch, and is a dual national ofNew Zealandand theNetherlands.

 

STEVE B. IGNATOV, BA (Hons), Associate Director – Eastern Europe, is a graduate from theUniversityofPortsmouthin theUnited Kingdom.  Mr. Ignatov special skills includeaccounting, audit, financial analysis, privatization and enterprise restructuring, human resources development and training. He has over 9 years experience in the areas of investment banking, financial auditing and management consulting.  He has international experience in projects inBulgaria, Latin America,Macedonia,New Zealand,Romania,Switzerland, theUnited States.  He hasacted as team leader and financial analyst in Admiralty projects in Europe andNew Zealand.  He has been financial auditor with Ernst & Young in Europe andNew Zealand.  In this role, he has been team leader and project manager for several bank audit teams.  He has been involved in numerous projects in the areas of privatization and enterprise reform, including projects in the banking, tourism, agriculture and manufacturing sectors.  InNew Zealand, Mr. Ignatov was also involved in establishing anaccounting and finance division for theAucklandoffice of Grafton Recruitment Ltd., an Irish based recruitment consulting firm with over 35 offices around the world.  He is fluent in English, Bulgarian, Macedonian, Serbo-Croatian and Russian, and has conversational capability in all other Slavic languages, as well as German.

 

S. HARI HARNATH, B.Com, M.Com, MBA, CAIIB is Merchant Banking and Securities Specialist. Mr. Harnath has over 16 years of banking, merchant banking and investment banking experience inIndiaandAustralia.  InAustralia, he developed and implemented a successful new trade finance product.  InIndia, he was Manager of Merchant Banking Division at Vysya Bank, the largest and top private sector bank inIndia, an affiliate of Bank BrusselsLambert,Belgium. He positioned the bank as a leading merchant banker inIndia, by lead managing and advising over 50 initial public offers worth over NZ$ 500 million, underwriting over 200 initial public offers andacting as banker to over 300 initial public offers. He developed guidelines and systems for all merchant banking business in the bank. At Lakshmi Vilas Bank, another large private sector bank, he worked as a Branch manager (best manager award for consistent performance of exceeding the deposit, credit and profit targets by over 100% for three successive years). While at the bank he had developed and managed a clearinghouse arrangement for inter-broker settlement and established a system for payment and settlement for Nagpur Sharebrokers Association,Nagpur,India.  With Admiralty, he has provided advice to theNew Zealandgovernment on capital markets and privatizationactivities, and on the Crown’s first initial public offering. Mr. Harnath holds a Bachelor of Commerce degree (B.Com) with specialization in Advanced Accounting and Auditing, a Master of Commerce (M.Com) with specialization in Cost Accounts from Osmania University, Hyderabad, India, a Master of Business Administration (MBA ) with specialization in Finance from Nagpur University, Nagpur, India. He is also a Certificated Associate of Indian Institute of Bankers,Bombay,Indiaand a Senior Associate of Australasian Institute of Banking and Finance,Melbourne,Australia.  He has served on the faculty of theVysyaBankStaffTrainingCollege, inHyderabad,India.

 

RICHARD J. SCHIPPER, BSc, BA, MBA, is Information Technology Specialist. He has over 13 years experience in information technology management. He has worked at a senior level in Barclays Bank – Mercantile Credit, Citibank NA, and Salomon Brothers. He has managed international projects involving the design, development and implementation of major information systems, including screen trading for foreign exchange and money marketactivities, option portfolio management, mutual funds portfolio management, position keeping.. Derivative products pricing models, credit risk management systems, back office support systems and management information and decision support systems. Mr. Schipper has organized and implemented an Asia-Pacific regional information technology strategic planning group. He has implemented IT systems solutions for organizations in Frankfurt,Bombay,Singapore,Brunei,Jakarta,Kuala Lumpur,Bangkok,Taipei,Seoul, Hong Kong,Beijing,Tokyo,Manila,SydneyandAuckland. His skills include computer modeling, computer aided software engineering, open systems methodologies, relational database management systems, client server computing and telecommunications. He now heads his own software companies, including Effective Solutions and NTBS, and is engaged in providing turnkey banking systems.

 

WILLIAM M. RAIKE, BA, MS Ph.D. (Northwestern University), is Chief Technical Officer, and is on the Investment Advisory Board of several Admiralty affiliates. Dr. Raike has held professorial positions at two leading universities in the US, the University of Texas at Austin and the US Naval Postgraduate School. He is the author of numerous technical articles in the areas of linear and chance-constrained programming. Dr Raike has established three companies operating in the field of electronics research and development, and manufacturing. He has worked internationally as a consultant and independent computer software developer in the US and Japan. For several years he wrote a regular monthly column for BYTE, a prestigious American personal computer magazine. In New Zealand, he has organized and conducted corporate training programs in the C language and consults to a variety of corporations. He is now Chief Technical Officer of several international cryptographic software and hardware development companies in which Admiralty has invested. 

The principals and associates of Admiralty International have between them many years of international experience working with large multinational institutions.  Directors are listed below.

 

ALEXANDER J. KREM, BA, MBA, JD is Managing Director. Dr Krem has over 25 years’ legal, banking, investment and financial experience in Africa, Asia, Australasia, Eastern and Western Europe, Latin America, the Middle East, the UK and the US. He has had management, corporate finance, credit, investment, merger andacquisition, problem loan and training experience around the world. He is a qualified lawyer who has worked with the US Department of Commerce inWashingtonDCand the international law firm of Graham and James. He spent 17 years with Bank of America inSan Francisco,Tokyo,LondonandCairoas a commercial and investment banker. He developed and managed multimillion dollar loan portfolios. He and his teams are credited with numerous international loan, corporate finance and capital market innovations. He was the Deputy General Manager of NZI Bank and General Manager of the bank’s Investment Banking Group, where he was responsible for managing over NZ$1.4 billion in investment funds. He was Managing Director for Security Pacific National Bank’sNew Zealandmerchant banking operation.  In 1988 he established the Admiralty Investment Group of Companies, including Admiralty Investments Limited and Admiralty Group Limited. Dr Krem holds Bachelor of Arts degree (BA with high honors) in Psychology and small group dynamics, a Master of Business Administration (MBA), and Juris Doctor (JD) degrees from theUniversityofCaliforniaatBerkeley, concentrating on finance and real estate. He has studied Industrial Psychology at the Ph.D. level at the University of Minnesota and has taught law and business at the University of California (Berkeley), University of the Pacific (Stockton, US) and Auckland University. He has lectured worldwide.  Dr. Krem has worked as a banker or lawyer in over 60 countries.

 

ROBERT E.BAINES, BA, JD, is Executive Director responsible for Central European operations, which include capital market activities, direct investment, privatization, enterprise reform and governance.  Mr. Baines has had over 20 years of international legal, commercial and investment experience, and has worked in or travelled to over 100 countries.  His experience includes capital markets, international commercial and corporate law, enterprise structuring and restructuring, legal due diligence, and financing.  He was Admiralty’s resident in Armenia for three years and was instrumental in establishing Admiralty’s Great Armenia Voucher Investment Fund and was the first foreigner to be licensed as Investment Manager in the country.  He led Admiralty’s efforts in winning the tender to sell 10 of Armenia’s largest companies (in partnership with Wasserstein Perella and Merrill Lynch International); he was responsible for the sale of five of these companies to strategic investors.  In addition, Dr. Baines was involved in the sale of two of the largest hotels in Armenia to foreign investors. He has also been in charge of Admiralty’s Eastern European investments and has obtained annual returns in excess of 57% for Admiralty and its investors. For the previous seven years he specialized in corporate barter (the marketing and utilization of companies’ surplus inventories and assets to finance other corporate needs). In that capacity he set up and ran the London office for Active International, the world’s largest international media based barter company. He has participated in international projects in Albania, Armenia, Argentina, Belgium, Brazil, Bulgaria, Cambodia, Czech Republic, Chile, Denmark, France, Germany, Hungary, Italy, Japan, Moldova, Myanmar, Netherlands, Romania, Russia, Spain, Sweden, Spain, Taiwan and Vietnam.  Dr Baines has attended outstanding universities including Harvard Law School, University of London School of Oriental and African Studies, the Sorbonne, and George Washington University.  He holds a BA (with Special Honors) from George Washington University in International Relations (Sino-Soviet Studies) and a Juris Doctor from the University of Arizona. He has been published in several periodicals including the Harvard International Law Journal.

 

STEPHEN LADEK, BA, MA, MBA, is Managing Principal of International Business and Development Solutions Group LLC, which specializes in enhancing organizational and individual performance, imparting know how, providing program development and management, providing technical assistance and supporting and leveraging best-in-practice performance optimizing, survey technology, monitoring and evaluation, information technologies, private sector development, and capacity building.  He has years of international experience.  He has implemented social and economic development programs that adds value to the communities and worked in areas of public sector reform, private sector development, conflict resolution and community health, safety and environment.  He has extensive experience in emerging economies, in survey and monitoring, in private sector development, and in capacity building. He is an experienced Survey, Monitoring and Evaluation expert.  He has overseen the investigation of the relevance, efficiency, effectiveness, impact, and sustainability of donor-funded programs for numerous clients that have included NGOs, United Nations and intergovernmental organizations, and US Federal programs and institutions. He is involved in the design, delivery and oversight of Admiralty’s programs and projects with specialization in economic and investment climate surveys, stakeholder survey and evaluation, capacity building and institutional strengthening, community and sector development, monitoring and evaluation, and information technologies.   Mr. Ladek holds a Bachelor of Science in Agricultural Resource Economics from Colorado State University, an MA in International Relations from American University in Washington, DC, and MBA from Central European University.

 

CRAIG   NODDER, BCom, MBIA, ACA, CMA, is Executive Director of our New Zealand Office.  In this capacity, he has lead our film financing efforts there, as well as being responsible for our German venture capital operations.  Mr. Nodder has held senior positions at Citibank/Citicorp, Salomon Brothers and Bancorp in Europe and Asia. At Citibank, he was Vice President and Head of Investment Banking Operations for both New Zealand and Germany, with additional responsibility for the business support functions in the bank’s German, Belgium, Dutch, Austrian and Swiss trading centers and trading activities in 19 locations. He was Vice President and Chief Administrative Officer of Salomon Brothers AG’s Frankfurt, Berlin and Tokyo wholesale banking, interbank trading, funds management and capital markets activities. He served as Group Finance Director and Company Secretary for Bancorp Holdings, a NZ based merchant bank with a 32 company financial grouping, where he was also responsible for settlements, syndicated property business development and management, investments management, acquisitions due-diligence, technology, and administration. Mr. Nodder has developed PC based business systems for accounting functions, point-of-sale and manufacturing control functions, including software and hardware selection and installation, staff training, financial, management and taxation accounting, financial modelling, MIS design, manufacturing control systems installation, auditing, market strategy formulation, pricing. He was founding director and shareholder in a software company, whose product became the most successful accounting package in the New Zealand market and which introduced the first public electronic mail service, which was subsequently acquired by NZ Post. In addition to extensive experience in banking and software development, Mr. Nodder has a decade of accounting experience in the agricultural and manufacturing sectors. He has a Bachelors of Commerce degree in Accountancy and Economics and a Masters in Business and Industrial Administration.  He is a Chartered Accountant, and a certified cost and management accountant. He is fluent in German and English.

 

GERHARD W. FALK, MSc, MBA, CFP, is Executive Director of our Austrian Office and served as Managing Director of Admirality Investments AG, Munich, Germany. Mr. Falk has held many senior banking positions with major banking corporations including with Bank of America in San Francisco, London and Hamburg, with Oesterreichische Laenderbank AG in Vienna and Klagenfurt and with EffectInvest Bank AG in Vienna. While with Bank of America in its San Francisco World Headquarters, he was Area Administrator for all of Eastern Europe, including the former USSR and Yugoslavia. In London, he was Assistant Section Head for European Ship Finance.  In Hamburg, he was Bank of America’s Head of Credit and Deputy Branch Manger. After returning to San Francisco, he held the posts of Vice President – Team Leader of the Energy Team and subsequently the Financial Institutions Group, where he gained a high degree of expertise in analyzing banks and financial institutions. In Austria, he was the Regional Manager for all of Laenderbank’s activities in Carinthia and East Tyrol, including project financing for the governments of Slovenia and Croatia and subsequently Chairman of the Management Board of EffectInvest Bank AG in Vienna to lead its restructuring. Mr. Falk holds an MBA specializing in Management and Banking from the Economics University of Vienna, an MSc in International Economics from Louisiana State University and a Certified Financial Planner degree from the University of California at Berkeley.

 

HUGH A. ADAMS, BBA, MBA, is Executive Director, now involved in projects in Vietnam, and former head of our US Office in Washington DC. Mr. Adams has over 25 years of experience in diversified domestic and international assignments. Mr. Adams spearheaded our US investment banking projects for several years, and acted as Director of our venture capital investments in Germany.  Prior to that, he spent over two years in Armenia on an series of assignments.  He has worked with a number of state-owned and newly privatized enterprises, providing finance, enterprise restructuring, marketing and accounting (including accounting conversion of Soviet GOS accounting into IAS standards) advice. He has provided computer and networking consulting to the Armenian Ministry of Finance, bank auditing services to EURSIA foundation and survey services to the World Bank. His European assignments have included clients such as the OECD and the IMF, for which he has developed workflow studies and implementation plans in imaging and document management application. In addition, Mr. Adams has over seven years of experience in nuclear and coal-fired power plants. He has created computer cost models and has published papers on power plant construction cost forecasting. He also worked for the Ford Motor Company for several years. As a company CFO, he has led a successful IPO (NASDAQ) as well as participated in multiple corporate turnaround projects. Mr. Adams has served as a board member for a public company and has been a professor of accounting, auditing and other business courses at the graduate and undergraduate level at American University of Armenia, L’Ecole Nationale des Ponts et Chaussees, Paris and Strayer University, Washington DC. Mr. Adams speaks English and German.

 

OLIVER CAMPBELL WHITE, ACMA, MBIM, is a Director based in England.  A UK qualified accountant by background, Oliver is a specialist in financial management, business development, enterprise restructuring and change management, governance, and economic and institutional development with over 30 years international work experience, covering 40 countries in Africa, Asia, and Europe.  Most recently, he was for six years with the World Bank as a senior public enterprise and privatisation specialist and was that institution’s leading specialist on privatisation in Africa.  Prior to that, he was in international consulting for 20 years.  During that time, he undertook assignments in such sectors as agricultural production, marketing and processing; central government; energy, financial services; health; manufacturing and processing; mining; professional services; retail and wholesale trade; tourism; transport (air, rail, river, road, and maritime), telecommunications; and water/sanitation.  He has worked extensively for governments and public enterprises as well as in the private sector and directed and managed many projects.  He has considerable experience of privatisation beginning with the National Freight Corporation in the UK in 1979 and including the design of the mass privatisation programme in Kazakhstan and of programmes in several African countries, as well as privatising individual enterprises.  He has written extensively for the World Bank, including his book “Privatization in Africa”.  An innovator and entrepreneur, he has successfully started up businesses for clients, employers, and in his own right.  As a company CFO he has multi-currency treasury management and multi-site accounting experience and served on the board of various companies both as a director and as corporation secretary.  He has lectured extensively on privatisation and financial management.

 

MARION H. DAY, BA, MBA, is Director – Eastern Europe Operations. Mr. Day has over 21 years international financial, operational, administrative and management experience. Mr. Day held senior positions in Bank of America in San Francisco, Tokyo and Hong Kong as a Vice President. He was Vice President and senior operations officer for Bankers Trust Company’s Asia Division, with complete responsibility for all administrative and operational functions of the bank. Specific areas of specialty include bank operations and administration, strategic planning, operations research, capital markets, trade finance and technology transfer. Mr. Day has completed World Bank restructuring and privatization projects in Romania and was central to Admiralty’s privatization work in Bulgaria. He has acted as chief advisor to the Minister of Privatization in Romania. He has also served as senior advisor to the State Ownership Fund and to the Agency for Restructuring of Romania. He has also had extensive involvement with developing and newly developed nations (including India, Indonesia, Thailand, Malaysia, Papua New Guinea, the Philippines, Taiwan, Korea, Saudi Arabia, the Caribbean and Pacific island nations), as well as Japan, Hong Kong, Germany, Canada and the US.  He holds a Masters of Business Administration (MBA) degree from Golden Gate University, San Francisco and a BA (with high honors) from the University of Kansas, Lawrence Kansas.

 

ARTHUR L. WARMAN, BA, MA, is a privatization and restructuring specialist, and former Director of our Washington DC office. Mr. Warman has graduate degrees in International Development and over 21 years of diversified corporate, government and management consulting experience. Mr Warman has directed all the international donor-financed consulting activities in Central Europe for a big-six firm, a major consulting firm and is now on assignment with the US Agency for International Development (USAID) in Jakarta. He has directed the worldwide privatization activities for international financial institutions; participated in technical assignments relating to change management, organizational development, private sector development, program evaluations and policy reform. He has supervised the activities of staff in commercial client and donor work relating to telecommunications, informational technology, training and business process redesign. He has held responsibility for profit and loss and business development activities in the US and Russia. He has participated in new business development initiatives in Africa, Central Europe, former Soviet Union and North Africa. He has supervised the development, negotiation, and implementation of $200 million in privatization and enterprise restructuring activities. This included advising the Government of Russia (GOR) on post privatization activities, serving as the senior representative for inter-donor coordination and supervising staff in both the US and Russia. Sectors managed include capital markets development, enterprise restructuring, legal and regulatory reform, and privatization public awareness. He has undertaken consulting assignments for international donors and governments relating to private enterprise development, privatization, loan financing, project design and evaluation, institution building and trade expansion around the world. Mr Warman’s primary areas of expertise are privatization, trade and investment promotion, business planning and market development. Mr Warman holds a BA degree from Earlham College, Richmond, Indiana, and a Masters degree ,International Development from the American University, Washington DC.

 

BRUNO SALVETTI, Doctor in Engineering and MBA, is management consulting specialist. Dr. Salvetti has over 35 years of experience in manufacturing and industrial management consulting with a deep knowledge of information technology and logistic. He was senior consultant and shareholder in ORGA, a leading Italian consulting firm for about 10 years and worked in several important Italian Companies. In 1973 Dr. Salvetti founded Sintex, his own firm offering consulting services to manufactures.  He has worked in many major Italian companies in projects related to logistics, production organisation, lean production, TPM, and design of new processes, using modern Information Technology procedures and managing the process of change management. Dr. Salvetti has specialty knowledge in aeronautics(Agusta, Alitalia, Siai Marchetti, Rome airport etc ), cement ( Unicem, Italcementi, Cementir ), mechanical ( Belleli, Falck, ABB ), utilities( gas, water, power ) and paper ( Saffa, Annunziata, Marzabotto etc ) In the recent years he has worked on several foreign projects for the World Bank and BERS, in Romania, Armenia, Albania, Poland, Egypt and Morocco, where he has provided technical expertise to privatisation projects. In many of these assignments, he has acted Project Director and Team Leader.  Mr Salvetti has a Doctor degree in Electrical Engineering at the Milan University and a Masters of Business Administration from Stanford University.  He is fluent in Italian and English and speaks conversational French.

 

RUDOLF A. de MONCHY, B. COM. University of Rotterdam, is an International Banking Specialist.  Mr. de Monchy has over 20 years experience in international banking in theNetherlands,Germany, theUSA,New Zealandand the South Pacific.  After an intensive credit training at the Chase Manhattan Bank, Mr. de Monchy became Regional Manager in theNetherlands, responsible for large multinational companies like Philips, Shell, Unilever as well as the offshore financing needs of large construction companies.  On behalf of the Dutch construction companies he was closely involved in arranging performance bonds for multibillion off shore construction projects in the Middle East andAfrica.  InNew ZealandMr. de Monchy was General Manager of AIC Finance and later Auckland Regional Manager of NZI Bank with five Branch Managers plus Corporate Managers reporting to him.  The Auckland Region covered over 50% of the bank’s total loan portfolio. Mr. de Monchy was for eleven years Managing Director of a furniture manufacturing company.  He has completed a significant bank strengthening project for the International Finance Corporation (World Bank). Ru de Monchyspeaks English and Dutch, and is a dual national ofNew Zealandand theNetherlands.

 

STEVE B. IGNATOV, BA (Hons), Associate Director – Eastern Europe, is a graduate from theUniversityofPortsmouthin theUnited Kingdom.  Mr. Ignatov special skills includeaccounting, audit, financial analysis, privatization and enterprise restructuring, human resources development and training. He has over 9 years experience in the areas of investment banking, financial auditing and management consulting.  He has international experience in projects inBulgaria, Latin America,Macedonia,New Zealand,Romania,Switzerland, theUnited States.  He hasacted as team leader and financial analyst in Admiralty projects in Europe andNew Zealand.  He has been financial auditor with Ernst & Young in Europe andNew Zealand.  In this role, he has been team leader and project manager for several bank audit teams.  He has been involved in numerous projects in the areas of privatization and enterprise reform, including projects in the banking, tourism, agriculture and manufacturing sectors.  InNew Zealand, Mr. Ignatov was also involved in establishing anaccounting and finance division for theAucklandoffice of Grafton Recruitment Ltd., an Irish based recruitment consulting firm with over 35 offices around the world.  He is fluent in English, Bulgarian, Macedonian, Serbo-Croatian and Russian, and has conversational capability in all other Slavic languages, as well as German.

 

S. HARI HARNATH, B.Com, M.Com, MBA, CAIIB is Merchant Banking and Securities Specialist. Mr. Harnath has over 16 years of banking, merchant banking and investment banking experience inIndiaandAustralia.  InAustralia, he developed and implemented a successful new trade finance product.  InIndia, he was Manager of Merchant Banking Division at Vysya Bank, the largest and top private sector bank inIndia, an affiliate of Bank BrusselsLambert,Belgium. He positioned the bank as a leading merchant banker inIndia, by lead managing and advising over 50 initial public offers worth over NZ$ 500 million, underwriting over 200 initial public offers andacting as banker to over 300 initial public offers. He developed guidelines and systems for all merchant banking business in the bank. At Lakshmi Vilas Bank, another large private sector bank, he worked as a Branch manager (best manager award for consistent performance of exceeding the deposit, credit and profit targets by over 100% for three successive years). While at the bank he had developed and managed a clearinghouse arrangement for inter-broker settlement and established a system for payment and settlement for Nagpur Sharebrokers Association,Nagpur,India.  With Admiralty, he has provided advice to theNew Zealandgovernment on capital markets and privatizationactivities, and on the Crown’s first initial public offering. Mr. Harnath holds a Bachelor of Commerce degree (B.Com) with specialization in Advanced Accounting and Auditing, a Master of Commerce (M.Com) with specialization in Cost Accounts from Osmania University, Hyderabad, India, a Master of Business Administration (MBA ) with specialization in Finance from Nagpur University, Nagpur, India. He is also a Certificated Associate of Indian Institute of Bankers,Bombay,Indiaand a Senior Associate of Australasian Institute of Banking and Finance,Melbourne,Australia.  He has served on the faculty of theVysyaBankStaffTrainingCollege, inHyderabad,India.

 

RICHARD J. SCHIPPER, BSc, BA, MBA, is Information Technology Specialist. He has over 13 years experience in information technology management. He has worked at a senior level in Barclays Bank – Mercantile Credit, Citibank NA, and Salomon Brothers. He has managed international projects involving the design, development and implementation of major information systems, including screen trading for foreign exchange and money marketactivities, option portfolio management, mutual funds portfolio management, position keeping.. Derivative products pricing models, credit risk management systems, back office support systems and management information and decision support systems. Mr. Schipper has organized and implemented an Asia-Pacific regional information technology strategic planning group. He has implemented IT systems solutions for organizations in Frankfurt,Bombay,Singapore,Brunei,Jakarta,Kuala Lumpur,Bangkok,Taipei,Seoul, Hong Kong,Beijing,Tokyo,Manila,SydneyandAuckland. His skills include computer modeling, computer aided software engineering, open systems methodologies, relational database management systems, client server computing and telecommunications. He now heads his own software companies, including Effective Solutions and NTBS, and is engaged in providing turnkey banking systems.

 

WILLIAM M. RAIKE, BA, MS Ph.D. (Northwestern University), is Chief Technical Officer, and is on the Investment Advisory Board of several Admiralty affiliates. Dr. Raike has held professorial positions at two leading universities in the US, the University of Texas at Austin and the US Naval Postgraduate School. He is the author of numerous technical articles in the areas of linear and chance-constrained programming. Dr Raike has established three companies operating in the field of electronics research and development, and manufacturing. He has worked internationally as a consultant and independent computer software developer in the US and Japan. For several years he wrote a regular monthly column for BYTE, a prestigious American personal computer magazine. In New Zealand, he has organized and conducted corporate training programs in the C language and consults to a variety of corporations. He is now Chief Technical Officer of several international cryptographic software and hardware development companies in which Admiralty has invested.