Overseas Gas and Electricity Company NV

Overseas Gas and Electricity Company NV (OGEM) (also: Overseas Gas and Electricity Company) was an energy in the Dutch East Indies , Suriname and theNetherlands Antilles that grew into construction group.



Contents
*1 Company history  ==[Company  History edit ]  == ===Energy companies [  edit ] === The company was in 1863 founded the Netherland Indian Gas Company (NIGM). After coverage of the Indonesian archipelago, the company shifted the attention to the colonies in the eastern hemisphere and launched operations in Suriname and Curacao . ===Suriname [  edit ] === Initially the company was only active in the Dutch East Indies. In September 1908 the NIGM however, was granted a concession for the overall supply of gas in Paramaribo . Work has begun on the construction of agas plant, much to the dismay of police inspector French Killinger . The plant was in 1909 and was completed on October 25, 1909 officially opened. On January 1, 1972 the State of Suriname bought a majority stake in the plant. [1] In 1982 there was a nationalization with compensation for OGEM. Today, the installations of the former NIGM / OGEM owned by NV Energy companies Suriname (EBS). ===Curacao <span class="mw-editsection" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" style="color:rgb(85,85,85);">[  edit <span class="mw-editsection-bracket" style="color:rgb(85,85,85);">] === <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;font-size:14px;">In 1927 the NIGM took power in Curaçao on Maduro & Sons which the plant in 1907 had purchased the American consul Leonard Smith. From 1959 provided the Water and Energy Service Production (DWEP) electricity to OGEM, as a byproduct of drinking water through desalination. In 1977 OGEM the electricity company was taken over by the island government that bestowed in the Production Company Kompania di di di Kòrsou Awa and Electricity (KAE). ===<span class="mw-editsection" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" style="color:rgb(85,85,85);">[Nationalizations  edit <span class="mw-editsection-bracket" style="color:rgb(85,85,85);">] === <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;font-size:14px;">At the outbreak of the Second World War, the company had 11 gas plants and 33 power companies. In 1950 the company name was changed to Sea Gas and Electricity Company NV (OGEM). In 1954 the Indonesian government took over the operations in the country. In 1958 followed the nationalization and OGEM received a compensation of 18 million guilders. This amount was paid in installments and was only in 1978 OGEM receive the whole amount. At the beginning of the sixties, the company has around 30 companies and about 2,500 employees. <sup class="reference" id="cite_ref-OGEM_2-0" style="line-height:1;unicode-bidi:-webkit-isolate;">[2] The nationalizations OGEM lost much of its traditional area. <sup class="reference" id="cite_ref-OGEM_2-1" style="line-height:1;unicode-bidi:-webkit-isolate;">[2]  On the occasion of the centenary of the company appeared in 1963 book A century of light and power. ==<span class="mw-editsection" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;font-family:sans-serif;"><span class="mw-editsection-bracket" style="color:rgb(85,85,85);">[Diversification  edit <span class="mw-editsection-bracket" style="color:rgb(85,85,85);">] == ===Technical trading and construction <span class="mw-editsection" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" style="color:rgb(85,85,85);">[  edit <span class="mw-editsection-bracket" style="color:rgb(85,85,85);">] === <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;font-size:14px;">With the money from the nationalizations, but also by entering into debt, developed OGEM is increasingly becoming a trading company and construction group. Many acquisitions followed and the number of employees rose sharply from 4,000 in 1965 to 11,900 in 1970 and 22,000 in 1975. Revenue for the period soared from 150 million to 3,000 million. <sup class="reference" id="cite_ref-OGEM_2-2" style="line-height:1;unicode-bidi:-webkit-isolate;">[2]
 * 1.1 Energy Companies
 * 1.2 Suriname
 * 1.3 Curaçao
 * 1.4 Nationalization Ties
 * 2 Diversification
 * 2.1 Technical and commercial construction
 * 2.2 Buy importance Concrete und Monierbau
 * 3 Bankruptcy
 * 4 Results Overview
 * 5 Trivia

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;font-size:14px;">The first acquisition was in 1959 the electrical installation company Croon & Co Klaas Fibbe was diecteur. In 1963 followed the acquisition of Wolter & Dros. Klaas Fibbe was on January 1, 1967 member of the board of OGEM. In 1969 the major Dutch technical wholesale became Technical Union adopted to be able to offer a wide range of products and services to customers. Many of the acquired companies were active in the construction and acquisition of construction companies, such as Eesteren in 1972 and Voormolen in 1975 made it possible to carry out all projects in one hand. The takeover of the companies the board had great attention to the technical and commercial aspects, the financial aspects were neglected.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;font-size:14px;">In September 1973 Fibbe took Berend Jan Udink to the board of directors of OGEM. From early 1975, the former minister was responsible for the expansion of the international activities of OGEM. Not without success, because from 1977 to 1979 was conducted by a large construction project OGEM in Dammam in Saudi Arabia . Spread over eight buildings with a total of 32 residential towers, 1700 apartments were built in Dammam along the road to Khobar . The project had a contract value of 1.3 billion guilders. The buildings were completely prefabricated imported from Netherlands in specially adapted ships. The walls and floors were upright transported lying down. Along the same road but further towards Al Ghobar is one of the three sports complexes which later acquired by the Beton und Monierbau is built. ===Buying interest Beton und Monierbau <span class="mw-editsection" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;"><span class="mw-editsection-bracket" style="color:rgb(85,85,85);">[  edit <span class="mw-editsection-bracket" style="color:rgb(85,85,85);">] === <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;font-size:14px;">In July 1977 OGEM bought an equity stake of 44% in Beton und Monierbau (B & M) in Dusseldorf . <sup class="reference" id="cite_ref-TLGBM_3-0" style="line-height:1;unicode-bidi:-webkit-isolate;">[3] The German company employs some 16,000 people and achieved a turnover of 1.6 billion marks. <sup class="reference" id="cite_ref-TLGBM_3-1" style="line-height:1;unicode-bidi:-webkit-isolate;">[3]  took OGEM shares of Rütgerswerke and paid between 30 and 40 million dollars. <sup class="reference" id="cite_ref-TLGBM_3-2" style="line-height:1;unicode-bidi:-webkit-isolate;">[3]  With this participation, the international position of OGEM was strengthened.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;font-size:14px;">Leading up to this sale was striking. In mid-April 1977 the first meeting took place between Udink and the seller; OGEM could buy B & M shares at the price of around 170 marks. <sup class="reference" id="cite_ref-KUIN_4-0" style="line-height:1;unicode-bidi:-webkit-isolate;">[4] Financial information on B & M was hardly present, OGEM received the annual report for 1975 and one page of results of 1976. According to the seller was not to provide information for the German legislation to prevent insider trading. <sup class="reference" id="cite_ref-KUIN_4-1" style="line-height:1;unicode-bidi:-webkit-isolate;">[4]  Based on this information, calculated financial expert bothof of OGEM that B & M, even based on optimistic assumptions, was worth about 50 marks per share. <sup class="reference" id="cite_ref-KUIN_4-2" style="line-height:1;unicode-bidi:-webkit-isolate;">[4]  This information was ignored. On June 23, 1977, there was one last conversation with the seller and it reported that B & M in 1977 was expected a profit of 51 million marks. <sup class="reference" id="cite_ref-KUIN_4-3" style="line-height:1;unicode-bidi:-webkit-isolate;">[4]  Udink early one day later approval based on summary information to the Supervisory Board and got this. On June 28, 1997 the transaction was approved and paid OGEM 172.80 marks per share, the average share price over the previous two months. In mid-July 1997 OGEM received the draft annual report for 1976 and held therein was a loss of 76 million marks, OGEM had made ​​a bad bargain. <sup class="reference" id="cite_ref-KUIN_4-4" style="line-height:1;unicode-bidi:-webkit-isolate;">[4]  OGEM went back to the seller and immediately got 10 million mark again and the promise that would be more Watch as B & M still going bankrupt. <sup class="reference" id="cite_ref-KUIN_4-5" style="line-height:1;unicode-bidi:-webkit-isolate;">[4]  In mid-1978 OGEM participated for 13 million mark in a share issue of B & M to strengthen equity, <sup class="reference" id="cite_ref-5" style="line-height:1;unicode-bidi:-webkit-isolate;">[5] but this has not helped, and in April 1979 B & M went bankrupt . The whole affair OGEM cost about 40 million dollars. <sup class="reference" id="cite_ref-KUIN_4-6" style="line-height:1;unicode-bidi:-webkit-isolate;">[4] ==Bankruptcy <span class="mw-editsection" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;font-family:sans-serif;"><span class="mw-editsection-bracket" style="color:rgb(85,85,85);">[  edit <span class="mw-editsection-bracket" style="color:rgb(85,85,85);">] == <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;font-size:14px;">In early eighties threatened OGEM bankruptcy to go after a big loss of 120 million guilders in 1980. <sup class="reference" id="cite_ref-OGEM_2-3" style="line-height:1;unicode-bidi:-webkit-isolate;">[2]  The profit margins were very low and the many acquisitions were funded by bank debt to cover. <sup class="reference" id="cite_ref-OGEM_2-4" style="line-height:1;unicode-bidi:-webkit-isolate;">[2]  The integration of these companies was minimal and the purchase of Concrete und Monierbau had been a costly but not fatal, flaw. When there was a dying story conceived, in which the healthy parts went beyond the company under the name Engineering Building and Industry (TBI), with OGEM director Lense Koopmans as director. Trade Union Technical leg which was continued under the name OTRA (Ogem Trading). Otra NV is now fully owned by Sonepar SA. On November 2, 1983 the OGEM was declared bankrupt. <sup class="reference" id="cite_ref-6" style="line-height:1;unicode-bidi:-webkit-isolate;">[6] In 1990 the ruled Supreme Court in the groundbreaking Judgment Ogem II that OGEM summit was conducted in seven cases mismanagement. <sup class="reference" id="cite_ref-7" style="line-height:1;unicode-bidi:-webkit-isolate;">[7] In previous years mainly Pieter Lakeman actively group chased with tricky questions. <sup class="reference" id="cite_ref-8" style="line-height:1;unicode-bidi:-webkit-isolate;">[8]

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;font-size:14px;">Only in 1994 the bankruptcy was completed after 12 years. The banking consortium that OGEM was involved, ABN AMRO, the National Investment Bank and the Dutch Credit Insurance Company, paid 35 million dollars to other creditors of the former company. <sup class="reference" id="cite_ref-TROGEM_9-0" style="line-height:1;unicode-bidi:-webkit-isolate;">[9] OGEM was in the early eighties in financial difficulties and the banks demanded their collateral on. <sup class="reference" id="cite_ref-TROGEM_9-1" style="line-height:1;unicode-bidi:-webkit-isolate;">[9]  The leadership of OGEM thereby agreed, and the banks were in fact the whole group in hands. This action was later by the Enterprise Chamber as 'maladministration' farmer, and the securities that the banks had provided so, thus remained controversial. <sup class="reference" id="cite_ref-TROGEM_9-2" style="line-height:1;unicode-bidi:-webkit-isolate;">[9]  This allowed the payment curators continue the matter rest.

<p style="margin-top:0.5em;margin-bottom:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;font-size:14px;">Known drivers were OGEM Jaap Boersma <sup class="reference" id="cite_ref-10" style="line-height:1;unicode-bidi:-webkit-isolate;">[10] and Berend Jan Udink . Udink was dismissed on 1 March 1980, he was accused of many errors. About his departure scheme is still quibbling, but after threats of a lawsuit by Udink, he received a severance payment worth 1.5 million dollars. <sup class="reference" id="cite_ref-11" style="line-height:1;unicode-bidi:-webkit-isolate;">[11] ==<span class="mw-editsection-bracket" style="color:rgb(85,85,85);"><span class="mw-editsection" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;font-family:sans-serif;">[Results  Summary <span class="mw-editsection" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;font-family:sans-serif;">edit <span class="mw-editsection-bracket" style="color:rgb(85,85,85);">]  == <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;font-size:14px;">The following table summarizes the results of OGEM. It shows the rapid growth of the company since 1965 and also results in the last six years before the bankruptcy. The net profit margin was always very low putting the company into financial trouble came when it began to suffer losses in 1979. ==<span class="mw-editsection" style="-webkit-user-select:none;font-size:small;margin-left:1em;line-height:1em;display:inline-block;white-space:nowrap;unicode-bidi:-webkit-isolate;font-family:sans-serif;"><span class="mw-editsection-bracket" style="color:rgb(85,85,85);">[Trivia  edit <span class="mw-editsection-bracket" style="color:rgb(85,85,85);">] == <p style="margin-top:0.5em;line-height:22.3999996185303px;color:rgb(37,37,37);font-family:sans-serif;font-size:14px;">In 1983 got old driver Boersma fined 250 guilders because he had said in an interview for Vrij Netherlands which Bartels, a former colleague and member of OGEM, was a "money-grubber" and "absolute zero".Bartels sued him for libel and insult and got this ruling are the same. <sup class="reference" id="cite_ref-12" style="line-height:1;unicode-bidi:-webkit-isolate;">[12] In the book From Coal to Biotech (JP Jeannet & H. Schreuder, 2015) reveals that OGEM and DSM were close to a merger in the eighties but this was blocked because there was a difference of opinion on the Board of Directors of DSM