Dubai Ports: Sale Of US Port Operations In Danger, Blames N.Y., N.J. Port Authority

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http://www.usatoday.com/money/industries/2007-02-15-dubai_x.htm?csp=26

Dubai Ports: Sale of U.S. port operations in danger, blames N.Y., N.J. port authority
Posted 2/15/2007 1:47 PM ET E-mail | Save | Print | Subscribe to stories like this


WASHINGTON (AP) — Dubai Ports World warned Thursday that its deal to sell major port operations in six U.S. cities may fall apart if the Port Authority of New York and New Jersey doesn't drop demands for a multimillion-dollar payment.
DP World, based in the United Arab Emirates, is trying to finish the sale of U.S. port operations it acquired last year.

That acquisition was attacked by U.S. politicians who charged the sale threatened national security, a dispute that proved to be a black eye for the Bush administration, which originally approved the sale.

As a result of the criticism, DP World struck a deal in December to sell the U.S. operations to AIG Global Investment Group, for an undisclosed sum. But the final sale has been delayed by the Port Authority's request for tens of millions of dollars from the prospective new owners.

"If the Port Authority continues with its unreasonable request, the sale will fail," wrote DP World CEO Mohammed Sharaf and AIG managing director Christopher Lee to the agency in a letter dated Thursday and obtained by the Associated Press.