Reply #3: Marvin Bush and Del Monte [View All]

[UpInArms]

Another suspect deal, another Bush brother in the mix

The new year begs for a fresh start. But business accusations of international bribery, nefarious investors and a Bush brother awkwardly involved in a troubled company all have a too-familiar ring.

Here's the latest Robert Ludlum-style financial spat.

Former investors in South Florida's Fresh Del Monte Produce Inc. recently filed a $60-million lawsuit accusing majority shareholders IAT Group and Palestinian chairman Mohammad Abu-Ghazaleh of paying bribes to buy the banana and pineapple produce company in 1996 at a "ridiculously low price." The company denies wrongdoing.

Marvin Bush, the brother of President Bush and Florida Gov. Jeb Bush, joined the board of directors of Fresh Del Monte in 1998, after the alleged events took place. Marvin Bush was re-elected to the company's board this year for a term ending in 2005, and served on the board's critically important audit and compensation committees.

In October, Bush decided to resign from the board at the end of 2002. Without any public notice of Bush's planned departure by Fresh Del Monte, news of his pending resignation was not reported until last month.

Marvin Bush resigned for "personal reasons," according to Fresh Del Monte. In fact, he has resigned most of his board memberships, including Houston's HCC Insurance Holdings.

Fresh Del Monte, controlled by Abu-Ghazaleh's IAT Group, is based in the Cayman Islands but operates from headquarters in Coral Gables. It was a spinoff from the food giant Del Monte. Though the two companies bear similar names, they are no longer affiliated.

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