from linkedIn: Vista Global, Thomas Flohr, A Nigerian Businessman & A Los Angeles Mansion (Wirtschafts Woche)
The attached article offers additional “insights” into Vista Global’s founder, Thomas Flohr (TF).
This article highlights a business relationship between TF and a Nigerian businessman, Kolawole Akanni Aluko (KA). It would seem that a verbal agreement between TF and KA resulted in the Nigerian businessman flying on the VistaJet fleet, apparently in return for a luxurious property, in Los Angeles. To be clear, counter-trade isn’t uncommon. However, in this case, there were intermediary companies involved, in addition to KA, whose reputation has been called into question. Further, this transaction attracted the attention of the FBI, who expressed “concerns” about an “international conspiracy” and “illegal activity” surrounding this property.
As far as I can determine, KA was provided with unfettered access to a Global 6000 that was reportedly controlled by a TF-owned company, Ness Trading & Invest. Curiously, according to the WirtschaftsWoche report, this company doesn’t appear to own or manage any aircraft. Nevertheless, KA was allowed to fly millions of dollars worth of hours onboard VistaJet aircraft.
As flight hours, and the associated costs, accumulated, TF and KA agreed that a property would be transferred to a TF-owned company, as payment for the flights. Again, nothing appears to be improper.
The story takes several unexpected turns. Firstly, the Nigerian businessman has become embroiled in accusations of wrongdoing, involving Nigerian oil. The FBI also suspected that something was amiss, and attempted to repossess the Los Angeles property, alleging that the purchase transaction fell short of being entirely legal.
Eventually, TF agreed to a settlement, paying the US government $16 million in return for the FBI dropping their lawsuit. Unanswered questions remain. Did TF's company, Ness Trading & Invest, actually own or manage a Global 6000? If not, were VistaJet compensated for the tens of millions of dollars in flight services they provided, to KA. If not, I could see several parties, including the IRS, taking an interest in this arrangement, though I am by no means an expert on such matters.
I recently published a post reporting a UK lawsuit that was filed against Thomas Flohr. Here’s my overarching concern. Vista Global depend upon their reputation when dealing with corporations and the high net-worth community. When suggestions of impropriety emerge, they call into question the reputation of Vista Global’s founder and high-profile CEO. In a market where customers are making six and seven figure unsecured pre-payments, reputation is a potent commodity.
My hope is that we won’t be seeing further reports that cast aspersions at TF and his business practices…and that the existing rumors, mentioned in both these reports, prove to be unfounded.
My former marketing professor once offered a marketing axiom:
“Those who live by PR often die by PR!”.