Barrick Investments

"The back-in-Canada chairman and CEO of Horsham, Peter Munk, was keen to buy into the oil and gas industry. He had $100 million of Barrick Investments’ money burning a hole in his pocket, and he just had to get going. After looking at countless deals in Canada and the United States, Munk and his team found the ideal candidate. Viking Petroleum, an Oklahoma producer, met all his requirements: it had producing wells; it was cash short; and it had experienced, capable management. Since none of Munk’s Horsham group knew anything about the oil and gas business, they had to buy a company run by experts who were already in place and had a great track record."

"Barrick Resources was started up a year or so later, to do some (unsuccessful) oil and gas exploration deals. Barrick Investments, the Khashoggis and ourselves were loaning money into Horsham Securities to invest in Barrick by way of debt. We didn’t have an economic difference in the shareholdings, but he had the voting share control and the money was going into this Canadian vehicle. What happened over the years is that, probably, 25 million dollars went from Barrick Investments through Horsham Securities into Barrick Resources."