It’s good to have friends in high places as Salomon Melgen has learned. According to the Daily Caller, could see a 250,000-percent return on his most recent investment in a Dominican port security company. Yes, that’s 250,000% return on an investment. A little odd don’t you think?
TIME magazine reported Monday that Melgen paid just $100,000 in August 2011 for 50 percent of ICSSI, a company that holds an exclusive contract to provide cargo x-ray equipment for ports in the Dominican Republic. Melgen already owned the other 50 percent of the company, making him its sole shareholder.
That lucrative contract, which lay dormant since 2002 when Melgen bought the company, could be worth $500 million over its scheduled 20-year lifespan — meaning that his $100,000 investment could multiply in value by a factor of 2,500.
But that can only happen if the Dominican Republic enforces ICSSI’s contract.