Principals

HUGH A. ADAMS, BBA, MBA, is Executive Director and has over 25 years of experience in diversified domestic and international assignments. Most recently, Mr. Adams has completed a tour in Fiji. Prior to that, in Vietnam, he authored, translated and published the authoritative Vietnamese language text on International Accounting Standards and other books, while establishing a profitable company in the food sector. He spent over two years in Armenia on a series of assignments. He has worked with a number of state-owned and newly privatized enterprises, where he provided finance, enterprise restructuring, marketing and accounting (including accounting conversion of Soviet GOS accounting into IAS standards) advice. He has provided computer and networking consulting to the Armenian Ministry of Finance, bank auditing services to EURSIA foundation and survey services to the World Bank. In addition, he developed and managed a project of developing a physical plant layout and system redesign for another client. His European assignments have included clients such as the OECD and the IMF, for which he has developed workflow studies and implementation plans in imaging and document management application. In addition, Mr. Adams has over seven years of experience in nuclear and coal-fired power plants. He has created computer cost models and has published papers on power plant construction cost forecasting. He also worked for the Ford Motor Company for several years. He has organized companies and developed securitization programs for financing the purchasing of account receivables. As a company CFO, he has led a successful IPO (NASDAQ) as well as participated in multiple corporate turnaround projects. Mr. Adams has served as a board member for a public company and has been a professor of accounting, auditing and other business courses at the graduate and undergraduate level at American University of Armenia, L'Ecole Nationale des Ponts et Chaussees, Paris and Strayer University, Washington DC. Mr. Adams speaks English and German.

ROBERT E. BAINES, BA, JD, is Executive Director. Mr. Baines has had over 25 years of international legal, commercial and investment experience. His experience includes capital markets, international commercial and corporate law, enterprise structuring and restructuring, legal due diligence, and financing. He has led Admiralty’s investment activities in Armenia, Argentina, Mexico and the US. Prior to that he focused on Eastern Europe and the Former Soviet Union; especially on capital markets and privatization. He was resident in Armenia for three years and was instrumental in establishing Admiralty's Great Armenia Voucher Investment Fund and in winning the tender to sell 10 of Armenia's largest companies (in partnership with Wasserstein Perella and Merrill Lynch International). He led Admiralty’s successful sale of five companies to strategic investors. In addition, he spearheaded our successful sale of two of the largest hotels in Armenia to foreign investors. He was in charge of Admiralty's Eastern European investments and recently obtained annual returns in excess of 57% for Admiralty and its investors. For the previous seven years, he specialized in corporate barter (the marketing and utilization of companies' surplus inventories and assets to finance other corporate needs). In that capacity he set up and ran the London office for Active International, the world's largest international media based barter company. He has participated in international projects in Albania, Armenia, Argentina, Belgium, Brazil, Bulgaria, Cambodia, Czech Republic, Chile, Denmark, France, Germany, Hungary, Italy, Japan, Moldova, Myanmar, Netherlands, Romania, Russia, Spain, Sweden, Spain, Taiwan and Vietnam. Dr Baines has attended outstanding universities including Harvard Law School, University of London School of Oriental and African Studies, the Sorbonne, and George Washington University. He holds a BA (with Special Honors) from George Washington University in International Relations (Sino-Soviet Studies) and a Juris Doctor from the University of Arizona. He has been published in several periodicals including the Harvard International Law Journal.

MARION H. DAY, BA, MBA, is Executive Director and has over 21 years international financial, operational, administrative and management experience. Mr. Day has acted as senior advisor for the US Department of State in Iraq and Afghanistan. He has completed World Bank restructuring and privatization projects in Romania and was central to Admiralty's privatization work in Bulgaria. He acted as chief advisor to the Minister of Privatization in Romania and senior advisor to the State Ownership Fund and to the Agency for Restructuring of Romania. He has held senior positions in Bank of America as a Vice President in San Francisco, Tokyo and Hong Kong. He was Vice President and senior operations officer for Bankers Trust Company's Asia Division, with complete responsibility for all administrative and operational functions of the bank. Specific areas of specialty include bank operations and administration, strategic planning, operations research, capital markets, trade finance and technology transfer. Other work experience includes extensive involvement with developing and newly developed nations (including India, Indonesia, Thailand, Malaysia, Papua New Guinea, the Philippines, Taiwan, Korea, Saudi Arabia, the Caribbean and Pacific island nations), as well as Japan, Hong Kong, Germany, Canada and the US. Mr. Day's special skills are in the area of bank management, especially credit administration, operations, computers, IT, MIS and telecommunications functions. He holds a Masters of Business Administration (MBA) degree from Golden Gate University, San Francisco and a BA (with high honors) from the University of Kansas, Lawrence Kansas. He is fluent in English and Japanese.

GERHARD W. FALK, MSc, MBA, CFP, is Executive Director of our Austrian Office, and acted as Managing Director of Admirality Investments AG, Germany. Mr. Falk has held many senior banking positions with major banking corporations including Bank of America in San Francisco, London and Hamburg, and with Oesterreichische Laenderbank AG in Vienna and Klagenfurt. While with Bank of America in its San Francisco World Headquarters, he was Area Administrator for all of Eastern Europe, including the former USSR and Yugoslavia. In London, he was Assistant Section Head for European Ship Finance and in Hamburg, Head of Credit. After returning to San Francisco, he held the posts of Vice President - Team Leader of the Energy Team and subsequently the Financial Institutions Group, where he gained a high degree of expertise in analyzing banks and financial institutions. Most recently, he was the Regional Manager for all Laenderbank's activities in Carinthia and East Tyrol, including project financing for the governments of Slovenia and Croatia. Mr. Falk holds an MSc in International Economics from Louisiana State University, an MBA specializing in Management and Banking from the Economics University of Vienna, and a Cert. Financial Planning degree from the University of California at Berkeley. Mr. Falk is fluent in English, German and Italian and speaks conversational French, Spanish and Swedish.

ALEXANDER J. KREM, BA, MBA, JD is Managing Director and has over 35 years legal, banking, investment and financial experience in Africa, Asia, Australasia, Eastern and Western Europe, Latin America, the Middle East, the UK and the US. He has had management, corporate finance, credit, investment, merger and acquisition, problem loan and training experience around the world. He is a qualified lawyer who has worked with the US Department of Commerce in Washington DC and the international law firm of Graham and James. He spent 17 years with Bank of America in San Francisco, Tokyo, London and Cairo as a commercial and investment banker. He developed and managed multimillion dollar loan portfolios. He and his teams are credited with numerous international loan, corporate finance and capital market innovations. He was the Deputy General Manager of NZI Bank and General Manager of the bank's Investment Banking Group, where he was responsible for managing over NZ$1.4 billion in investment funds. He was Managing Director for Security Pacific National Bank's New Zealand merchant banking operation. In 1988 he established the Admiralty Investment Group of Companies. Dr Krem holds Bachelor of Arts degree (BA with high honors) in Psychology and small group dynamics, a Master of Business Administration (MBA), and Juris Doctor (JD) degrees from the University of California at Berkeley, concentrating on finance and real estate. He has studied Industrial Psychology at the Ph.D. level at the University of Minnesota and has taught law and business at the University of California (Berkeley), University of the Pacific (Stockton, US) and Auckland University. He has lectured worldwide. Dr. Krem has worked as a banker or lawyer in over 60 countries.

RUDOLF A. de MONCHY, B.Com, University of Rotterdam is a Banking Specialist.

He has over 20 years experience in international banking in the Netherlands, Germany, the USA and New Zealand. After an intensive credit training at the Chase Manhattan Bank, Mr. de Monchy became Regional Manager in the Netherlands, responsible for large multinational companies like Philips, Shell, Unilever as well as the offshore financing needs of large construction companies. On behalf of the Dutch construction companies he was closely involved in arranging performance bonds for multibillion off shore construction projects in the Middle East and Africa.

In New Zealand Mr. de Monchy was General Manager of AIC Finance and later Auckland Regional Manager of NZI Bank with five Branch Managers plus Corporate Managers reporting to him. The Auckland Region covered over 50% of the bank's total loan portfolio. Mr. de Monchy was for eleven years Managing Director of a furniture manufacturing company. Ru de Monchy speaks English and Dutch.

CRAIG NODDER, BCom, MBIA, ACA, CMA, is Executive Director of our New Zealand Office. Mr. Nodder has held senior positions at Citibank/Citicorp, Salomon Brothers and Bancorp in Europe and Asia. At Citibank, he was Vice President and Head of Investment Banking Operations for both New Zealand and Germany, with additional responsibility for the business support functions in the bank's German, Belgium, Dutch, Austrian and Swiss trading centers and trading activities in 19 locations. He was Vice President and Chief Administrative Officer of Salomon Brothers AG's Frankfurt, Berlin and Tokyo wholesale banking, interbank trading, funds management and capital markets activities. He served as Group Finance Director and Company Secretary for Bancorp Holdings, a NZ based merchant bank with a 32 company financial grouping, where he was also responsible for settlements, syndicated property business development and management, investments management, acquisitions due-diligence, technology, and administration. Mr. Nodder has developed PC based business systems for accounting functions, point-of-sale and manufacturing control functions, including software and hardware selection and installation, staff training, financial, management and taxation accounting, financial modeling, MIS design, manufacturing control systems installation, auditing, market strategy formulation, pricing. He was founding director and shareholder in a software company, whose product became the most successful accounting package in the New Zealand market and which introduced the first public electronic mail service, which was subsequently acquired by NZ Post. In addition to extensive experience in banking and software development, Mr. Nodder has a decade of experience in the agricultural and manufacturing sectors. He has a Bachelors of Commerce degree in Accountancy and Economics and a Masters in Business and Industrial Administration. His special skills include finance, operations, technology, legal & compliance, internal audit, administration and human resources. He is a Chartered Accountant, and a certified cost and management accountant. He is fluent in German and English.

BRUNO SALVETTI, Doctor in Electrical Engineering and Master of Business Administration, is management consulting specialist. Dr. Salvetti has over 35 years of experience in manufacturing and industrial management consulting with a deep knowledge of information technology and logistic. He recently consulted to a large wine factory and touristic harbor in Montenegro and managed companies in the Czech Republic. Before that he completed the successful privatization of 120 factories belonging to Elektroska in Serbia. He was senior consultant and shareholder in ORGA, a leading Italian consulting firm for about 10 years and worked in several important Italian Companies. In 1973, Dr. Salvetti founded Sintex, a firm offering consulting services to manufactures. He has worked in many major Italian companies in projects related to logistics, production organization, lean production, TPM, and design of new processes, using modern Information Technology procedures and managing the process of change management.

Dr. Salvetti has specialty knowledge in aeronautics( Agusta, Alitalia, Siai Marchetti, Rome airport etc ), cement ( Unicem, Italcementi, Cementir ), mechanical ( Belleli, Falck, ABB ), utilities( gas, water, power ), paper ( Saffa, Annunziata, Marzabotto etc.) tourism and wine. In the recent years he has worked on several foreign projects for the World Bank and BERS, in Romania, Armenia, Albania, Czech Republic, Egypt, Montenegro, Morocco, Serbia and Poland where he ahs provided technical expertise to privatization projects. In many of these assignments, he has acted Project Director and Team Leader.

Dr. Salvetti has a Doctor degree in Electrical Engineering at the Milan University and a Masters of Business Administration from Stanford University. He is fluent in Italian and English and speaks conversational French.

MARTIN SLOUGH BA, MA is Executive Director, International Financial Institutions. Mr. Slough has 40 years of commercial banking and financial advisory experience in Eastern and Central Europe, Latin America, Africa, Japan, the United Kingdom and the United States. He has had general management, credit assessment, problem loan recovery, treasury management, bank restructuring and bank privatization experience around the world. He has worked for several years as an International Banking Advisor with the US Department of Treasury Office of Technical Assistance in Washington DC. Mr. Slough spent 21 years as a commercial banker with the international arm of the Lloyds Bank group in Argentina, Japan, Brazil, Papua New Guinea and the United Kingdom. He managed several important units of Lloyds Bank with multimillion dollar loan portfolios. Subsequently Mr. Slough spent 16 years at the World Bank in Washington DC as a Financial Specialist, managing financial sector reform projects in many countries, notably in Europe and Central Asia, Latin America and Lusophone Africa. Mr. Slough holds a Master of Arts degree in Economics from Cambridge University, England. He speaks Spanish and Portuguese fluently and also has a good command of Japanese and French.

ARTHUR L. WARMAN, BA, MA, has graduate degrees in International Development and over 25 years of diversified corporate, government and management consulting experience. Mr. Warman has directed all the international donor-financed consulting activities in Central Europe for a big-six firm, a major consulting firm and the US Agency for International Development (USAID). He has directed the worldwide privatization activities for international financial institutions; participated in technical assignments relating to change management, organizational development, private sector development, program evaluations and policy reform. He has supervised the activities of staff in commercial client and donor work relating to telecommunications, informational technology, training and business process redesign. He has held responsibility for profit and loss and business development activities in the US and Russia. He has participated in new business development initiatives in Africa, Central Europe, former Soviet Union and North Africa. He has supervised the development, negotiation, and implementation of $200 million in privatization and enterprise restructuring activities. This included advising the Government of Russia (GOR) on post privatization activities, serving as the senior representative for inter-donor coordination and supervising staff in both the US and Russia. Sectors managed include capital markets development, enterprise restructuring, legal and regulatory reform, and privatization public awareness. He has undertaken consulting assignments for international donors and governments relating to private enterprise development, privatization, loan financing, project design and evaluation, institution building and trade expansion around the world. Mr. Warman's primary areas of expertise are privatization, trade and investment promotion, business planning and market development. Mr. Warman holds a BA degree from Earlham College, Richmond, Indiana, and a Masters degree in International Development from the American University, Washington DC.

OLIVER CAMPBELL WHITE, ACMA, MBIM, is a Director based in Norfolk, England and Lagos, Nigeria. A UK qualified accountant by background, Oliver is a specialist in financial management, business development, enterprise restructuring and change management, governance, and economic and institutional development with over 40 years international work experience, covering 46 countries in Africa, Asia, and Europe. He is currently Managing Director of Phillips Consulting, a Nigerian-based consultancy with offices in Abuja, Lagos and Johannesburg. In addition to overseeing that firm, he undertakes engagements internationally on behalf of both Admiralty and Phillips Consulting. He was for six years with the World Bank as a Senior Public Enterprise and Privatisation Specialist and was that institution's leading specialist on privatisation in Africa. Prior to that, he was in international consulting for 20 years. During that time, he undertook assignments in such sectors as agricultural production, marketing and processing; central government; energy, financial services; health; manufacturing and processing; mining; professional services; retail and wholesale trade; tourism; transport (air, rail, river, road, and maritime), telecommunications; and water/sanitation. He has worked extensively for governments and public enterprises as well as in the private sector and directed and managed many projects. He has considerable experience of public enterprise reform and privatisation beginning with the National Freight Corporation in the UK in 1979 and including the design of the mass privatisation programme in Kazakhstan and of programmes in several African countries, as well as privatising individual enterprises. He has written extensively for the World Bank, including his book "Privatization in Africa". An innovator and entrepreneur, he has successfully started up businesses for clients, employers, and in his own right. As a company CFO he has multi-currency treasury management and multi-site accounting experience and served on the board of various companies both as a director and as corporation secretary. He has lectured extensively on privatisation and financial management.

S. HARNATH, B.Com, M.Com, MBA, CAIIB is Merchant Banking and Securities Specialist. Mr. Harnath has over 16 years of banking, merchant banking and investment banking experience in India and Australia. In Australia, he developed and implemented a successful new trade finance product. In India, he was Manager of Merchant Banking Division at Vysya Bank, the largest and top private sector bank in India, an affiliate of Bank Brussels Lambert, Belgium. He positioned the bank as a leading merchant banker in India, by lead managing and advising over 50 initial public offers worth over NZ$ 500 million, underwriting over 200 initial public offers and acting as banker to over 300 initial public offers. He developed guidelines and systems for all merchant banking business in the bank. At Lakshmi Vilas Bank, another large private sector bank, he worked as a Branch manager (best manager award for consistent performance of exceeding the deposit, credit and profit targets by over 100% for three successive years). While at the bank he had developed and managed a clearinghouse arrangement for inter-broker settlement and established a system for payment and settlement for Nagpur Sharebrokers Association, Nagpur, India. With Admiralty, he has provided advice to the New Zealand government on capital markets and privatization activities, and on the Crown's first initial public offering. Mr. Harnath holds a Bachelor of Commerce degree (B.Com) with specialization in Advanced Accounting and Auditing, a Master of Commerce (M.Com) with specialization in Cost Accounts from Osmania University, Hyderabad, India, a Master of Business Administration (MBA ) with specialization in Finance from Nagpur University, Nagpur, India. He is also a Certificated Associate of Indian Institute of Bankers, Bombay, India and a Senior Associate of Australasian Institute of Banking and Finance, Melbourne, Australia. He has served on the faculty of the Vysya Bank Staff Training College, in Hyderabad, India.

STEVE B. IGNATOV, BA (Hons) is a graduate from the University of Portsmouth in the United Kingdom. Mr. Ignatov special skills include accounting, audit, financial analysis, privatization and enterprise restructuring, human resources development and training. He has over 9 years experience in the areas of investment banking, financial auditing and management consulting. He has international experience in projects in Bulgaria, Latin America, Macedonia, New Zealand, Romania, Switzerland, and the United States. He has acted as team leader and financial analyst in Admiralty projects in Europe and New Zealand. He has been financial auditor with Ernst & Young in Europe and New Zealand. In this role, he has been team leader and project manager for several bank audit teams. He has been involved in numerous projects in the areas of privatization and enterprise reform, including projects in the banking, tourism, agriculture and manufacturing sectors.

Mr. Ignatov has established accounting and finance operations for the Auckland office of Grafton Recruitment Ltd., an Irish based recruitment consulting firm with over 35 offices around the world. Later, he managed the accounting and finance practices at Reed Consulting, then Farrow Jamieson, one of the leading Executive search & recruitment companies in New Zealand and most recently joined Sheffield Consulting to head up their accounting, banking and finance practice. Mr. Ignatov specializes in professional services, public sector, oil & gas, telecommunications, manufacturing, retail, entertainment, banking & finance, agriculture and others. He is fluent in English and Bulgarian and has conversational knowledge of several other European languages.

RICHARD J. SCHIPPER, BSc, BA, MBA, is Information Technology Specialist. He has over 13 years experience in information technology management. He has worked at a senior level in Barclays Bank - Mercantile Credit, Citibank NA, and Salomon Brothers. He has managed international projects involving the design, development and implementation of major information systems, including screen trading for foreign exchange and money market activities, option portfolio management, mutual funds portfolio management, position keeping. Derivative products pricing models, credit risk management systems, back office support systems and management information and decision support systems. Mr. Schipper has organized and implemented an Asia-Pacific regional information technology strategic planning group and assumed direct responsibility for several large-scale systems development projects. He has implemented IT systems solutions for organizations in Frankfurt, Bombay, Singapore, Brunei, Jakarta, Kuala Lumpur, Bangkok, Taipei, Seoul, Hong Kong, Beijing, Tokyo, Manila, Sydney and Auckland. His skills include computer modeling, computer aided software engineering, open systems methodologies, relational database management systems, client server computing and telecommunications. He now heads his own company, Effective Solutions, and is engaged in providing turnkey banking systems. He is working with Admiralty Group in its Eastern Europe and emerging markets banking investments.

VARDAN TOKMAJYAN, MS, ME, BS, Associate Director – New York and Washington DC has a MSc in Analysis, Design and Management of Information Systems (London School of Economics and Political Science), M.Eng. in Engineering Management (M.E.M), and B.S. in Civil Engineering (Hons). Mr. Tokmajyan’s special skills include hydro-electro power station design, health information systems, relational databases, wide experience of systems analysis and design for various work environments, reorganization of mid-size corporations, management consultancy, general management for profits as well as not-for-profits, marketing and sales. He has international experience in US, UK, and Armenia. Provided strategy advice to a Washington DC headquartered research institution. Mr. Tokmajyan was involved in IT-based restructuring of Armenia’s Health Sector under USAID’s project for Health Sector Reforms. Mr. Tokmajyan has extensive experience of managing multiple non-governmental projects in Armenia (including a socially distressed families project, a cultural project, an environmentalist project and others). Mr. Tokmajyan was involved in the launch of Coca-Cola Bottlers Armenia. His native language is Armenian. He is fluent in English and Russian.