**Exhibit 21**

 

**KAISER GROUP HOLDINGS, INC.**

9300 Lee Highway

Fairfax, VA 22031

(703) 934-3413

 

KaiserGroup Holdings, Inc.’s consolidated subsidiaries are listed below.  Consolidated subsidiaries which are less thanwholly owned are indicated by the ownership percentage figure in parenthesesfollowing the name of the consolidated subsidiary.

 
| ** **                  | ** **                      | **Jurisdiction**                          | ** **                                            |
|-----------------------------|---------------------------------|-------------------------------------------|-------------------------------------------------------|
| **Consolidated Subsidiary** | ** **                      | **of Formation**                          | ** **                                            |
|                        |                            |                                      |                                                  |
| **I.**                      | **KAISER GROUP HOLDINGS, INC.** | ** **                                | **Delaware**                                          | ** ** |
| ** **                  | ** **                      | ** **                                | ** **                                            | ** ** |
| ** **                  | **II.**                         | **Kaiser Group International, Inc.** | ** **                                            | **Delaware** | ** ** |
| ** **                  | ** **                      | ** **                                | ** **                                            | ** ** | ** ** |
| ** **                  | ** **                      | **III.**                                  | **Kaiser Analytical Management  Services, Inc.** | ** ** | **Delaware** | ** ** |
| ** **                  | ** **                      | ** **                                | ** **                                            | ** ** | ** ** | ** ** |
| ** **                  | ** **                      | **III.**                                  | **Kaiser Engineers Group, Inc.**                 | ** ** | **Delaware** | ** ** |
|                        |                            |                                      | IV.                                                   | Kaiser Engineers, Inc. |   | Ohio |   |
|                        |                            |                                      |                                                  | V. | Kaiser Overseas Engineering, Inc. |   | Delaware |   |
|                        |                            |                                      |                                                  | V. | Kaiser Engineers and Constructors, Inc. |   | Nevada |   |
|                        |                            |                                      |                                                  |   | VI. | Kaiser Engenharia, S.A. (50%) |   | Portugal |   |
|                        |                            |                                      |                                                  | V. | Kaiser Engineers International, Inc. |   | Nevada |   |
|                        |                            |                                      |                                                  |   | VI. | Kaiser Engenharia, S.A. (50%) |   | Portugal |   |
|                        |                            |                                      |                                                  |   |   |   |   |   |   |
| ** **                  | ** **                      | **III.**                                  | **Kaiser Government Programs, Inc.**             | ** ** | **Delaware** | ** ** |
|                        |                            |                                      | IV.                                                   | Kaiser K-H Holdings, Inc. |   | Delaware |   |
|                        |                            |                                      |                                                  | V. | Kaiser-Hill Company, LLC (50%) |   | Colorado |   |
|                        |                            |                                      |                                                  |   | VI. | Kaiser-Hill Funding Company, L.L.C. (98%) |   | Delaware |   |
|                        |                            |                                      |                                                  | V. | Kaiser-Hill Funding Company, L.L.C. (1%) |   | Delaware |   |
|                        |                            |                                      |                                                  |   |   |   |   |   |   |
| ** **                  | ** **                      | **III.**                                  | **Kaiser**  Holdings Unlimited, Inc.             | ** ** | **Delaware** | ** ** |
|                        |                            |                                      | IV.                                                   | Kaiser Engineers Eastern Europe, Inc. |   | Delaware |   |
|                        |                            |                                      |                                                  | V. | Kaiser Netherlands B.V. (10%) |   | Netherlands |   |
|                        |                            |                                      | IV.                                                   | Kaiser Netherlands B.V. (90%) |   | Netherlands |   |
|                        |                            |                                      |                                                  |   |   |   |   |   |   |
| ** **                  | ** **                      | **III.**                                  | **Kaiser Technology Holdings, Inc.**             | ** ** | **Delaware** | ** ** |
| ** **                  | ** **                      | ** **                                | ** **                                            | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| ** **                  | ** **                      | **III.**                                  | **Monument Select Insurance Company**                 | ** ** | **Vermont** | ** ** |
|                        |                            |                                      | IV.                                                   | MSIC, Inc. |   | Delaware |   |
|                        |                            |                                      | IV.                                                   | MS Builders Insurance Company |   | Vermont |   |
|                        |                            |                                      |                                                  |   |   |   |   |   |   |
| ** **                  | ** **                      | **III.**                                  | **Tudor Engineering Company**                         | ** ** | **Delaware** | ** ** |

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