Word: abedi
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Dates: during 1990-1999
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Simultaneous probes by the office of New York District Attorney Robert Morgenthau, the Justice Department and the Federal Reserve indicate that Clifford, as chairman of First American, and Altman, as president, acted as knowing front men for B.C.C.I. founder Agha Hasan Abedi, falsifying documents and lying to authorities. The two are also charged with using First American's 1987 purchase of National Bank of Georgia as a vehicle for transferring huge and unmerited profits to B.C.C.I., all under Abedi's direction...
...would they do it? The civil and criminal actions suggest one answer: $32 million in cash and stock awarded to Clifford and Altman in a sweetheart transaction engineered by Abedi and concealed by the two from the Fed and even their own board of directors. The prosecutors allege the deal was a bribe, as was part of the $17 million their law firm charged as legal counsel for B.C.C.I. and First American...
...Dhabi and President of the United Arab Emirates. "Abu Dhabi has been promising cooperation for a year, but we've gotten nothing out of them," the district attorney said last week. His frustration is understandable: Zayed, now the owner of the tattered remains of B.C.C.I. founder Agha Hasan Abedi's erstwhile $20 billion banking empire, has placed 18 of the bank's top officials -- all of them potential witnesses who could help explain the workings of the criminal operations -- under house arrest in Abu Dhabi while he sits on most of the bank's records...
When oil profits ebbed in the early '80s, Abedi and the bank turned increasingly to weapons dealing, drug-money laundering and capital flight to keep operations afloat. The bank also became enmeshed in intelligence operations with several nations, including the U.S., which effectively shielded Abedi from unwelcome scrutiny as he perfected bribery and extortion as business tools. B.C.C.I. thereafter grew faster than ever...
...most prominent victim of Abedi's flimflam operation was the man whose wealth helped finance B.C.C.I.: Sheik Zayed bin Sultan al-Nahayan of Abu Dhabi, President of the United Arab Emirates. Investigators say approximately $2 billion of Zayed's own money, along with $7 billion in Abu Dhabi state funds, has disappeared into the bank's black hole. In the U.S., B.C.C.I.'s secret ownership of Washington's largest bank, First American, implicated former Defense Secretary Clark Clifford. As chairman of First American, Clifford had denied that B.C.C.I. controlled the Washington bank; he and his partner, Robert Altman, now face...