Word: abedi
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
DIED. AGHA HASAN ABEDI, 73, founder of the Bank of Credit & Commerce International; of heart failure; in Karachi, Pakistan. Allegations of criminality brought down the once-powerful B.C.C.I. in 1991. Subsequently, Abedi, accused of perpetrating the largest financial fraud in history, was indicted for theft and other charges in the U.S., but Pakistan refused to extradite...
...Swaleh Naqvi was sentenced to eight years in the slammer and ordered to pay $255 million in restitution in connection with federal charges stemming from the biggest bank fraud ever. Naqvi now faces trial in New York Friday on state charges. But Naqvi's boss, B.C.C.I. founder Agha Hasan Abedi, is currently in Pakistan and unlikely to be brought to justice, says TIME correspondent S.C. Gwynne, who covered the scandal. Naqvi has pleaded indigence and probably won't pay the fines levied against him. Still, today's development is a significant victory for the feds. "Naqvi was the main record...
...Dhabi court convicted 12 former top executives of the collapsed Bank of Credit & Commerce International on criminal charges of fraud and mismanagement in one of the world's largest financial scandals. The three key defendants, though, were convicted in absentia: Agha Hassan Abedi, the B.C.C.I. founder; Mohamed Saleh Naqvi, the empire's former chief executive; and Ziauddin Ali Akbar, the bank's former treasurer. The court also ordered the group of 12 to pay $9.13 billion in restitution to Abu Dhabi's government and ruling family, which held a 77.4% stake in B.C.C.I...
...Bank of Credit and Commerce International (B.C.C.I.) scandal. But the bank's two senior officers, who handled huge sums of the emir's fortune until investigators closed the fraudulent operation in 1991, weren't present to help pay up. One of them, 71-year-old founder Aga Hasan Abedi, is now ensconced in his native Pakistan, on good terms with local officials and unlikely to face extradition. "He's the mastermind, and he's sitting up there in Karachi," says TIME correspondent S.C. Gwynne, who has investigated the scandal. "It appears that the Abu Dhabians believe that $9 billion...
B.C.C.I. was similarly entwined in another key U.S. intelligence operation of the 1980s: the supply of arms and money to the Afghan rebels. While such ! clandestine support was legally condoned, B.C.C.I. officials have told reporters that CIA Director William Casey, in a series of 1984 meetings in Washington with Abedi, struck a deal that included off-the-books operations never reported to the U.S. Congress...