Word: agha
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...B.C.C.I. and its two principal officers for fraud, bribery, grand larceny and money laundering after a two- year investigation led by Manhattan District Attorney Robert Morgenthau. B.C.C.I., said Morgenthau, had looted depositors of more than $5 billion in "the largest bank fraud in world history." Named as defendants were Agha Hasan Abedi, the Pakistani founder of B.C.C.I., and countryman Swaleh Naqvi, who had been the bank's chief operating officer. But bringing the pair to trial could prove impossible. Pakistan said last week it will refuse to extradite the ailing Abedi, 68, who is a hero in his homeland...
...authorities said they were virtually forced to shut the bank. Leigh- Pemberton defended the seizure on grounds that "the culture of the bank is criminal." While he called the well-regarded Zayed's purchase of the bank "a welcome development," he said the corruption that originated with B.C.C.I. founder Agha Hasan Abedi and his fellow Pakistani managers had penetrated the entire institution. "The fraud involved not only past management but continuing management, board members and representatives of the shareholders," Leigh-Pemberton said. Yet he insisted that the full scale of the wrongdoing had only recently come to light...
...Muslim world's first banking powerhouse. Though it was incorporated in Luxembourg and headquartered in London, had more than 400 branches and subsidiaries around the world and was nominally owned by Arab shareholders from the gulf countries, B.C.C.I. was always a Pakistani bank, with its heart in Karachi. Agha Hasan Abedi, the bank's founder and leader until his ouster last year, is a Pakistani, as are most of the bank's former middle managers. And it was in Pakistan that the bank's most prodigiously corrupt division was spawned...
Clifford and law partner Robert Altman, who is First American's president, are now under scrutiny by a New York grand jury seeking to determine whether the pair were knowing front men for one of the most ingenious bank tycoons of the modern age: B.C.C.I.'s founder, Agha Hasan Abedi of Pakistan. Clifford and Altman insist they were not, despite long and close connections. They were attorneys for B.C.C.I. from 1978 through 1990, as well as attorneys for First American, billing the two banks for more than $1 million during that period. Clifford, who has long defended Abedi, says...
...startling news that the world's fastest-growing international bank, no longer headed by its financial genius founder, was in deep trouble. Hundreds of millions of dollars was missing from its capital accounts, and hundreds of millions more consisted of loans granted to insiders to buy stock in Agha Hasan Abedi's banks. Such loans were never meant to be repaid, and now the accumulating interest charges had grown so large they could not be ignored. The reason for the grim announcement was an audit by the British office of the Price Waterhouse accounting firm that revealed for the first...