Word: auditive
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...later heart transplant stopped his direct control of B.C.C.I. in 1988, which proved disastrous for the bank. Already in trouble from too rapid expansion, and dependent on constantly increasing deposits to keep the cooked books from revealing the growing problems, B.C.C.I. could not hold together without Abedi -- as the audit released last year revealed. He resigned officially from the bank last year, and is living in semiretirement in Karachi. Authorities in several countries would surely like to get their hands on him. His connections with Pakistan's political and military leaders make it unlikely, however, that he will ever...
...Dhabi and its head, Sheik Zayed bin Sultan al-Nahayan, reportedly one of the world's richest men. Last year Zayed and his son Prince Khalifa acquired 77% of the bank and pumped in at least $600 million against the huge shortfall revealed by the Price Waterhouse audit. It is far from clear that even this infusion will save the bank. Among other irregularities, the audit showed $400 million simply unaccounted for. Add to that a billion dollars of insider loans to front-men shareholders -- loans that were never meant to be repaid -- plus unspecified numbers of bad loans...
Price Waterhouse in the Cayman Islands, an entity separate from the British firm, had earlier performed another fascinating audit. TIME viewed an Oct. 18, 1985, Report of the Auditors to the Members of International Credit & Investment Co. (Overseas) Ltd., which said, "Customer deposits consist of confidential accounts which are not conducted as open accounts requiring periodic dispatch of statements. Furthermore, because of company policy we have not been able to confirm any deposit balances directly with customers, and therefore it is not possible for our examination of such accounts to extend beyond the amounts recorded." With this highly unusual qualification...
...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 time the rot at B.C.C.I.'s core -- a black hole consisting of at least $1.7 billion and perhaps far more...
According to the audit, much of the money disappeared after being passed to International Credit & Investment Co. Overseas Ltd., a secret, unregulated Cayman Island subsidiary known to only a handful of B.C.C.I. officials. Depositors who thought they were placing money -- apparently hundreds of millions -- into B.C.C.I.'s Cayman bank didn't realize that it was being whisked into the I.C.I.C. bank to disguise its true origins and eventual destinations. From there the money trail evaporated in a series of loans and undocumented transfers...