Word: caymans
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...bank within the bank diverted depositors' funds to finance purported loans to insiders for the purchase of stock in institutions that Abedi wanted to control from behind the scenes. In general such loans would never be repaid. According to the records, $476 million from a B.C.C.I. bank in the Cayman Islands and $308 million from International Credit & Investment Co. Ltd., a B.C.C.I. holding company in the Caymans, were funneled to fake shareholders for purchases of stock in transactions similar to the First American shuffle...
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...
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...
...Tampa last week the bank lifted its veil of secrecy when two of its subsidiaries pleaded guilty in the first U.S. money-laundering case against a major international banking house. In a plea-bargaining deal, the two subsidiaries -- one based in Luxembourg and the other in the Cayman Islands -- agreed to surrender $14.7 million of alleged drug profits...
...fast, to an account in Luxembourg. If the bank were to delay, his Colombian client would kill him, Vives pleaded. The banker refused, and British authorities cooperating with the DEA froze the account. Not all countries were as helpful. U.S. agents said they tracked Rodriguez's money to the Cayman Islands, Spain and Montserrat, but local authorities said they could not cooperate, citing rigid bank-secrecy laws as an excuse...