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...August 2002, international donors forced Arafat to sign over his investments to the Palestine Investment Fund, which was audited by U.S. accountants and managed by Palestinian Finance Minister Salam Fayyad, a former International Monetary Fund official. After scouring corporations throughout the Arab world and bank accounts in the Cayman Islands and Luxembourg, the auditors identified $800 million, which has been made a part of the Palestinian Authority's official budget. "It's the most successful financial reform in the Arab world," says Jim Prince, president of the Los Angeles--based Democracy Council and head of the audit team...

Author: /time Magazine | Title: Where's Arafat's Money? | 11/22/2004 | See Source »

...empty briefcase, and waited. About an hour later, Sala returned with the case filled with cash. By now Parmalat's true debts were too big to hide. The beginning of the end came in 1999, when Parmalat executives transferred the activities of the three shell companies to Bonlat, the Cayman Islands firm at the center of the fake Cuban milk scheme. By 2002, Bonlat's fictitious assets had grown so enormous - up to $8 billion - that the company had to invent a Cayman Islands-based investment fund called Epicurum to take over some of its fictitious credits. Epicurum soon attracted...

Author: /time Magazine | Title: How It All Went So Sour | 11/21/2004 | See Source »

...deny any wrongdoing.) When the hole grew too large to hide, Tanzi, Tonna and the two auditors allegedly came up with Parmalat's most audacious invention: a bogus milk producer in Singapore that supposedly supplied 300,000 tons of nonexistent milk powder to a Cuban importer via Bonlat, a Cayman Islands subsidiary that held the fake Bank of America account. "What struck and surprises me is the simplicity," says Francesco Greco, the senior magistrate in Milan on the case. "It was almost banal...

Author: /time Magazine | Title: How It All Went So Sour | 11/21/2004 | See Source »

...found that CEO Joel Wernick was paid $707,000 (including benefits) in Phoebe's 2002 fiscal year and had an interest-free loan from the hospital for $85,300. The filings also showed that Phoebe had more than $300 million in net assets and reported offshore entities in the Cayman Islands worth some $15.5 million. At the same time, Phoebe had sued citizens in the Dougherty County area, one of the nation's poorest, hundreds of times over a five-year span, making the hospital one of the region's most litigious parties. Phoebe garnished the wages of patient Virginia...

Author: /time Magazine | Title: SICK OF HOSPITAL BILLS | 9/27/2004 | See Source »

...Ivan After skirting the western coasts of Cuba and the Cayman Islands, Hurricane Ivan dialed up its ferocity for two heart-stopping days last week, squeezing through the narrow channel that separates the Caribbean Sea from the Gulf of Mexico as a monstrous Category 5 storm with winds approaching 260 km/h. Fortunately, by the time Ivan made landfall in the U.S. state of Alabama, its winds had gentled to 210 km/h - but that was plenty bad enough. Those who rode out the storm told harrowing tales of cringing in the dark and hearing winds that screamed like jet engines. They...

Author: /time Magazine | Title: Worldwatch | 9/19/2004 | See Source »

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