Word: frauds
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Dates: during 1990-1999
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...Washington, the U.S. Justice Department adamantly disputed evidence that it had failed to follow through on reports from undercover agents that B.C.C.I. had engaged in corrupt banking practices. In London, British Prime Minister John Major, pale and rigid with rage, told Parliament he knew nothing of rampant fraud at B.C.C.I. until shortly before July 5, when regulators closed the $20 billion rogue bank in most of the 69 countries where it operated. In Peru the scandal breathed new life into charges that former President Alan Garcia Perez had used B.C.C.I. accounts to loot as much as $50 million from...
...dustup in Parliament, Neil Kinnock, leader of the opposition Labour Party, called Major "utterly negligent" for failing to take action against B.C.C.I. while serving as Chancellor of the Exchequer in January 1990. Replied an ashen-faced Major, who said he had learned of the full extent of the bank fraud only on June 28: "If you are saying I am a liar, you had better say so bluntly." Robin Leigh-Pemberton, governor of the Bank of England, later affirmed that Major first received details of the scandal in late June...
...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...
...shuttering B.C.C.I., the regulators relied on a June audit by the accounting firm Price Waterhouse that called the fraud "one of the most complex deceptions in banking history." Price Waterhouse found that the bank had routinely siphoned funds from deposits and created fictitious loans to generate phony profits. But such practices only created an insatiable demand for more bogus transactions...
...Bank-fraud cases are usually dry, tedious affairs. Not this one. Nothing in the history of modern financial scandals rivals the unfolding saga of the Bank of Credit & Commerce International, the $20 billion rogue empire that regulators in 62 countries shut down early this month in a stunning global sweep. Never has a single scandal involved so much money, so many nations or so many prominent people...