Word: hasan
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Dates: during 1990-1999
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Simultaneous probes by the office of New York District Attorney Robert Morgenthau, the Justice Department and the Federal Reserve indicate that Clifford, as chairman of First American, and Altman, as president, acted as knowing front men for B.C.C.I. founder Agha Hasan Abedi, falsifying documents and lying to authorities. The two are also charged with using First American's 1987 purchase of National Bank of Georgia as a vehicle for transferring huge and unmerited profits to B.C.C.I., all under Abedi's direction...
...Agha Hasan Abedi, founder of the Bank of Credit & Commerce International, ranks as one of the great criminal minds of his time, a man who built a financial web that is unlikely ever to be completely understood. In fact, B.C.C.I. might have endured longer had Abedi not fallen gravely ill in the late 1980s. The frail 68-year-old could only watch from his estate in Karachi when the branches of his bank were seized in 69 countries last July...
...less than dynamic prosecution. But last week the department indicted B.C.C.I. and three bank officials, charging them with illegally taking over Independence Bank of Encino, Calif., and with fraud that contributed to the billion-dollar downfall of Florida's CenTrust thrift. Indicted with the bank were founder Agha Hasan Abedi, former bank president Swaleh Naqvi and B.C.C.I. front man Ghaith Pharaon. Since the U.S. stands little chance of extraditing Abedi from Pakistan and Naqvi faces charges in Abu Dhabi, Pharaon's indictment may be the most productive of the three. The Saudi national is believed to be holed...
Ozal leaves behind him a bequest that can only benefit Demirel: a national consensus. Says Hasan Cemal, editor of one of Turkey's most influential newspapers, Cumhuriyet: "The clock cannot be turned back. The multiparty democratic system is here to stay. All parties except the fundamentalists make joining the European Community their No. 1 priority. We are on the right track." The same consensus applies to the economy. Whatever Demirel's reservations about the dangers of unbridled capitalism and his past inclination to subsidize state industries, he will have little choice but to follow in the path of Ozal...
...organizations had a strong human link as well, grounded in the friendship between B.C.C.I. founder Agha Hasan Abedi and Bank of America's A.W. (Tom) Clausen, who was chairman during 1970-81 and 1986-90. When regulators seized B.C.C.I. offices around the world last July, three of the seven directors on its board were former high-ranking Bank of America executives. On that same day, the California bank disclosed that it still had $177.4 million of B.C.C.I.'s money in its accounts...