Word: isc
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...prince, says the SEC, was paid to use his influence for ISC...
...example, in Iran, where ISC sales averaged $60 million annually in recent years, the company, in pursuit of a $350 million pulp-and-paper project, paid sev eral groups of agents $11.3 million of a $22.3 million commitment. Among them...
...federal civil Suit in Washington last week, the SEC accused ISC of getting some $750 million in orders over the past decade by making more than $23 million in "questionable and illicit" payments, and having "outstanding commitments" of $10 million for similar payments. Named as defendants were the company, deposed Chairman J. Thomas Kenneally, Senior Vice President Herman Frietsch, former General Counsel Raymond Hofker, former Treasurer Albert Angulo and Chief Engineer Harlan Stein. The SEC asked the court immediately to appoint an agent to take over the company's records and oversee its activities. Reason...
...there were early signs that his financial wizardry was getting him into trouble. After an attempt by ISC to take over Colorado-based Holly Sugar Corp. in 1967, the Government indicted Kenneally's partner in the scheme for violating stock-purchase margin requirements and sent him to jail. Kenneally was named as an unindicted coconspirator. ISC had acquired $1 million worth of Holly's stock through a Uruguayan brokerage firm to avoid the margin rules, and then dumped its shares, for a $1.6 million profit, after dropping the takeover...
...Attorney's office came after ISC again last year. Officials of a petroleum-trading subsidiary called Yen-Fuel were indicted on several counts of fraudulently importing oil into the U.S. as part of the "daisy-chain" swindles that involved several small oil firms...