Word: lavoro
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Dates: during 1990-1999
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...trial will also open a Pandora's box of allegations by the former Atlanta branch manager of the Italian Banca Nazionale del Lavoro and his attorney Bobby Lee Cook. They say that senior B.N.L. officials in Rome not only approved the loans to Iraq but that the U.S. and Italian governments were aware of the transactions. As proof, Drogoul and Cook introduced what they claim is an internal bank document written in Italian and slipped under Cook's hotel room door last week. The document is an executive summary of meetings between bank executives, Italian government officials and representatives...
...case was all but closed. In June, Drogoul, 43, former manager of the Atlanta branch of the Italian Banca Nazionale del Lavoro, pleaded guilty to 60 counts of a 347-count federal indictment that accused him of devising an elaborate "off-books" scheme to hide $4 billion in unbacked loans and unauthorized U.S.-backed credits to Iraq. But on the eve of a sentencing hearing that could condemn him to 390 years in prison, Drogoul replaced his public defender with the wily Cook, who moved to vacate the guilty plea...
While at Kissinger Associates, Eagleburger served on the board of the Yugoslav-owned LBS Bank, which was convicted of money laundering in 1988. About one-quarter of its business came from Banca Nazionale del Lavoro, whose Atlanta branch was instrumental in diverting U.S. agricultural loans to arms purchases by Saddam Hussein. Eagleburger has never been accused of any wrongdoing or even any knowledge of the banks' illegal practices, but Congressman Henry Gonzalez continues to pursue the theory that high officials in the Bush Administration have tried to cover up these activities. In addition, critics charge that Eagleburger's former financial...
...resumed hearings into whether the Administration is withholding information about U.S. policy toward Iraq. One matter before the committee involves a Justice Department investigation into charges that, in exchange for kickbacks and other payoffs, officials at the Atlanta branch of one of Italy's largest banks, Banca Nazionale del Lavoro, made $4 billion in illicit loans to Iraq. Those include $350 million in defaulted loans backed by Agriculture Department guarantees. Christopher Drogoul, former manager of the Atlanta office, is expected to plead guilty this week to charges of fraud and money laundering...
Commercial connections with Iraq have been a source of embarrassment to some companies in Italy and the U.S., among others. Baghdad owes Italian banks < about $2.2 billion, mostly because of unauthorized loans made by the Banca Nazionale del Lavoro branch in Atlanta. That scandal, which is still under investigation in the U.S., led to the resignation of B.N.L. directors and the dismissal of nearly everyone connected with the Atlanta branch. In addition, Iraq owes Italy more than $1 billion for warships that were built but never delivered. In a footnote to the gulf crisis, about 90 Iraqi sailors are living...