Word: lavoro
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...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...
This month a federal grand jury in Atlanta is expected to hand up indictments in connection with almost $3 billion in unauthorized loans funneled to Iraq through the local branch of the Rome-based Banca Nazionale del Lavoro. Although the individual credits themselves were not forbidden, their sum total violated state and federal banking regulations, as well as those of the home bank in Italy. Federal investigators are reportedly trying to ascertain if BNL Atlanta extended a credit to a British-based company accused of trying to procure for Iraq elements of a triggering device for an atom bomb...
...first target. Baghdad already had in place a network of front organizations around the world that purchased materials for ballistic surface-to-surface missiles, chemical weapons and satellites. The Iraqis had even secured $3 billion in unauthorized loans from the Atlanta branch of Italy's Banca Nazionale del Lavoro to finance the purchase of industrial products in the U.S. The Iraqis also possessed about 25 lbs. of enriched uranium salvaged from the Osirak nuclear reactor, which was destroyed by Israeli warplanes in a surprise raid in June...
...lending scheme that apparently took place on a branch manager's home computer in Georgia has grown into Italy's biggest banking scandal in years. Last week the disgrace claimed the two top officers of Italy's largest bank, the state-owned Banca Nazionale del Lavoro. Chairman Nerio Nesi, 64, and Director General Giacomo Pedde, 62, resigned after the bank's board heard the results of an initial probe into a scam in which the bank's Atlanta branch gave $2.6 billion worth of unauthorized export credits to Iraq to buy machinery and agricultural goods...