Word: liechtensteiner
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Dates: during 1970-1979
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Still, only a small proportion of the illegal capital outflow is being transported by Mercedes and motor scooter. Until new antismuggling laws were passed last April, lire in cash or checks could be transferred to some Swiss or Liechtenstein banks via clandestine exchange channels in Rome and Milan. Huge sums have also been sent abroad by the device of under-invoicing exports and over-invoicing imports; the excess amounts were then deposited in bank accounts abroad. But when it seemed that the Communists might make major gains in last June's elections, Switzerland was awash in a flood...
...their prospective new homeland in practical economic terms. These "Jews of the Arab world." as other Arabs haughtily refer to Palestinians, are already involved in tourism, real estate, banking and engineering elsewhere in the Middle East. They envision a Palestinian state that would become a kind of Middle Eastern Liechtenstein, offering a corporate base at easy tax rates for companies that wanted to operate in the Middle East. They assume that wealthy Arab states like Saudi Arabia would underwrite the costs of building a new country...
That leaves Marlborough and Lloyd. But the New York gallery is only a small branch of the Liechtenstein-based financial labyrinth that Frank Lloyd (TIME, June 25, 1973) has built up over the years, and its American assets would probably not satisfy the judgment. In setting the contempt fine at $3.3 million, Surrogate Midonick said that Lloyd could pay it off by returning the paintings he sold to European investors and dealers in defiance of the court's 1972 injunction. But, says Harrow gloomily, this effort to make Marlborough disgorge may not work: the Rothkos involved are now worth...
Communist Liechtenstein. Little is known inside or outside Laos about the country's new rulers. "Red Prince" Souphanouvong, half-brother of the ousted Premier, Prince Souvanna Phouma, will probably stay on as the republic's figurehead President. The new Premier and secretary-general of the party is Kaysone Phomvihan; his principal deputy is Nouhak Phoumsavan, a senior member of the Pathet Lao central committee. Both men have strong loyalties to Hanoi: Kaysone's father was Vietnamese, while Nouhak is reportedly a protege of Ho Chi Minh's. It remains to be seen whether they will...
Thus Rosenbaum's empire was under intense pressure when the world recession hit Europe, causing stock markets to plunge and interest rates to soar. A desperate need for capital seems to have led Rosenbaum to use his Liechtenstein accounts to transfer funds siphoned from the bank to his other enterprises. Apparently Rosenbaum believed that he would eventually recoup and pay the money back...