Word: liechtensteiner
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...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...
Between 1970 and 1974, according to last week's indictment, Tzur illegally transferred about $16.2 million from The Israel Corp. and two of its subsidiaries to a Liechtenstein credit trust. The trust was controlled by Tibor Rosenbaum, president of the International Credit Bank (I.C.B.) in Geneva. Apparently, Rosenbaum withdrew the illegal deposits-along with other funds that he transferred from his bank to Liechtenstein trusts-to pay off mounting debts incurred by his other enterprises, mostly real estate ventures...
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...