Word: markazi
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Iranian funds immediately became the centerpiece of a financial thriller that might have been written by Paul Erdman, author of The Crash of 79. On the day after the American action, Bank Markazi, the central bank of Iran, instructed Chase Manhattan, the leading bank in a $500 million loan to the government of the Shah, to draw on Iranian assets at U.S. banks in London for payment of an interest installment of $4 million. Because the assets were frozen and payments could not be made on them, the loan became technically in default. Chase hastily polled the eleven other members...
...outstanding loans by suing to attach Iranian property. Morgan Guaranty, for instance, obtained a lien on Iran's 25% interest in two of West Germany's best-known companies: Friedrich Krupp, a diversified steel and engineering combine; and Deutsche Babcock, a manufacturer of industrial equipment. Meanwhile, Bank Markazi sued in London courts to unfreeze $3.3 billion in Iranian assets held in five London branches of U.S. banks...
While diplomatic negotiations to free the hostages were stalemated during much of 1980, U.S. bankers maintained contact with the Iranian government through international law firms. Attorneys from Shearman & Sterling, lawyers for New York's Citibank, regularly held meetings with representatives of Stephenson Harwood, counsel for Bank Markazi. Keeping communications channels open between the two sides helped ease the way for the later settlement...
...court battles were fought every where, by all sides. In Paris, Iran's Bank Markazi sued the French subsidiary of Citibank to release $50 million in depos its frozen since Carter's order. In London, Bank Markazi sued for the release of $1.8 billion on deposit with the Bank of America there...
Also: "Grind to a powder the seed of the carpenter plant, the gum resin of the markazi plant, and thyme, then dissolve it in beer and let the man drink...