Word: olin
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Citibank stops its loans; Olin is indicted for rifle sales
...companies that had reacted to the dilemma in widely contrasting ways. In New York, Citicorp, holding company for the U.S.'s second largest bank. Citibank, let out the word that it had stopped all lending to the South African government and government-owned companies. In New Haven. Conn., Olin Corp., the owner of the Winchester Group, which is one of the largest U.S. firearms makers, was indicted on a charge of conspiring to ship weapons to South Africa illegally...
...Olin indictment reads a bit like a spy thriller. For almost 15 years, Washington has embargoed all sales of arms to South Africa. But, say federal prosecutors, a South African buyer, with Winchester's connivance, arranged for orders to be placed by agents in Spain, Greece, Austria and Mozambique. Prosecutors allege that some 3,200 Winchester rifles and 20 million rounds of ammunition were shipped under false invoices to South Africa between...
...company concedes that sales took place but contends the chicanery was the work of three low-level employees who acted without the knowledge of senior executives. Disagreeing, a federal prosecutor accuses Olin of conspiring to "subvert the foreign policy of the U.S." If found guilty. Olin could be fined up to $510,000 and, far more important, lose its license to manufacture arms...
...educators who favor financial help for the middle class but reject tax credits without any ceiling on income have rallied behind Carter. But a few have sided with parochial school forces in favoring tax credits. "Carter's plan is too little and too complicated," argues Middlebury College President Olin Robison...