Word: sec
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Only a day before, sonic booms and cannon fire reverberated in the clear blue sky as Israeli and Syrian jets clashed over Lebanon. Flying U.S.-built F-15 fighters, Israeli pilots shot down four MiG-21s in a 90-sec. dogfight apparently provoked by the Syrians. The Israelis claimed that all their planes went unscathed. The dogfight underscored the fragility of the Lebanese ceasefire...
...accident at a Kentucky mine that killed 26 men. (Blue Diamond has been cited for violations of Government safety regulations more than 4,500 times in the past nine years.) In March the nuns asked Blue Diamond to register with the Securities and Exchange Commission so that the SEC would have to regulate it. The company refused, stating that the nuns had not been registered as bona fide stockholders. Now the nuns are going to court to force Blue Diamond to register them as the shareholders of record, so that they will be able to get a stockholders' list...
...Chile, the company worked out a deal with Daniel Fuenzalida, chief economic adviser to General Gustavo Leigh, a member of the ruling junta. Fuenzalida and others formed a company called Chilco, which the SEC said was to be paid .5% of the value of any contracts that ISC secured in the country. One member of Chilco was Benjamin Rencoret, who was and is a Chilean honorary consul in Houston. Despite payments of $30,000 to Chilco, the company failed to get the contract it was seeking: construction of a $375 million liquefied natural gas plant...
...subsidiary landed a contract in Algeria to build a natural gas treatment plant. The subsidiary listed a cost of $400,000 paid to Rhasid Zeghar, a former senior military officer, for consulting services, which the SEC says consisted of meeting with ISC representatives for four days. In order to win a $5.2 million contract to build a grain storage facility in Nicaragua, other subsidiaries paid $415,538 to companies owned or controlled by Dictator Anastasio Somoza and his wife...
Company officials deny that the payments were bribes and claim they were sales commissions and consulting fees. In any event, the two-year investigation by the SEC has put ISC in dire trouble. Unable to meet its payroll since April, it has piled up $24 million in losses, and trading in its once highflying stock has been halted by the American Stock Exchange...