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The Nation

November 08, 1987

Saudi Arabian arms dealer Adnan Khashoggi and his brother, Essam, drained millions of dollars from their American holding company to pay personal debts, an accountant testified in Salt Lake City. Two loans totaling nearly $90 million and a $150-million stock subscription agreement also were not listed in the bankruptcy filing for Triad America Corp., the Khashoggis' U. S. holding company, said Wayne Elggren, an accountant for the court-appointed trustee of Triad America. Emanuel Floor, a former vice president of Triad America, also testified that Essam Khashoggi had "four stooges," or shell corporations, called Derrick, Gerrik, Merrik and Lerrik Ltd., set up in Nevada to launder financial transactions and make it difficult to trace them.

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