September 21, 1991 |
The secretive man who built the Bank of Credit & Commerce International into a global giant by using powerful friends resorted to the same strategy of influence and intrigue when he became ill and desperately needed a new heart. Agha Hasan Abedi was rushed to a BCCI hospital in the winter of 1988 after a massive heart attack at his home here--his identity a carefully guarded secret because associates feared that word of his illness could shake the bank and even the worldwide financial system.
August 6, 1991 |
Here in the land that gave birth to the Bank of Credit & Commerce International, the reaction was quite different from that in the West when the Third World's largest banking empire was ordered shut down last month. The action by the Bank of England came as American indictments and civil suits alleged that BCCI was a criminal organization that sponsored conspiracies and history's biggest bank fraud. But in Karachi, one headline screamed, "The Lynching of BCCI."
July 31, 1991 |
The Bank of Credit & Commerce International got new life Tuesday when its principal owner, the ruler of Abu Dhabi, promised to infuse $87 million into the troubled institution, and Britain's High Court gave him four months to devise a restructuring plan. The court rejected the Bank of England's petition to permanently close the bank, which has been linked to such activities as laundering drug profits and managing accounts for Abu Nidal and other terrorists.
March 17, 1991 |
Former Defense Secretary Clark M. Clifford has denied that he lied to state and federal regulators 10 years ago about the ownership of his Washington bank, saying he learned only recently that a rogue foreign firm secretly and illegally held a controlling stake. "We were had," said Clifford, considered one of Washington's savviest lawyers, in explaining how his First American Bank came to be owned by a foreign institution convicted last year of laundering drug cartel money.
July 13, 1991 |
The Federal Reserve Board moved Friday to bar Saudi Arabian businessman Ghaith R. Pharaon and three others from banking activities in the United States and asked federal prosecutors to launch a criminal investigation into the alleged ownership of Independence Bank in Encino by the Luxembourg-based Bank of Commerce and Credit International.
September 3, 1991 |
Agha Hasan Abedi sounded more like Darth Vader than the founder of the Bank of Credit & Commerce International when he spoke to his executives about the force driving the bank at a conference in Miami one Sunday late in 1985. "Mr. Awan, may I ask you, do you feel the force within, which within you drives you?" Abedi asked Amjad Awan, an official in the bank's Washington office. "How many times do you feel? And what does it make you feel? What do you become when you feel that?