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Agha Hasan Abedi

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NEWS
August 6, 1995 | From Associated Press
Agha Hasan Abedi, who founded the Bank of Commerce and Credit International and watched it collapse in one of the world's largest bank frauds, died Saturday in a Karachi hospital. He was 74. Doctors at the Aga Khan Hospital said Abedi's wife was at his side when he died of heart failure, five days after he was admitted for chest pains. Abedi's health had been failing since he received a heart transplant in 1988.
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NEWS
August 6, 1995 | From Associated Press
Agha Hasan Abedi, who founded the Bank of Commerce and Credit International and watched it collapse in one of the world's largest bank frauds, died Saturday in a Karachi hospital. He was 74. Doctors at the Aga Khan Hospital said Abedi's wife was at his side when he died of heart failure, five days after he was admitted for chest pains. Abedi's health had been failing since he received a heart transplant in 1988.
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NEWS
July 30, 1991 | MARK FINEMAN, TIMES STAFF WRITER
In a small, red-roofed cottage in the heart of this South Asian financial mecca, just a few feet from the private office where, three decades ago, he had conceived and masterminded a $20-billion international banking empire, Agha Hasan Abedi has watched from a wheelchair as his life's vision crumbled in scandal, intrigue and charges of unprecedented worldwide bank fraud in just a few weeks' time.
NEWS
January 9, 1994 | From The Washington Post
U.S. prosecutors and banking officials settled a legal and diplomatic battle with Abu Dhabi on Saturday when the royal family of the Persian Gulf state agreed to give up claims to $400 million that it had invested in First American Bankshares Inc. The agreement also gives investigators access to a key witness with knowledge of the BCCI financial scandal, sources familiar with the agreement said. In return, a $1.
NEWS
September 21, 1991 | DOUGLAS FRANTZ and WILLIAM C. REMPEL, TIMES STAFF WRITERS
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.
NEWS
August 6, 1991 | MARK FINEMAN, TIMES STAFF WRITER
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."
NEWS
July 31, 1991 | JOEL HAVEMANN, TIMES STAFF WRITER
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.
NEWS
March 17, 1991 | PAUL HOUSTON, TIMES STAFF WRITER
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.
BUSINESS
July 13, 1991 | SARA FRITZ and JAMES BATES, TIMES STAFF WRITERS
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.
NEWS
September 3, 1991 | DOUGLAS FRANTZ, TIMES STAFF WRITER
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?
NEWS
November 16, 1991 | DOUGLAS FRANTZ and JAMES BATES, TIMES STAFF WRITERS
Saudi Arabian tycoon Ghaith R. Pharaon was indicted Friday along with two former presidents of the Bank of Credit & Commerce International on racketeering charges in connection with the acquisition of Independence Bank in Encino, Calif. The federal indictment charges that Pharaon helped BCCI gain secret control of Independence in 1985 by masquerading as the bank's sole owner. It alleges that Pharaon acted as a front for BCCI and owned only 15% of Independence while BCCI controlled the remainder.
NEWS
November 2, 1991 | MARK FINEMAN, TIMES STAFF WRITER
It was no secret in this land of crushing poverty and disease that the Bank of Credit & Commerce International and its dynamic chairman, Aga Hasan Abedi, had a special relationship with Bangladesh and its long-serving dictator, President Hussain Mohammed Ershad. But few knew just how special. When Ershad's relatives needed jobs, for example, Abedi quietly hired them for high-paying senior management positions at key BCCI branches in Hong Kong, Britain and Canada.
BUSINESS
October 25, 1991 | OSWALD JOHNSTON, TIMES STAFF WRITER
Former Defense Secretary Clark Clifford and law partner Robert Altman said Thursday they had not known that the Washington bank they headed was secretly owned for almost 10 years by the now scandal-plagued Bank of Credit & Commerce International.
BUSINESS
October 24, 1991 | OSWALD JOHNSTON, TIMES STAFF WRITER
Bert Lance, White House budget director in the Jimmy Carter Administration, told a Senate panel Wednesday that he played a key role in bringing the scandal-ridden Bank of Credit & Commerce International to the United States by urging the bank's founder to acquire a bank holding company--which BCCI subsequently did, secretly and illegally.
NEWS
September 23, 1991 | SARA FRITZ, TIMES STAFF WRITER
After months of investigating the Bank of Credit & Commerce International, one issue remains unresolved for U.S. investigators: Why was the bank so anxious to do business in the United States? The question arises primarily because BCCI executives showed such unflinching determination to expand their global banking network in the United States, even though their efforts to buy banks in this country were firmly opposed by the Federal Reserve Board. To circumvent U.S.
NEWS
September 21, 1991 | DOUGLAS FRANTZ and WILLIAM C. REMPEL, TIMES STAFF WRITERS
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.
NEWS
November 16, 1991 | DOUGLAS FRANTZ and JAMES BATES, TIMES STAFF WRITERS
Saudi Arabian tycoon Ghaith R. Pharaon was indicted Friday along with two former presidents of the Bank of Credit & Commerce International on racketeering charges in connection with the acquisition of Independence Bank in Encino, Calif. The federal indictment charges that Pharaon helped BCCI gain secret control of Independence in 1985 by masquerading as the bank's sole owner. It alleges that Pharaon acted as a front for BCCI and owned only 15% of Independence while BCCI controlled the remainder.
NEWS
July 30, 1991 | VICTOR F. ZONANA, TIMES STAFF WRITER
The Bank of Credit & Commerce International and two of its founders were indicted Monday for fraud, falsifying records and grand larceny in what Manhattan Dist. Atty. Robert M. Morgenthau termed "the largest bank fraud in world financial history." On another front in Washington, the Federal Reserve Board imposed a record $200-million fine on BCCI and sought to bar the founders and seven others from any involvement with U. S. banking organizations in the future. The indictment, the biggest U. S.
NEWS
September 3, 1991 | DOUGLAS FRANTZ, TIMES STAFF WRITER
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?
NEWS
August 9, 1991 | MARK FINEMAN, TIMES STAFF WRITER
The Bank of Credit & Commerce International used a veil of charity, nationalism and religious piety in the country of its birth to avoid paying tens of millions of dollars in taxes. Instead, it channeled most of the huge profits it earned in Pakistan to a corporation owned by a close friend of the bank's founder, to inflationary tax-free bonds and to pet projects of Pakistan's most powerful politician, President Ghulam Ishaq Khan.
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