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August12,1991

WorldClassFraud:HowB.C.C.I.PulledItOffA
specialreport.AttheEndofaTwistedTrail,Piggy
BankforaFavoredFew
BySTEVELOHR,

LONDON,Aug.11DuringhisdecadeasaninternalauditorfortheBankofCreditand
CommerceInternationalhere,VivianAmbroseknewalltoowellthebank'sunwrittenrules.
Someloandocuments,forexample,wereofflimitstothebankinspectors,includinghim.Instead,
theywerehandledpersonallyandconfidentiallybytheinnercircleoftwodozenexecutiveswho
keptthebank'ssecrets.
"Itwascommonknowledgewithinthebankthattherewerefraudulentloans,"the51yearoldSri
Lankanimmigrantsaid.ExtentoftheFraud
Now,thankstoasheafofdocumentsthathavecometumblingintoviewinthelastseveraldays,
alongwithdatafromarecentNewYorkindictmentagainstthebankandtestimonybyaformer
topB.C.C.I.executivelastweekinCongress,thesupposedextentofthatfraudcanbelaidbare.
Takentogether,therecentdisclosuresportrayabankthattookmoneyfrommorethanamillion
depositorsaroundtheworldandbecameapersonalpiggybankforitsArabandPakistaniowners
anditsfavoredcustomers.Foritsbestcustomers,millionsofdollarswereadvanced,oftenwithout
documentationandsometimesinviolationofthebank'sownlendinglimits.Thedepositors,
virtuallyallofwhomareoutsidetheUnitedStates,nowstandtoloseheavily.
Frontmenoftenstoodintomasktheidentityoftherealborrowersorpurchasers.TheFederal
ReserveBoardbelievesthattheuseoffrontmenultimatelyenabledB.C.C.I.tobuycontrolofFirst
AmericanBanksharesInc.,Washington'sleadingbankinginstitution,runbyClarkM.Clifford,the
prominentlobbyistandlawyerwhorepresentedB.C.C.I.whenitfirstbeganbuyingbanksinthe
UnitedStates.SchemetoCoverLosses
Aslossesmounted,thebankapparentlyhatchedaschemetocoverthemupbymakinginterest
paymentsonloanswithdepositsfromothercustomers.Theideawastodeceiveauditorsfrom
detectingtheredinkinitsloanportfolio.Theschemealsoinvolvedoffshorefundsparkedin
lightlyregulatedcountriesthatcouldbedrawndowntopatchuplosseselsewhere.
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Andwhencapitalwasneededtoabsorbfurtherlosses,thebankartificiallypumpedupitsshare
pricebylendingmoneytoexistingshareholderstobuymorestock.Theproceedsfromthestock
wouldhelpbalancethebank'sbooks,butactuallythebankwasmerelytakingdepositormoney
andinvestingitinthebank.
Bankers,regulatorsandevensomelawenforcementofficialshadonlyvaguenotionsforyearsthat
theBCCGroupS.A.,theholdingcompanyforB.C.C.I.anditsaffiliates,wasastrangeand
shadowyinstitution.Sincetheearly1980's,thecompany'sreputationmadebankingofficials
uneasya"stateless"bankthatoperatedintheUnitedStatesandabout70othercountries,
charteredinLuxembourg,runbyPakistanis,ownedbyArabs,headquarteredinBritainand
servicedbyoutpostsintheCaymanIslands,awellknownhavenforprivatebanking.Policeand
intelligenceexpertsnicknamedB.C.C.I.the"BankofCrooksandCriminals"foritspenchantfor
cateringtocustomerswhodealtinarms,drugsandhotmoney.
"Weknewthatthebankhadfinancialtroublesbutnotthattherewasmassivefraud,"saidJohn
Atkinson,thebankinspectorfortheCaymanIslandsandamemberoftheinternationalteamthat
shutdownB.C.C.I."Iwasverysurprisedbytheextentandsizeofthefraud."AnUnravelingFraud
RaisesNewQuestions
Thedocuments,chargesandtestimonyalongwithinterviewswithinvestigators,regulatorsand
formerbankofficialsintheUnitedStates,EuropeandtheCaymanIslandsshedlightonhow
B.C.C.I.orchestrateditselaboratefraud.Buttheyalsoraisenewquestionsabouthowthebankgot
awaywithitforsolong.Andunravelingthefraudisnecessarytoaddressacrucialissue:whether
B.C.C.I.wasauniquecriminalorganizationorjustunusuallyadeptatexploitingtheweaknesses
ininternationalfinancialregulation.
NotuntilJunedaysbeforeinternationalbankingregulatorsseizedthebankdidanyone
finallypossesssolidevidenceofthemultibilliondollarfraudthathadbeentheprivatehandiwork
ofthehandfulofbankerswhohadengineeredit.
Now,freshevidenceseemstoarrivealmostdaily.Lastweek,severaluncensoredcopiesofthe
bank'sindependentauditswerereleasedonCapitolHillalongwithcopiesoflettersbetweenthe
bankanditsaccountingfirm,PriceWaterhouse.Therewasalsoareportpreparedbythebank's
ownseniorofficerslastyearwhocompletedaninternalinvestigationofthebank.
Twoweeksago,astategrandjuryinManhattanindictedB.C.C.I.formoneylaundering,bribery
andfraud,andtheFederalReserveBoardproposedarecord$200millionfineonB.C.C.I.for
secretlycontrollingthreeAmericanbanksFirstAmerican,theCentrustSavingsBankofMiami
andIndependenceBankofEncino,Calif.
AllofthisactivitywastouchedoffbyaconfidentialreportlastJunetotheBankofEngland,
Britain'stopbankingregulator,statingthatB.C.C.I."generatedsignificantlossesoverthelast
decadeandmayneverhavebeenprofitableinitsentirehistory."Itwasthatreportthatprompted
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theworldwideseizureofB.C.C.I.onJuly5.PriceWaterhouseAudit
WhenaninternationalteamofbanksupervisorsgatheredinlateJuneattheBankofEnglandon
ThreadneedleStreetinLondon,theywereshockedbyaconfidentialreportpreparedbythebank's
auditor.
Usingcodenameslike"Sandstorm"forB.C.C.I.and"Fork"foritsCaymanIslandsaffiliate,called
theInternationalCreditandInvestmentCompany,PriceWaterhousesketchedoutin45pages
whatittermed"oneofthemostcomplexdeceptionsinbankinghistory."Itincludedphonyloans,
unrecordeddeposits,secretfilesandillicitsharebuyingschemesallfunneledthroughaglobal
networkofshellcompanies,friendlybanksandwealthyArabfrontmentocoverupthescam.
ThemostvisibleB.C.C.I.frontmanintheUnitedStates,accordingtotheFederalReserveBoard,
wasGhaithR.Pharaon,aHarvardtrainedSaudibusinessmanwhohasownedbanks,hotelsand
manufacturingbusinessesaroundtheworld,includingextensiveprojectsinArgentina.Fromhis
estateinRichmondHill,Ga.,nearSavannah,Mr.PharaonbefriendedwealthyAmerican
politicansandbusinessleaders,includingformerAtlantaMayorAndrewYoungandBertLance,
theGeorgiabankerwhoservedasbudgetdirectorintheCarterAdministration.
Mr.PharaonboughtMr.Lance'sNationalBankofGeorgiaandlatersoldittoFirstAmerican
Bank.Mr.YounglaterhadacontractwithB.C.C.I.witha$50,000ayearretainertointroduce
B.C.C.I.aroundtheworld.
Thebankcurriedfavorwithotherprominentpeoplethroughcharitabledonationsorconsulting
fees,includingformerPresidentJimmyCarterandformerPrimeMinsterJamesCallaghanof
Britain,tolendB.C.C.I.anauraofinfluenceandrespectability.
Andthebankmaintainedsecretaccountsforacollectionofpeopleandinstitutionsthatreadslike
alistofcharactersandorganizationsforaspynovel:SaddamHussein,AbuNidal,Manuel
Noriega,theCentralIntelligenceAgencyandanassortmentofdrugrunnersandarmsmerchants.
"Itwasthebankofconvenienceforpeoplewithmoneytohide,"saidJulesKroll,aNewYork
investigatorwhohastrackedtheuseofB.C.C.I.bytheIraqileaderandPeruvianGovernment
officials.
ThereissomequestionwhetherB.C.C.I.deceivedAmericansavingsregulatorsin1988andbought
timeforCentrustSavingsinMiamitoworkitselfoutofitstroubles.Ayearlater,theregulators
seizedthebank,butnotuntilthecostofbailingouttheinstitutionroseconsiderably.Partofthe
focusofaFederalinvestigationinMiamiinvolvesacapitalinjectionintoCentrustthatmayhave
beenillusory,Federalinvestigatorssay.
Butinothercountries,wheremorethanamilliondepositors,rangingfromstreetsweepersto
centralbanks,havefundstiedup,peoplearelikelytolosemoney.Justhowmuchtheywilllose
dependsonwhatassetstheliquidatorsfindamongthebogusloansaprocesslikelytotake
years.ThereisafainthopethattheGovernmentofAbuDhabianditsruler,SheikZayedbin
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SultanalNahayan,whichnowown77percentofB.C.C.I.,maybepersuadedtobackarescue
planforarecastversionofthebank.TheLikelyVictimsAreOutsidetheU.S.
Thechancesarehigh,however,thatthecollapseofB.C.C.I.willmeanbillionsofdollars'worthof
lostpersonalsavings,muchofitexpectedtobelostbyhouseholdsindevelopingcountriesand
amongtheaspiringAsianimmigrantsinEurope.AndAmericanstyledepositinsurance,withthe
governmentguaranteeingthesafetyofaccountsupto$100,000,doesnotexistinmostcountries.
InBritain,forexample,depositinsurancecovers75percentoflossesuptoamaximumof
$:15,000,orabout$25,500.
"WehavepeoplewhohadtheirlifesavingsinB.C.C.I.,smallcompaniesthatdepositedtheir
pensionfundmoneythereandlocalauthoritieswithtaxmoneyinB.C.C.I.accounts,"saidClive
Russell,deputyseniorpartnerofHalpern&Woolf,aLondonaccountingfirmthatrepresents
creditorsofthebank."Forthemit'safinancialdisaster."
TheAbuDhabiownersofthebankhaveobjectedtoitsseizure,thoughtheyacknowledgedits
"variousoperatingproblemsinrecentyears,"and"substantiallosses."Theyhavehadlittletosay
exceptthattheywereproceedingwithaplantorescuethebank.Theyalsochangedmanagement
andinitiatedaninternalinvestigationofitsproblemslastyear.
AmongthecountlessfigurescontainedinthepilesofdocumentsonB.C.C.I.,oneofthemore
instructiveisthementionof$2.5milliononpage12oftheconfidentialauditors'reporttothe
BankofEnglandinJune.Thatwasthemodestgrubstakeofcapitalinvestedbytheinitial
shareholdersin1972,whenB.C.C.I.wasfounded.
ItwasthebrainchildofaPakistanibanker,AgaHassanAbedi,andahandfulofcompatriots.He
hadlargedreamsofcreatingaglobespanningbankthatcouldcompetewiththebigWestern
financialinstitutionsbutalsocatertodevelopingcountries.
"Fromtheoutset,B.C.C.I.neverhadmuchcapital,"observedRobertM.Morgenthau,theDistrict
AttorneyinManhattan."Buttheywantedtobeahugebank,sotheywerealwaysdesperatefor
fundsanddeposits."RapidGrowthRoute
Arapidgrowthroutewasbigcustomers.AndMr.AbeditappedhiscontactsinPakistanforthe
biggest,theGulfGroup,ashippingandtradingconglomerateownedbytheGokalfamilyof
Karachi.Therelationshipbeganin1972whenthecompanymadesubstantialdepositsinB.C.C.I.
In1976,accordingtoPriceWaterhousedocuments,theGulfGroupbeganborrowingheavilyfrom
B.C.C.I.fortradefinancingandshippingloans.Thefollowingyear,theloanshadgrowntothe
pointthatB.C.C.I.transferredtheGulfGroupaccountsfromtheLondonofficetoitsCayman
Islandssubsidiary,B.C.C.I.Overseas,tosidestepBankofEnglandrestrictionsonlendinglimits.
Butby1978,theGulfGroupwasinfinancialtroubleandsowereB.C.C.I.'sloans.Tohideits
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losses,B.C.C.I.funneledmoneyoftenunrecordeddepositsfromelsewhereinthebankinto
theGulfGroupaccountstomakeitappearthatloanrepaymentswereuptodatewhentheywere
not.
Frequently,thefundswereroutedthroughB.C.C.I.shellcompanies.Sometimespayment
documentsweresimplyfaked.HavingB.C.C.I.executivesworkontoGulfGroupaccountson
Decembernightswasanannualritualatthebank.Theloandoctoringbecamea"fulltime
occupation,"accordingtoPriceWaterhouse,andtheteamsetuptohandleitwasdubbedthe
bank's"specialduties"department.
TheheadoftheteamwasreportedlySwalehNaqvi,B.C.C.I.'sformerchiefexecutive,whoisnow
livinginAbuDhabi.Theelaboratedeceptioninvolvedsome750accountsovera15yearperiod,
andloanstotheGulfGroupfromB.C.C.I.andthroughitsmanyshellcompaniestotaledmore
than$700million.Today,theGokalbrothersholdingcompanyinLuxembourg,GulfHoldings
International,isinadministrativereceivership,theEuropeanequivalentofbankruptcy.
TheGulfGroupscamhighlightshowdifficultitwastodetectB.C.C.I.'sstockmanipulation.First,
thehiddenfundsandbogusloansoftenpassedthroughtheInternationalCreditandInvestment
CompanyintheCaymanIslands,aB.C.C.I.affiliate.TryingtoTrackDownA'BankWithina
Bank'
TheInternationalCreditandInvestmentaffiliateoperatedunderthecoveroftheBritishcolony's
strictbanksecrecylaws,anditsrelationshipwithB.C.C.I.wasmisunderstoodforyearsbyauditors
andregulators.ItwasthoughttobelinkedtoMr.Abedi'ssizablecharityprogramsandB.C.C.I.
didfinanceeverythingfrom$8millionworthofhealthandagriculturalprogramssponsoredby
Mr.CartertoslumclearanceinKarachiandscholarshipsforpoorstudentsaswellasthirdworld
musiciansandwriters.
Butregulatorsareonlynowlearningthattheaffiliate'spurposewastoserveasaconduitforthe
bank'ssecretandillicitdealings.Itwasnotuntillastyearthatinvestigatorsdiscoveredthatthe
CaymanconcernwaswhattheFedcalledthe"alterego"ofB.C.C.I.Now,theCaymanaffiliatehas
beencalleda"bankwithinabank,"thatis,attheheartoftheB.C.C.I.fraud.
ThesecondaspectthatmadethefraudsdifficulttodetectweretheprivatefilesofMr.Naqviin
LondonaseparatesetofbooksthatbeganwiththeGokals'shippingandtradingcompany.When
B.C.C.I.wasseized,thesecretsetofbooksamountedtosome6,000files.Onlyrecentlyhavethe
AbuDhabiownersofthebankagreedtoturnoverthefilestoBritishregulators.
"I.C.I.C.wasnotthebankwithinabank,"saidMr.Atkinson,theCaymanbankinspector,whowas
assignedtothejobin1989bytheBankofEngland."Itwasthose6,000files."
Onceitsloanlossesspiraledupward,B.C.C.I.couldhaveadmittedtheproblem,husbandedits
capitalandstruggledtosurvive.Instead,ithidthelossesandrolledthedice,hopingthatfuture
profitswouldcome.
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ItsbigbetwasitsmoneymanagementandtradingactitiviesinLondon.Butagain,thehushhush
operationwasbookedinCaymanIslandaccounts.
TheLondontreasuryofB.C.C.I.apparentlygambledandlostbigontradinginfinancialfutures,
optionscontractsandcottonoverseveralyears.Theusualinternalcontrolsonthesizeof
investmentsthatcouldbemadewithdepositors'fundswereignored.Thebankhada$1billion
limitonitsinvestments,butindesperationtheaccountsswelledtoastunning$11billion.From
1977to1985,thetreasuryunit'sactuallossestotaled$633million,accordingtothePrice
WaterhousereportinJune.But,thereportadded,thosefiguresdidnotincludea$225million
lossin1985thattheauditorsturnedup.
In1985,LuxembourgbankingauthoritiesaskedPriceWaterhousetoinvestigatethetrading
activities.TheauditorsfoundthatB.C.C.I.waslosingheavilyonoptionsandfuturestrading,and
thattheselosseswere"notbeingproperlyrecorded."Thatledtoa$225millionchargeagainst
earningsin1985.Atthetime,theaccountingfirmconcludedthatB.C.C.I.'sfailuretorecognize
thelossesresultedfrom"incompetence."
Now,saysasomewhatchastenedPriceWaterhouse,"withthebenefitofhindsight,itappears
moresinisterinthatitnowseemstohavebeenadeliberatewaytofictitiouslyinflateincome."Back
in1985,theaccountingfirmdidnotexaminetheprioryear'stradingbecause"nosignificantlosses
appearedtohaveoccurred."
Photos:ThemostvisibleB.C.C.I.frontmaninAmerica,accordingtotheFederalReserveBoard,
wasGhaithR.Pharaon,aHarvardtrainedSaudibusinessman.Heisshownin1987withhiswife,
Mary,andMayorAndrewYoungofAtlantaandhiswife,Jeanne,atapartyatMr.Pharaon's
houseoutsideSavannah,Ga.(BobMorris/TheSavannahNewsPress)ClarkM.CliffordRobert
A.AltmanJimmyCarterAndrewYoungBertLanceRobertM.MorgenthauAgaHassan
AbediJohnMajorGhaithR.PharaonMasihurRahmanSheikZayedbinSultanalNahayan
AlanGarcia(pg.D4)Charts:"LeadingFiguresinanUnfoldingDrama"IntheUnitedStatesClark
M.Clifford:TheprominentWashingtonlawyeranddemocraticpresidentialadviserrepresented
B.C.C.I.andservedaschairmanofFirstAmericanBanksharesInc.ofWashington.Represented
MiddleEasterninvestorswhoboughttheWashingtonbankingcompanybutdisputesGovernment
accountsthatB.C.C.I.controlledthebank.RobertA.Altman:ALawpartnerwithMr.Clifford
andpresidentofFirstAmerican.JimmyCarter:TheformerPresidentmetB.C.C.I.'sfounderand
accepted$8millionindonationsfromthebankforhealthandotherprogramssponsoredbythe
CarterCenteratEmoryUniversity.Thebankalsogave$500,000fortheconstructionofthe
center.AndrewYoung:TheformerUnitedNationsAmbassadorwaspaid$50,000ayearby
B.C.C.I.,forwhichheintroducedthebank'sfoundertothirdworldpoliticalleaders.Mr.Young
alsohadatradingcompanythatborrowedmoneyfromB.C.C.I.BertLance:SoldtheNational
BankofGeorgiatoGhaithR.Pharaon,aHarvardtrained,SaudiArabianWithExtensive
Americaninvestments.TheFederalReservebelievesthatMr.PharaonwasafrontmanforB.C.C.I.
HelatersoldtehbanktoFirstAmerican.RobertM.Morgenthau:NewYorkprosecutorhas
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investigatedFirstAmerican'sandB.C.C.I.'sroleinthepurchasesofNewYorkbanks.
Announcedanindictmentagainstthebanklastmonthaccusingitofbribery,moneylaundering
andfraud.AbroadAgaHassanAbedi:Pakistanifinancierwhofoundedthebankin1972and
manageditsomesaylooselyuntilhealthproblemsledtohisresignationin1990.Helivesin
Karachi,Pakistan,andhasdeniedwrongdoing.JohnMajor:TheBritishPrimeMinisterwas
formerlyresponsibleforbankregulationinBritain,buttooklittleactionagainstthebank.Ghaith
R.Pharaon:AleadingSaudibusinessmanintheUnitedStates.Operatingfromahughestatenear
Savannah,Ga.,hebefriendedpoliticiansandbusinessleadersworldwide.HedeniestheFed's
chargesthathewasafrontmanforB.C.C.I.,butbankauditsshowhewasamajorborrowerand
oncewasastockholderofthebank.MaslhurRahman:FormerchieffinancialofficerofB.C.C.I.
wholeftafterleadinganinternalinvestigationofthebankthatturnedupextensivefraud.
ClaimedintestimonybeforeaUnitedStatesSenatesubcommitteethatheandhisfamilyhave
receiveddeaththreats.SheikAzyedbinSultanalNahayan:RulerofAbuDhabiwhowasa
B.C.C.I.stockholderandcustomerbeforetakingcontrolofthebankin1990.AlanGarcia:Former
PresidentofPeruwhohasbeenaccusedoflootingthecountryandparkingmoneyoffshorein
Americanbanks.PeruvianofficialssayandhedeniesthathearrangedforB.C.C.Itohold
reservedinPeru.Chart:"BankingatB.C.C.I.:ChargesofPhonyLoans,FakeProfitsandBribes"
Secretpurchaseofbanks:B.C.C.I.isaccusedoflyingtoUnitesStatesbankingauthoritiesand
secretlygainingcontrolofthreeAmericanbanks:FirstAmericanBankshares,theNationalBank
ofGeorgiaandtheCentrustSavingsBank.TheFederalReservesaysB.C.C.I.boughtcontrolofthe
bankswithmoneyfunneledthroughacoterieofArabfrontmenwhoearnedhugefees.Two
prominentWashingtonlawyers,ClarkM.CliffordandRobertA.Altman,repeatedlyassuredthe
FedthatB.C.C.I.wasnotbehindthepurchaseofFirstAmerican.Theylaterbecametopexecutives
ofFirstAmerican.Bothmeninsistnowthatthey,too,weredupedbyB.C.C.I.Moneylaundering:
Thebankischargedwitheightcountsofacceptingcashdepositsofmorethan$10,000each,from
AugustthroughOctober1988,withoutmakingrecordsofthetransactionsasrequiredbylaw.The
secretdepositsweremadethroughtheB.C.C.I.officeinNewYork.Thechargeisfalsifying
businessrecords.DistrictAttorneyRobertMorgenthauofManhattansaysthetransationsin
numberedaccounts"appeartobeinstancesofmoneylaundering."Hiddenlossesandfictitious
profits:Theconfidentialauditors'reporttotheBankofEnglandthatbroughttheseizureof
B.C.C.I.onJuly5sketchedoutanelaboratefraudoveryearstoburylossesandmanufacture
profitsinamultibilliondollarcoverup.TheauditstatesthatB.C.C.I."mayneverhavebeen
profitableinitsentirehistory."Forexample,thebank'streasurymanagerinLondonlosthundreds
ofmillionsofdollarsontradingfinancialfutures,optionscontractsandcotton.Thelosseswere
coveredupbymisappropriatingdepositsandcreatingphonyloanstomakethebankappear
healthy,aformerB.C.C.I.banksays.From1977to1985,thelossesandfakeprofitstotaledabout
$850million.TheLondontreasurymanagerblackmailedB.C.C.I.whenheleftin1986hewas
paid$32milliontokeepquietin1988.EstimatesofB.C.C.I.'stotallossesrangeupto$15billion.
Phonycapital:Whenthebankwasthreatenedbyinsolvency,itincreaseditscapitalbymaking
loanstoexisitingshareholderswhopurchasedB.C.C.I.stockatartificiallyinflatedprices.That
madethebankappeartobefinanciallyhealthy.However,infact,thefreshcapitalwasactually
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bankdepositsthatbelongedtocustomers,accordingtoabankaudit.Unrecordeddeposits:
DepositswerecollectedandnevercorrectlyplacedonB.C.C.I.'sbooksasliabilities.Thebank's
auditor,PriceWaterhouse,wastippedoffbyaseniorB.C.C.I.executiveinJanuary1991thatthe
unrecordeddepositsmightbeasmuchas$600million.Thesephantomdepositswereusedasa
discretionaryfund,basedinthebank'sCaymanIslandsaffiliate,tobeusedanywhereinthe
B.C.C.I.networktomaskthelosses.Thefundscouldmakeitappearthatpaymentsontroubled
loanswereuptodate,forinstance.Thebiggestsourceofunreporteddepositswasfroman
Egyptianbank,FaisalIslamicBank,whichplaced$246millionwithB.C.C.I.TheCairobank's
fundshavenotbeenrepaid.Bribery:In1986and1987,B.C.C.I.paidbribestotaling$3millionto
twoseniorofficersofPeru'scentralbankinreturnfordepositingPeru'scashwithB.C.C.I.,
accordingtoaNewYorkindictment.Theillicitpaymentsweremadethroughanaccountina
Swissbank'sofficeinPanama,anaccountopenedbyB.C.C.I.Grandlarceny:TheDistrictAttorney
inManhattanchargesthatbecauseB.C.C.I.falselyrepresenteditsfinancialhealth,$30million
thattheAmericanExpressBankhadondepositwithB.C.C.I.whenitwasseizedwereobtainedby
fraud.SohewillconsideranylossesAmericanExpressBanksufferstobetheft.AmericanExpress
saiditwouldnotlosemoneybecauseitowedmoneytoB.C.C.I.(pg.D4)
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