-Caveat Lector- $1.16B Awarded to BCCI Liquidators WASHINGTON (AP) - A federal judge has ordered a retired Saudi government official to pay $1.16 billion in damages to the court-appointed liquidators of BCCI, a now-defunct foreign bank that was at the center of an international scandal. U.S. District Judge Joyce Hens Green ruled that Abdul Raouf Hasan Khalil, a Saudi businessman who was believed to be the biggest depositor in the Bank of Credit and Commerce International, conspired with bank officials in a fraudulent scheme that resulted in big losses to the Third World bank. Green found that Khalil allowed BCCI to use his name and reputation as a shareholder in exchange for a payment of millions of dollars. The scheme allegedly included siphoning off more than $250 million from BCCI to Capcom Financial Services Ltd., a brokerage company partly owned by Khalil. Khalil's attorneys, James Linn and Stephen Johnson, didn't immediately return telephone calls Thursday seeking comment. Khalil is retired and living in Jeddah, Saudi Arabia, according to the liquidators. ``We are pleased that the court has recognized the significant loss to BCCI caused by the activities of Mr. Khalil,'' said Stephen Akers, a partner in accounting firm Deloitte & Touche, who is one of the liquidators. ``We intend to enforce this judgment aggressively so that additional funds can be repaid to the innocent victims of BCCI as soon as possible.'' The liquidators have said the victims include depositors and other creditors of the bank who were owed some $10.5 billion. The ruling family of the Persian Gulf emirate of Abu Dhabi owned 77 percent of BCCI before it collapsed amid allegations of arms smuggling, drug money laundering and financing of terrorists. At its peak, the bank had 1.3 million depositors and operations in 70 countries. BCCI pleaded guilty in December 1991 to federal fraud charges and forfeited a record $550 million in assets. In a plea bargain, BCCI acknowledged its secret, illegal ownership of four U.S. banks, including First American Bankshares, the biggest bank holding company in Washington at the time. The late Clark Clifford, a defense secretary under President Lyndon Johnson and adviser to several Democratic presidents, had been one of BCCI's principal lawyers in this country and the chairman of First American. Clifford and his former law partner, Robert Altman, agreed in February 1998 to pay a total of $5 million to settle civil fraud charges in the BCCI case. In agreeing to the settlement, Clifford and Altman neither admitted nor denied wrongdoing. DECLARATION & DISCLAIMER ========== CTRL is a discussion and informational exchange list. Proselyzting propagandic screeds are not allowed. Substance�not soapboxing! These are sordid matters and 'conspiracy theory', with its many half-truths, misdirections and outright frauds is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRL gives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credeence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://home.ease.lsoft.com/archives/CTRL.html http:[EMAIL PROTECTED]/ ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
