Banque Arabe et Internationale d'Investissments

From Wikispooks
Jump to: navigation, search
Group.png Banque Arabe et Internationale d'Investissments  Rdf-icon.png
AbbreviationBAII
A partner in crime with the better known BCCI.

BAII was “heavily involved in the oil trade; it finances oil imports and the export of capital goods and equipment for the refining and petrochemical industries.”[1] Peter Truell and Larry Gurwin note that BAII was also intimately associated with the BCCI.[2] “Run by a board member of BCCI, Yves Lamarche, BAII had played a critical role in some of BCCI’s dubious schemes, lending $50 million to help finance the takeover of First American and also providing funds to allow [Ghaith] Pharaon to buy Independence Bank in Los Angeles.KuwAm director Behbehani worked for BCCI's partner BAII from the time Pharaon purchased Independence Bank and throughout the time that the financial crimes, in which these banks engaged, came to a crescendo."Ghaith] Pharaon



References

  1. Traute Wohlers-Scharf, Arab and Islamic banks: new business partners for developing countries, OCDE Paris, 1983
  2. Peter Truell and Larry Gurwin, False Profits: The Inside Story of BCCI, the World’s Most Corrupt Financial Empire, Houghton Mifflin, 1992, p 297