Thursday, August 23, 2007

DEUTSCHE BANK SHADY DEALS

September 24, 2001: In the aftermath of the September 11 plane-bombings of the World Trade Center and the U.S. Pentagon, Inner City / Finance Watch has prepared a report on bank links to Al Qaeda and other state- and non-state terrorist groups. As to Deutsche Bank, we note that Business Line of August 10, 2001 (distributed through the Financial Times Asia Intelligence Wire) reported that "[i]n the 1980s, at the instance of the Central Intelligence Agency (CIA), the Internal Political Division of the [Pakistani] Inter-Services Intelligence (ISI), headed by Brig (retd) Imtiaz... started a cell for the use of heroin for covert actions.

This cell promoted the cultivation of opium and the extraction of heroin in Pakistan as well as in those parts of Afghanistan under Mujahideen control for being smuggled into the Soviet-controlled areas to get the Soviet troops addicted. After the withdrawal of the Soviet troops, the ISI's heroin cell started using its network of refineries and smugglers to send heroin to the West and use the money to supplement its legitimate economy....After capturing power on October 12, 1999, Gen Pervez Musharraf had Brig Imtiaz, because of his proximity to Mr Nawaz Sharif, arrested and prosecuted for having assets disproportionate to his known sources of income as an officer of the ISI and the Intelligence Bureau.

He was convicted by a court on July 31, 2001, and jailed for eight years. According to evidence produced in the court by the National Accountability Bureau (NAB), Brig Imtiaz had foreign exchange bearer certificates worth $20.08 million, a Pakistani rupee account in the Union Bank with a balance of Rs 2.13 billion, a dollar account in Deutsche Bank with a balance of $19.1 million, five residential houses, five commercial units and three shops. This huge wealth was allegedly accumulated by him through heroin smuggling." -Emphasis added

In November 1999, the Federal Reserve granted an approval to Deutsche Bank; in connection with Deutsche Bank's acquisition of Bankers Trust (see below), the Fed purportedly reviewed Deutsche Bank's compliance with law, including Know Your Customer procedures. Deutsche Bank is even represented on the Fed's, OCC and SEC's Working Group on Public Disclosure. We question what "disclosure" the Fed has requested, or Deutsche Bank has provided, of DB's above-reported banking relationship with the Pakistani ISI's Imtiaz, now imprisoned... Click here for the full Report. Also: on September 24 Deutsche Bank announced it had agreed to purchase Zurich's U.S. fund unit Scudder in a $2.5 billion deal...For or with more information, contact us
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