He is charged in the US for fraud. The allegations iare as follows:
The then head of the lending department at Deutsche Bank in Toronto/Canada, Wayne Breedon, in cohort with a slew of dubious stockbrokers, one of them a convicted felon for stock fraud, another one a strip bar owner in Las Vegas in a complicated lending scheme had allegedly fraudulently pumped up the stock of the company by the name of Genesis Intermedia a few years ago, in 2000 to be precise..
The company, then listed on the New York Stock exchange, was built around a book by a John Gray “Men are from Mars and Women are from Venus”
He certainly forgot to add, that criminal stockbrokers and arms dealers are from hell.
The company was owned by another company by the name of Ultimate Holdings, based on the Bahamas and owned by Adnan Khashoggi.
Adnan Khashoggi has quite a bit of baggage to carry.
He was involved in the Iran-Contra affair in the 80s, in which weapons were sold to Iran by the Pentagon and the returns were used to finance a terror group in Nicaragua, the Contras, everything illegal of course.
He was also deeply involved in the Bank for Credit and Commerce International, a massive washing machine for dirty dollar from drug cartels and shady arms deals.
The Medellin drug cartel was a most welcome client of that bank.
The bank was forcibly closed in 1992.
Just half a year, before the Genesis Intermedia fraud started , Khashoggi and his old friend Rakesh Saxena, had allegedly linked up together with the international boiler room gangster Amador Pastrana for a huge international fraud.
Saxena is the man, who allegedly defrauded the Bangkok Bank of Commerce together with its then CEO Krirkiat Jalichandra to the tune of 2.2 billion US Dollars and thereby causing the Asian banking Crisis in 1997.
His friend Khashoggi also benefited and got a 140 million US Dollar "loan" from the bank. He is now wanted by the Thai authorities for fraud.
Jalichandra was sentenced to 30 years in prison one year ago.
To avoid being arrested, Saxena left Thailand just in time and fled to Canada allegedly with 88 million US Dollars "pocket money", not to retire there, but to continue his stressful work.
First sponsering Tim Spicer, the mercenary and CEO of the mercenary company Sandline until 2000, owned by Tony Buckingham, director in Heritage Oil, both then involved in the “Arms to Africa Affair” in Sierra Leone, that nearly brought down the Blair Government in 1998.
Tim Spicer is now boss of AEGIS, a mercenary company in Iraq on a 293 million US Dollar Pentagon contract.
That was not enough.
Saxena was until recently allegedly fraudulently active in Britain (West Shore Ventures) South Africa in 2004(Platinum Asset Management) and then Botswana (Investor Relations) , as the Sunday Standard and I here revealed in August 2005.
He is refugee in Canada since 1996, constantly on the phone until one month ago, when he was put back into prison, up to then in self paid house arrest, snail justice to an extradition request from Thailand dating back to 1996.
Khashoggi, Saxena and Pastrana together bought a bank in Vienna/Austria by the name of General Commerce Bank, from where they allegedly organized international fraud to the tune of 1 billion US Dollars. With them the US-convicted criminals Regis Possino, Sheman Mazur and Raoul Berthamieu.
Victims came from many countries including Australia, Britain, South Africa.
Back to GenesisIntermedia where women come from Venus and men come from Mars.
Even though the fraud at the General Commerce Bank was known, when Deutsche Bank executive Breedon started his fraud allegedly with the knowledge of his superiors, nobody stopped him. Money talks.
Breedon allegedly managed to offload Khashoggi’s shares of Genesis Intermedia with massive help of Deutsche Bank in Toronto not on the stock market, where the price would have collapsed, but by lending them to other brokers after he and his accomplices had pumped up the stock
Khashoggi and his friend El Batrawi were allegedly grateful for the ill gotten gains.
They allegedly organized prostitutes, parties, dinners, sports tickets and cash for the Breedon-Gang.
Come 9/11, the stock price collapsed, the Broker Houses wanted to give the shares back to Khashoggi for cash, but Khashoggi was nowhere to be found.
He and El Batrawi had allegedly walked away with 130 million US Dollars, cash to carry
As a result, several broker houses suffered heavy losses, two of them went bankrupt, amongst the MJK in Minneapolis, 200 employees lost their jobs.
Deutsche Bank denied any wrongdoing.
However the taped telephone conversations of the Breedon gang allegedly showed the opposite.
The court date was set for 18th January 2006.
Facing overwhelming evidence against them straight away from the beginning, Deutsche Bank finally before Christmas settled out of court, after four years of denying any responsibility , now paying for everything and still denying any wrongdoing. They paid 270 million US Dollars plus costs, peanuts in their own language
This settlement has been accepted by the bankruptcy court in Minneapolis/Minnesota/USA on 18th January 2006.
Meanwhile the CEO of Deutsche Bank, Germany's biggest bank, Ackermann, is preparing himself for another criminal court case in connection with a sale of a German mobile phone company to Vodafone.
All scandals, including the one in connection with the closure of the “Open Property Fund “ have not led to his dismissal, to the contrary. His contract was renewed in January 2006 and his position elevated.
Dr. Alexander von Paleske
Head, Department of Oncology
Princess Marina Hospital