(London Evening Standard) Citigroup has begun an investigation into claims that Arafat used accounts at the bank to channel PA funds for his own use and to pay militants. Citigroup's private banking unit is said to have invested $6.8m for Arafat. James Prince, president of Los Angeles-based Democracy Council, an external governance monitor for the Palestine Investment Fund - the agency to which Arafat moved assets - told Bloomberg Arafat invested abroad under other names. "Arafat didn't have any account in his name - no bank in the world would open one," he said. Arafat amassed a fortune from donations and skimming off tax revenue into personal accounts, according to Israeli intelligence.
2004-11-19 00:00:00Full ArticleBACK Visit the Daily Alert Archive