Pacific Stars And Stripes Newspaper Archives Sep 26 1983, Page 19

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Pacific Stars And Stripes (Newspaper) - September 26, 1983, Tokyo, JapanMonday september 26, 1983 ., Swiss officials at Odds Over Pacific stars and stripes fraud probe new York a the continuing investigation of an Oil trader charged with the largest tax fraud Ever uncovered in the United states has sparked a Public clash Between And Swiss prosecutors with crucial documents remaining unavailable to american authorities. Both sides say the other has been uncooperative in speeding a probe of commodities trading wizard Marc Rich and the Swiss company that bears his name. Rich two of his companies and two business associates have been charged in a 51-count indictment with scheming to Dodge $48 million in taxes on illegal Oil profits. Rich and partner Pincus Green also were accused of $200 million in illicit Oil Trade with Iran during the hostage crisis. Assistant Attorney Lawrence b. Pedowitz said documents being held by the Swiss govern ment which he considered Golden nuggets May not be released for months if not however Juerg Leutert first Secretary to the Swiss embassy said Switzerland would announce measures to show its displeasure with Prosecutors claims that they have authority Over a Swiss company. Leutert said the Justice department had Over stepped its authority by attempting to subpoena documents from Marc Rich & co. . Leutert said it was inappropriate for the Agency to have subpoenaed the records shortly before Swiss and Diplomats met sept. 7-8 in a Effort to resolve the differences. The papers were impounded by the Swiss in August on grounds that their release might break Laws protecting economic secrets. The Swiss ambassador to the United states Anton Hegner also denied the claim that the documents Are unavailable. In a letter to the Judge presiding Over the probe he said the papers could be released in three weeks if the Justice department follows treaty procedures. Hegner said the documents were not released because under generally recognized principles of International Law the Swiss company cannot be obliged to submit itself to foreign compulsion except through the treaty process. Leutert said the Swiss will study the charges to determine whether Rich and Green can be extradited to the United states. Tax fraud is not considered an extraditable offence he said. But Authorities have said they Are considering adding other charges to the indictment that would make extradition easier. � business 19 reaching for the future Hunter Roberts inspects . The robot provides support. The exposition was designed during a visit to future world expo 83 at los to create a feeling of what to expect in the Way of Angeles with his father Tommy Roberts who household products in the 21st Century. A town getting by without its Bank Bloomfield Iowa a some merchants Are extending credit and others Are taking potentially worthless checks but the Strain of going several Days without the millions of dollars tied up in the failed Exchange Bank is beginning to show in this Small town. It s always been great walking around the Square in Bloomfield said Angela Steinkruger co owner of is notions on the Square. Everyone always had a smile and a Friendly hello but not these Days. I think Well survive it though she said a week after state banking officials quietly closed the Bank s doors and froze its assets. State banking superintendent Thomas Huston declared the 112-year-old Bank insolvent unable to cover $17 million in Deposit liabilities. The Bank one of Only two in farming oriented Davis county was not insured meaning most of its deposits were not covered against loss. The area suffered some of Iowa s worst losses in this summer s drought and the Bank failure has been attributed in part to Loans made to keep Farmers going. While Huston has said the Bank s 4,000 to 5,000 depositors eventually could get Back 50 cents on each Dollar All accounts have been Frozen while auditors determine what assets can be salvaged. As a result customers have been unable to withdraw their Money and some workers whose employers used the Exchange Bank have received no paychecks or Only partial pay. The people Are trying to pull together and see what we can work out said Carol Reames president of the Bloomfield chamber of Commerce and owner of r place restaurant. Named receiver of the failed Bank Huston is attempting to sell its assets and draw a new Bank to the Southeastern Iowa Community of 2,850.tial bidders were to Contact him earlier this week. The highest bidder will be granted an emergency state charter so the new Bank can open quickly. Although Reames assets were in the Exchange Bank one of Only four private Banks and five uninsured Banks remaining in Iowa she said there was enough Cash in her restaurant to keep it going. Other businesses that operate primarily on credit Aren t getting any Cash in she said. The chamber of Commerce met in an emergency session and discussed asking the Small business administration for Loans to tide merchants Over. The town s remaining Bank the Davis county savings Bank has made Loans to some businesses to keep them afloat and the town s two grocery stores have extended credit to customers whose accounts were Cut off and who were not getting paychecks. Keith s super Valu has been letting people write an Exchange Bank Check then holding the Check until it can be redeemed Reames said. I Don t know How Long they can keep doing that. Unless they need Money right away lots of people Are waiting until the Bank opens to see How much is left she said. 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