The Department of Justice has released a multimillion dollar agreement reached last month with an international Islamic banking network after a four-year criminal investigation.<\/p>\n
After stonewalling all requests for a copy of the report and refusing to discuss the non-prosecution agreement with the Islamic Investment Company of the Gulf (Bahamas), or IICG, for weeks, a copy was given to U.S. Rep. Frank Wolf, R-Va., late Friday. Wolf had written to Attorney General Eric Holder urging its release after reports of the secret deal first surfaced.<\/p>\n
Islamic Bank AgreementThe agreement strictly is based on tax issues, leaving it a mystery as to why DOJ officials fought against its release.<\/p>\n
During a hearing on terror financing Wednesday, Assistant Attorney General Lisa Monaco told U.S. Sen. Charles Grassley, R-Iowa, that she had no information on the deal and could not explain why it was being withheld.<\/p>\n
In the agreement signed Aug. 12, IICG admitted failing to pay $22.5 million in restitution, $4.5 million in fines and millions more in interest in exchange for not facing criminal charges.<\/p>\n
The agreement describes money flowing out of a Boston-based company in which IICG controlled the majority of stock and into a network of Cayman Island accounts. Millions of dollars came back in the United States to start up 32 different development companies involved in apartments and other multi-family housing. All the companies were incorporated in Delaware and have overlapping directors.<\/p>\n","protected":false},"excerpt":{"rendered":"
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