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Profile: Julio Bagiardi
Julio Bagiardi was a participant or observer in the following events:
Abdus Salam, a member of the nuclear proliferation ring run by Pakistani scientist A. Q. Khan (see Summer 1976 and Before September 1980), has multiple dealings with the Bank of Credit and Commerce International (BCCI) while residing in the US.
"No Payments" - Julio Bagiardi, one of Salam’s partners in a chain of retail stores, will say: “All he wanted to do was make a lot of deposits at the same bank. He insisted on keeping [all his deposits] at BCCI.” Salam is also “very forceful” in persuading Bagiardi and the other partners to do the same. If they do so, according to Salam, they will have access to “unlimited” cash and, if they make daily deposits, “it would never be a problem if we needed to get money.” In addition, “they [would] never have to pay nothing back,” as there would be “no payments.” Bagiadri will add that Salam “knew somebody” at the bank. David Reed, another partner in the retail stores, will confirm Salam had an account with the bank.
Unusually Generous Overdraft Loan - One transaction is the granting in 1989 of an overdraft, arranged with support from the branch in Park Lane, London. That branch’s manager recommends that its Tampa branch make a loan to Salam, but instead it grants him a “virtually unsecured” $120,000 overdraft line. The overdrafts are usually for customers with substantial account balances, so it is unclear why one is given to Salam, whose balance is “very skimpy,” according to sources for authors David Armstrong and Joe Trento. The line is later moved to one of Salam’s companies, Centaur Impex, backed only by a personal guarantee from Salam and Centaur’s assets. By this time BCCI is in serious trouble and the line is transferred to the Miami branch, which sues Salam for non-payment of the balance, around $50,000. Armstong and Trento’s sources will say that the fact that Salam “had the influence to obtain such a loan without any meaningful collateral” is “very curious,” adding that it “suggests that he may have had influence among highly placed people within BCCI and/or Pakistan.”
"No Recollection" of Salam - When Armstrong and Trento investigate the relationship between Salam and BCCI for a 2007 book, they will have difficulty obtaining information. The court has destroyed records, the lawyers say they have too, BCCI’s liquidators are unable to provide any information, prosecutors and investigators involved in proceedings against BCCI say they knew nothing about Salam, and the various officials of the bank where Salam deposited his money every day for years “either would not return phone calls, denied knowing who Salam was, or claimed that, while the name did ‘ring a bell,’ they could recall no specifics about their former client.” [Armstrong and Trento, 2007, pp. 108-111]
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