Nugan

Nugan Hand Bank was an Australian merchant bank that collapsed in 1980 in sensational circumstances amidst rumours of involvement by the Central Intelligence Agency and organized crime.

Nugan Hand Ltd. was founded in Sydney in 1973 by Australian lawyer Frank Nugan (who was reputedly associated with the Mafia in Griffith, New South Wales) and former U.S. Green Beret Michael Jon Hand who had experience in the Vietnam War (after which he began training Hmong guerillas in Northern Laos under CIA aegis, an experience alleged to account for his ties to the "Golden Triangle" heroin trade). It has been alleged that the two generally split the business: Nugan took care of tax fraud and money-laundering, while Hand managed the drug money and the international branches.

The Nugan Hand Bank attracted investors with promises of up to 16% interest rates on their deposits and assurances of anonymity, tax-free accounts, specialist investment assistance, along with more surreptitious services such as money laundering (charging a mere 22% fee).[citation needed] Nugan Hand rapidly gained business and expanded its offices from a single Sydney office to a global network that included branches (registered in the Cayman Islands) in Chiang Mai, Manila, Hawaii, Cape Town, Hong Kong, Taiwan, Cayman Islands and Washington D.C..

The Nugan Hand Bank gained respectability by the recruitment of a number of retired senior U.S. military and intelligence personnel, such as former Rear Admiral Earl "Buddy" Yates as bank president and ex-CIA head William Colby as legal counsel.

Australian trucking magnate Peter Abeles was also connected with the bank.

Source: Wikipedia