NEW YORK--(United Against Nuclear Iran (UANI) applauded the Canadian investment firm AGF Management Limited (“AGF”) for divesting from its Lebanese bonds.)--On Wednesday,
“HIZBALLAH, LEBANON & IRAN: PARTNERS IN A SOVEREIGN MONEY LAUNDERING SCHEME.”
AGF held fraudulent Lebanese sovereign bonds that supported illicit Hizballah and Iranian activities. UANI and AGF have had discussions about this matter for the three past months, and on September 11, 2012, UANI publicly called on AGF to reconsider its position regarding its Lebanese bonds.
Since then, AGF has informed UANI that it recently decided to divest from its Lebanese bonds due to the risk associated with them. UANI applauds AGF, and will list AGF as having divested.
Said UANI CEO, Ambassador Mark D. Wallace:
We applaud AGF for its decision to divest from fraudulent, Iran-backed Lebanese bonds. The Lebanese sovereign debt market is illegitimate, and no firm should be trading in Lebanese securities given Hizballah and Iran's illicit control of the Lebanese banking system.
Investors are fleeing Lebanese debt securities because of the clear and unambiguous influence Hizballah and Iran have in perpetuating a sovereign-backed money laundering scheme that artificially supports Lebanon's economy. We call on all investment firms to divest from Lebanese bonds, and stop exposing their shareholders to such fraud and risk.
In July, UANI announced the results of a three month-long investigation into the influence of Iran and Hizballah in the Lebanese banking system (LBS) and Lebanon's sovereign bond market, and announced a campaign to compel legitimate financial institutions into divesting from Lebanon's bond market.
UANI has previously announced that Erste-Sparinvest, Eaton Vance, Nord Est Asset Management, Aktia, and Ameriprise Financial have already divested from Lebanese bonds.
to read UANI’s September 11, 2012 letter to AGF.
Click here to read UANI’s June 8, 2012 letter to AGF.
Click here to read the July 3 Wall Street Journal article, "Banks Get Pressed on Beirut."
Click here to view UANI's research, "HIZBALLAH, LEBANON & IRAN: PARTNERS IN A SOVEREIGN MONEY LAUNDERING SCHEME."