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in the first place. Gerald James and his munitions company Astra also had dealings with, and a private account at, MidAval.> Kock's boss at Midland was Comte Herve de Carmoy, a Frenchman and a leading light on the Trilateral Commission. He left Midland in 1988 to take up the position as the most senior executive of Belgium's massive transnational company, Société Générale. He was replaced as head of Midland International by John Louden, a multilinguist who had an unfortunate speech impediment—leading wags in the bank to say of him that he could stutter in seven languages. De Carmoy's departure was fol- lowed by that of both Cuckney and Kock, after what Gerald James describes as "funny practices" relating to a loss of £100 million involving all three men.” Although a similar amount to the MidAval's Project Hammer transaction, this sum of £100 million cannot have been the same money for two reasons. Firstly, the Hammer amount was in dol- lars and not pounds, and was discounted at approximately 4% over the prevailing one-year interest rate (LIBOR—the London Interbank Borrowing Rate). For US banks of the standing of Chase and Citibank, at that time a market rate of perhaps one quarter of 1%—or, at most, one half of 1%—vwas applicable. Four per cent was unheard of by a very long shot indeed. Secondly, at least a year separated the two movements of money. Even so, there are notable connections between the MidAval CEO Ian Guild and Herve de Carmoy (who was known in the bank as "Herve the Swerve"). Firstly, de Carmoy was Guild's overall boss. Secondly, shortly after de Carmoy moved to Société Générale, a valued employee of MidAval (also a Frenchman, referred to in-house by the affectionate nickname of "Froggy") left MidAval employment to take up the post of Chef du Cabinet at the specific invitation of de Carmoy. Thirdly, Guild and the other two senior executives, plus some other staff, left Midland in 1990 to form IndoSuez Aval Limited. IndoSuez Bank was direct- ly owned by Société Générale and negotiations between de Carmoy, his Chef du Cabinet—the former MidAval employee— and the three senior MidAval executives had been ongoing for almost a year before satisfactory terms were settled. Following the takeover of Midland Bank by HSBC, MidAval had its name changed to HSBC Forfaiting Limited. It was dis- solved in February 2000. Former staff had long since scattered with the four winds. IndoSuez Aval Limited is likewise now defunct. Author's Note: Documents and other exhibits in support of this story are available on my website, http://www.deepblacklies.co.uk, where they can be down- loaded by interested readers. About the Author: David Guyatt spent 28 years working as an investment banker in the City of London. His last position was as a divisional treasurer of a major international bank. David now pursues a career in journalism, writing for a variety of media and researching and producing factual material on a wide range of associated subjects. This is his 10th article for NEXUS, the most recent published in 9/01-9/02 ("Project Hammer" parts one and two). In addition to his feature writing, David has prepared background papers on Anti-Personnel Electromagnetic Weapons for the International Committee of the Red Cross (ICRC), was a contributing member of ICRC's SIrUS Project that sought to define criteria for judging "abhorrent weapons", and has written for the World Development Movement on his "insider's knowledge" of international weapons financing. He has been a consultant on Swiss and UK TV documentaries, exposing the threat of non-lethal weapons and Britain's weapons trail to Indonesia. He assist- ed the US-based law firm Easton & Levy in its lawsuit against the Vatican for the restitution of the Nazi Croatian Treasury which was illic- itly transferred to the Vatican and elsewhere at the end of World War Il. David has recently completed an in-depth investigation into the black market of gold and has published it as an electronic book, titled "The Secret Gold Treaty", which is available through his home page at http://www.deepblacklies.co.uk. Endnotes 11. See pages 40 and 41 of Cocke's deposition at lines 18. Italics are mine. 1. Available for free download at 19 through 21 and | through 6. 19. Sworn and notarised affidavit of Dan Hughes, http://www.deepblacklies.co.uk; also see NEXUS 12. ibid., page 41 at lines 9 and 10. dated December 31, 1990. 9/01-9/02. 13. If one includes the inflationary effect over this time 20. There are believed to have been numerous different 2. See Project Hammer part one, "The Project Hammer period, it would reveal that the sale price is, in fact, a great "portals" providing access into Project Hammer over File", freely available on my website, deal less now than it was almost 50 years ago, which is the period of its life. The Dan Hughes transaction was http://www.deepblacklies.co.uk. more than curious. Nor does the leasing agreement over one of these—albeit a significant and "early" one, 3. Information about Project Hammer has been this same period seem especially lucrative. according to the testimony of General Erle Cocke. garnered from numerous sources. Those sources that I 14. It is not clear from the banking records I have 21. Demitrieus's vitae is drawn from that published on am able to name are named in the text. The remainder __ viewed online, but it looks as though the Astor Trust the Global Crossing website. remain confidential. Company was absorbed into an entity that formed part 22. For details concerning the Freeport Board of 4. Page 51 of General Cocke's affidavit. One of the of the Bankers Trust Company. Directors, see Internet report entitled "Freeport CIA "sources" was the slush fund controlled by 15. See Dope, Inc. (EIR, 1992). Sulphur’s Powerful Board of Directors". Japanese Liberal Democrat Party bosses and known as —_16. Forfaiting is the discounting of bank-guaranteed 23. See Phillip Zweig's massive book, Wriston (Crown the "M-fund", after General MacArthur's economic receivables (Aval) on a non-recourse basis. Publishers, New York, 1995) for comprehensive supremo in Tokyo, General Marquat. 17. Luse the term "private agreement" under advice— __ background on Citibank and Chase. 5. General Cocke's 67-page affidavit is available for following a recent telephone conversation with a 24. For details of these three gentlemen's involvement free download at my website, representative of Companies House, who told me that in the Black Eagle Trust, see Seagrave's self-published http://www deepblacklies.co.uk: just click on the no change of ownership notification had been made for __ book, Gold Warriors; details are available on my Project Hammer File link and follow the instructions. MidAval at that time. MidAval had first been website, http://www deepblacklies.co.uk, linked under 6. See Jonathan Kwitny's excellent book, The Crimes registered as a limited company under the shelf the heading of "The Seagrave Affair" on the main page. of Patriots (Touchstone Books, New York, 1987), fora __ registration name of "Diplema Twenty Nine Limited" 25. I know much of the inner workings of MidAval for detailed background on the Nugan Hand Bank affair. in June 1983. A change of name to Midland Bank Aval _ the simple reason that I was the Treasurer and an 7. See http://www deepblacklies.co.uk/cocke- Limited was formally notified to Companies House in —_ Associate Director of that firm until 1991. However, I news.html for a copy of the CIA's letter. April 1996—although the firm had been trading inthe knew nothing of the Project Hammer deal that was 8. See http://www .deepblacklies.co.uk/cocke- name of Midland Bank Aval Limited from day one. strictly handled by the three principal executive news.html for a copy of the cover sheet of John Reed's _ Following the full buy-out of Midland Bank PLC by the directors. affidavit. HSBC Group, MidAval had its name changed to HSBC —_26. See details on page 164 of Gerald James's book, In 9. See page 43 of Cocke's deposition at lines 11,12 and 13. Forfaiting Limited. The company was dissolved in the Public Interest (Warner Books/Little, Brown, 10. From Cocke's affidavit. February 2000. London, 1996). 38 ¢ NEXUS Continued next issue ... WWW.NeXU smagazi ne.com AUGUST — SEPTEMBER 2003