In his secret negotiations with Iranian officials last October, Lt. Col. Oliver L. North "wanted to gain the release of the hostages to enhance the position of the president" before last year's congressional elections, businessman Albert A. Hakim told congressional committees yesterday.

"The subject of the elections was definitely discussed during our attempts to try to reestablish our relations with Iran," Hakim said in describing the "political pressure" that affected three days of tense negotiations with Iranian officials in Frankfurt.

In the most partisan moments to date in the 5-week-old House and Senate select committee hearings on the Iran-contra affair, Senate Chief Counsel Arthur L. Liman read to Hakim from a sworn statement given Sunday, in which Hakim said North's "prime objective at that time was to support the president . . . or the Republicans . . . in the elections -- and I found that to be counterproductive."

Hakim's assessment gave weight to investigators' long-held suspicions of a connection between the election and the release of hostage David P. Jacobsen, who was freed two days before the voting. The plan of North, then a National Security Council staff member, to release all the American hostages was changed by Hakim -- then a businessmen lacking even a security clearance -- in private negotiations with the Iranians. The modification was ultimately accepted by the White House.

The Hakim revelations came on a day in which Hakim's testimony and documents made available to the committees also provided new information about how the U.S.-Iran arms sales were becoming entangled in the finances of North and Hakim's business partner, retired Air Force major general Richard V. Secord.

Documents released in connection with Hakim's testimony show that Secord, his business partner in arms sales to the Nicaraguan contras as well as in the U.S.-Iran arms transactions, accumulated substantial profits, and that some of these appear to have been withdrawn from Swiss accounts at various times in 1985 and 1986.

Secord testified last month that in August 1985 he had notified Hakim that he was renouncing his profits from $11.4 million in arms sales to the contras. But committee sources said they have information that funds were transferred to buy a $50,000 recreational airplane and a Porsche automobile.

"There is no reason to believe there isn't more" evidence of siphoning by Secord, said Sen. Paul S. Trible Jr. (R-Va.), a committee member who disclosed some of the information yesterday, including the allegation that the retired general used some of the proceeds to pay for a visit to a "fat farm."

Hakim is expected to be pressed in further questioning today about funds from a Swiss account called Korel, into which some of Secord's profits on arms transactions went, as well as money from the arms sales to Iran. House Chief Counsel John W. Nields Jr. said Wednesday that no funds had been disbursed from Korel, but yesterday he withdrew the statement.

A major benefactor of the enterprise's arms sales to the contras -- transactions that were paid for with Saudi Arabian funds donated at the request of top Reagan administration officials -- was Thomas Clines, a former CIA agent.

According to the records, Clines withdrew $990,003 in commissions as of last Dec. 4. Clines figured prominently in a major earlier investigation, and a company in which he had an interest pleaded guilty to a charge related to overbilling the Pentagon.

On Wednesday the committees were given information about a $200,000 account that was set up by Hakim as a "death benefit" for North's family prior to North's departure in May 1986 for a trip to Tehran that was considered a dangerous mission.

Hakim had said he had wanted to set up the fund, codenamed B. Button for "belly button," because of his "love" for North. But yesterday Liman stressed Hakim's acknowledgment that he had never met North before late February, during an earlier set of negotiations with a different group of Iranians.

Liman quipped that given the fact that the Iranian-born businessman had only known North for less than three months before setting up the fund, Hakim's affection "must have been love at first sight."

Hakim responded that "the radiations of {my} love {for North} penetrated my system, I saw so much sincerity."

Earlier in the day, a Washington attorney, David M. Lewis, recounted how last October -- five months after North's mission to Tehran, and at a time when Hakim and Secord were seeking to arrange new arms deals with Iran through a "second channel" of Iranian officials -- he had been approached by Swiss lawyer Willard Zucker about finding a real estate company through which payments could be channeled to "the wife of someone in the White House."

Lewis said that to the best of his recollection, Zucker identified the White House official as North.

Hakim testified that Zucker was acting at his direction. The plan was for a U.S. real estate company to pay North's wife, Betsy, a "commission" of $70,000, an amount which would then be reimbursed to the real estate firm through an account in Switzerland or elsewhere.

Lewis said he had the impression that "the person in the White House had earned this money in some unrelated fashion . . . . I guess he was trying to tell me it wasn't some sort of payoff or bribe or whatever."

Such an arrangement was never worked out, but in the wake of the Iran-contra revelations, Lewis went to R. Spencer Oliver, chief counsel of the House Foreign Affairs Committee, and told him about the episode. Oliver reported it to House investigators.

Liman also reminded Hakim of his earlier sworn testimony in which he told of directing Zucker to approach Betsy North to ascertain the "family structure" so that funds might be set aside through a North relative for the education of North's children.

Hakim said he believed North knew of Zucker, though he had never met him.

And Liman reminded Hakim that he had said it would have been "impossible" for North not to know that Zucker had contacted his wife to tell her about proposed provisions for the financial security of his children.

Hakim said he only "put the wheel into motion" and left it up to North whether to accept or reject the offers of assistance.

Under a barrage of questions from Liman, Hakim acknowledged that North had never objected, but also had not indicated that he knew of the offer of assistance.

The tone of the hearings changed when Liman's cross-examination turned to Hakim's role in the administration's Iran initiative.

Last June, using Iranian businessmen and promising them money, Hakim eventually arranged to meet an Iranian official who was willing to discuss opening relations with Washington, as well as selling arms to Tehran and seeking release of U.S. hostages.

Hakim said he was motivated by the presumption that he would have an inside track in business ventures in Iran if relations resumed between Washington and Tehran. Hakim said he took $2 million in profits from the Iran arms sale and set up a special account in a Swiss bank to pay his Iranian contacts or for seed money to begin a joint venture with them in Iran. Asked what he would make if the intitative succeeded, Hakim replied, "Many millions."

At the October meeting in Frankfurt, North laid down a seven-point program calling for the exchange of arms, release of "all American hostages," the return to the United States of the body of William Buckley, the CIA station chief in Beirut and a copy of the interrogation transcript made when Buckley was tortured.

Hakim said yesterday that North's approach, which emphasized the hostage release, failed. In addition, he said, the proposal did not deal with Lebanese demands and by that time, the captors of the hostages wanted to benefit from any deal.

North, Hakim said, then put him under pressure. North said he was leaving Tehran and added that he had "to report to the president that the second channel is not successful and we revert back to the first channel."

Hakim said he urged North "to give me an opportunity to sit down with the people . . . . That's when he gave me six hours."

Hakim then told the committee members that he "restructured" North's proposal into a nine-point plan, making changes that he hoped would be approved by the United States.

At one of the most dramatic moments, Liman boomed: "You, Albert Hakim, private citizen, businessman, seeking not just to advance the United States' interests, but profit -- and I'm not saying that to decry profit -- you are the one who worked out the nine points."

Hakim quickly reponded, "Mr. Liman, our secretary of state comes also from the business end of our structure."

Liman brought out, however, that one of the changes Hakim made was to promise to work out a plan to free 17 Lebanese terrorists held in a Kuwaiti jail. This had been one of the prime demands of those holding the American hostages, but the Kuwaiti government had refused to consider it and the Reagan administration had vowed it would never pressure Kuwait to reconsider.

Hakim also agreed that after 500 U.S. TOW antitank missiles were delivered, only one hostage would have to be released, with an effort made to free a second.

The agreement, however, called for 1 1/2 persons and when Hakim told that to North over the phone, the White House aide asked if he had been drinking.

But in the end, Hakim testified, the White House approved his nine-point plan, which led to the release of Jacobsen. When asked if he felt he had been secretary of state for a day, Hakim shot back, "I would not accept that position for any money in the world, sir . . . . I still believe that I have it better than the secretary . . . . I can achieve more, too."