Committee investigators looking into the Iran-contra affair say that Albert A. Hakim, chief financial adviser to Lt. Col. Oliver L. North's private network, had more than $9 million deposited in five accounts he created. The investigators have concluded that the bulk of the funds came from profits on the sale of U.S. weapons to Iran.
Most of the deposits, $6.8 million, went into an account set up in Hakim's name. Investigators say that within this account are $2 million set up as a reserve for future covert operations and another $2 million Hakim earmarked for "commitments" to Iranians involved in the hostage negotitations.Total Deposited: $6,833,403
Korel Assets is the name of an account Hakim set up to receive profits owed to retired Air Force major general Richard V. Secord, North's chief lieutenant in the Iran-contra affair and a business partner of Hakim. Secord has testified that he renounced his share of the profits in the summer of 1985. Total Deposited: $1,578,176
C. Tea is the name of an account established for Thomas Clines (photograph not available), a Secord friend and former CIA official who was enlisted to help in both the contra and Iran arms sales. Total Deposited: $990,003
NORTH FAMILY Belly Button is the name of an account Hakim set up to provide a $200,000 "death benefit" for the North family in case something happened to North on a secret hostage mission to Iran last May. Hakim says he kept the account intact after North returned safely, and attempted to channel about $70,000 to North's wife last fall, but no money was ever transferred. Total Deposited: $216,144
STANFORD TECHNOLOGY TRADING GROUP INTERNATIONAL, INC.
Scitech is the name of an account Hakim created as an offshore fund for Stanford Technology, a Vienna, Va., business he and Secord own. Hakim said that $250,000 from this account was used as seed money for various private investments he, Secord and others pursued last year. Total Deposited: $605,984 SOURCE: House and Senate select committees SOURCE: House and Senate select committees