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  • AP: OPIC OKs loans for firms tied to Mafia

    06/26/2005 10:23:28 AM PDT · by NormsRevenge · 13 replies · 749+ views
    Monterey Herald ^ | 6/26/05 | Matt Kelley - AP
    WASHINGTON - A government agency that helps U.S. businesses investing in developing countries has approved millions of dollars of loans to companies whose owners did business with Mafia figures and rebels in a bloody African conflict, records show. The agency also awarded insurance to assist a company that is part of a Mexican energy conglomerate ordered by the Internal Revenue Service to pay more than $70 million in back taxes. The Overseas Private Investment Corp., which operates with about $5 billion in reserves, says it conducts background checks before awarding loans or insurance. But the agency acknowledged it missed some...