Financing Terrorists in BiH: “Vakufska Bank” from Sarajevo Financed Terrorists
Patriot - September 6, 2004

Miljan Kovac

Even besides the presence of a large number of international organizations, international military police forces and intelligence agencies, BiH today represents a logistic base of radical terrorist organizations.

As different local and international sources claim, up to several hundreds of radical organizations, which work is banned in Europe and the USA, act in this country behind the name of humanitarian organizations.

However, people talk about the presence of radical Islamic groups in BiH more anywhere else but in this country. Presence of terrorists in BiH is almost a taboo. Even besides the official warnings of the authorities of other countries, and institutions, which investigate terrorism, the BiH authorities simply do nothing or almost nothing in discovering and dismembering these dangerous organizations.

The answer to the question why it is so full of lies in the fact that even today a part of the people, for whom there is indisputable evidence of having been affiliated (or they still are) with dangerous and world intelligence agencies, known to the terrorists, are within the authorities in BiH. The magazine, “Patriot,” has already written about the affiliation of the SDA’s head with the terrorist organization, CIRKL, which was founded by the known terrorists, Osama Bin Laden and Shah Omar Abdal Rakhman.

One should not even doubt the fact that the SDA representatives to the joint BiH institutions work on obstruction of every initiative of the coalition partners that is directed towards disclosing terrorist groups.

It is the same case with the document, delivered to the jurisdictional institutions in BiH by the attorney’s office “Jean-Charles Broussard” more than eight months ago. This Office represents families of victims of the terrorist attack on the WTC on September 11, 2001, in New York.

It is clearly documented in the report, made by this Office, that the Islamic terrorist movement was and still is financed through banks in BiH in the world, but also in BiH. The report especially emphasizes the “Vakufska Bank” from Sarajevo and “Depozitna Bank” with a seat in the same city, which integrated into this bank in 2002.

The “Vakufska Bank” with a seat in Sarajevo and branch offices throughout the FBiH still does business undisturbed. According to documents “Patriot” possesses, the “Vakufska and Depozitna Banks” from Sarajevo, which supported, helped and participated in financing terrorism in BiH territory, were founded by two proven terrorists of Saudi origins, Yassin Al Khaddi and Shaffikh Ayadi.

Their partner in founding these banks was one off-shore company, controlled by the Saudi Arabia’s Government. The main stockholder of this off-shore company is one member of the Saudi royal family.

According to the intelligence agencies, the stockholders of these banks have been supporting terrorism for a long time. It is also known that in this way the financial aid was provided for several organizations, which serve as the façade to Al Qaeda, such as Muvafak Foundation, Al Haramain Islamic Foundation and Saudi High Commission for Relief in BiH.

The U.S. Government has already marked these organizations as specially marked global terrorist groups. The “Vakufska Bank” was founded in 1992 in Sarajevo. It has 70 employees and several branch offices in BiH (Zenica, Mostar, Bihac…) and bank correspondents in Italy, Germany, Belgium…

In the beginning of 2002 the bank reported capital in the amount of 16.4 million KM, while its total active increased to even 55,920,000 KM by the end of the same year.

 In August, 2002, the FBiH Banking Agency approved integration of the “Vakufska and Depozitna Banks,” which was owned by Yassin Al Khaddi (44.3%) and Mahmal Investments Company (44.2%), which has been under investigation of the intelligence agencies for years due to indications that it was financing terrorism.

 In October, 2002, the U.S. Department of Finances labeled Yassin Al Khaddi as “specially marked global terrorist” and his assets were frozen in the USA and Europe. Yassin Al Khaddi is the “brains” of financing terrorism, which is done through his company, “Quadi International,” and financial activities in the Balkans.

Besides this, Khaddi, who lives in Saudi Arabia, is one of six directors of the Muvafak organization, which provided assistance to the Al Qaeda network.

In June, 1998, the FBI called him due to money laundering, for which was established that was the profit of the famous Islamic group “Hamas.”

In 1996, one of the co-owners of the “Depozitna Bank” was a Tunisian, Mohamed Ayadi, who has the BiH citizenship. On July 27, 1995, Shaffik Ayadi, the Chairman of the Muvafak Foundation’s branch office in Zagreb, became the majority owner of the Depozitna Bank.

Ayadi is on the U.S. list of specially marked global terrorists. Last year the Croatian Financial Police checked up his bank accounts on the basis of accusations of terrorism.

The investigation determined that Ayadi transferred 2.5 million DM to the Muvafak’s account through the “Depozitna Bank.”

Besides this, Ayadi became the co-owner of the “Euroinvest d.o.o.” Company in Sarajevo. Yassin Al Khaddi was the second co-owner of this company for some time. He also was the co-owner of the “Depozitna Bank” and became the co-owner of the “Vakufska Bank.”

Shaffik Ayadi left the “Depozitna Bank” in September, 2000. Ayadi sold his shares to Al Khaddi. According to intelligence sources, Yassin Al Khaddi is still the co-owner of the “Vakufska Bank” through the other company in Sarajevo. Of course, he was the main stockholder in the “Depozitna Bank” when it connected with the “Vakufska Bank.”

“Bosniaks Mostar” and the Islamic Religious Community (IVZ) Rijaset are also among the stockholders of the “Vakufska Bank.” Both foundations receive donations from abroad, and especially from Saudi Arabia.

The Mahmal Investments Company is the main institutional stockholder of the “Vakufska Bank.” It is written in the document “Patriot” possesses that a highly ranked Saudi businessman manages this company. He monitors investments in BiH through the Islamic Banking’s projects.

The Saudi company, Nesma Holding Co., which has 4,390 stocks out of a total of 10,000, is the main stockholder of the Mahmal Investments Company. The Nesma Holding Co. Limited is a financial company of the Nesma Group Companies with the same address in Jida, Saudi Arabia.

The Chairman of the Nesma Group Companies is Prince Abdul Aziz Bin Ahmad, a nephew of King Fakhd Bin Abdulaziz and son of Ahmad Bin Abdul Aziz Al Saud, a Saudi Deputy Minister of Internal Affairs. Abdul Aziz is also in the executive board of Tihama Advertising Company with a seat in Jida, Saudi Arabia.

Tihama Advertising Company, a branch office of Dallah Al Baraka Group, in 1999, was registered as a financial supporter to Al Qaeda’s activities. Khalid Bin Mahfouz was also a partner of the Hamad Al Zamil (son of Mohamed Abdullah Al Zamil, the Chairman of the Al Zamil Group) in Tihama Advertising, Public Relations and Marketing Company.

Abdul Aziz is also the founder of the Pan Arab African Council of Ophthalmology along with Dr. Mohammed Akef Al-Maghrabi. Akef Al-Maghrabi’s business phone number and details, which were indicated on recommendations of the Al Noor Eye Foundation (called Al Noor Foundation, Jida, Saudi Arabia) were found by the Spanish Police in Muhammad Galeb Kalaje Zouajdi’s phone book, which was confiscated by the Spanish authorities.

The Nesma Group, with 10,000 employees, is the company of various activities, active in telecommunications, seamanship, civil and electric engineering. In 2002, the Nesma Group raised the income to $399,982,000. The Nesma Group offers information on its reputation on its website.

SOURCE: Patriot, September 6, 2004, Serbian national bi-monthly from Banja Luka, pg 11, 12&13 of 52
Translated by: U.S. Army Open Source Intelligence (OSINT) Cell, ACofS G2 MNB(N)

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