1983: “Sleight of Hand” explains how drugs made up for Asia branches’ poor investor-seeking work.
In 1983, the bank’s former
Bangkok-based John Owen put out a telling book about Michael Hand’s overseeing
of drugs. Drug money laundering was Nugan Hand’s real money spinner in Asia/Pacific. Regional
representatives solicited for local investors, but only Hong Kong office was succeeding.
Like the TP’s, Owen’s background was as a career military officer. But he wasn’t an American. Owen was British from the Royal Navy who came to Nugan Hand in the separate recruiting wave of former Dollar Fund of Australia (DFA) sales representatives. Invited to Nugan Hand through Clive (“Les”) Collings, NH’s Hong Kong-based representative, Owen started as NH’s Bangkok-based representative in June 1977.
Telling his story as an insider straight after the Joint Task Force issued its report, Owen quotes extensively from it. He describes how his poor performance in selling Nugan Hand investments wasn’t unique – that NH’s other reps (including American TPs in Asia/Pacific branches) had trouble believing in the product, for selling to local Asians. Eventually Frank Nugan “carpeted” him for sales below budget forecast and he was fired (he says he managed to "wriggle loose") in 1979.
Here are 38 highlights from “Sleight
of Hand”, followed by Kwitny’s index listing for John Owen.
Selected ones can
be headings for further paragraphs on this page or become article pages of
their own:
. NHB’s use of tax havens for illegal money dealings, p12
. Bank’s stock-ramping activities of early 1970s, p 17
. Entry to Sydney money market, with Stephen Hill, p 18
. Enticing Asian investors succeeded only in Hong Kong, p 18
. Association with Alfred Kwok’s Hong Kong Wing-On Bank, p20
. “Gang of Four” – Nugan, Hand, Hill, Collings (bank’s HK rep), p20
. Drugs, jade, ivory goals in bank’s Sydney meeting early 1976, p20
. Viet War/CIA’s money via HK known to Hand & Collings, p 20
. Ex-DFA professional marketer Gilder enlisted, recruits “$60,000 men”, p21
. Chiang Mai technically not in the Golden Triangle, p 47
. Ex-Deaks (the bullion people), expert money launderer Ron Pulger-Frame enlisted, p56
. Bangkok office June 1977, Owen’s inability to close sales, p58
Clive Collings’s marvelous ability in sales pitching, p69
. Describing Nugan’s law partner Needham, p71
. Chiang Mai rep Neil Evan’s failure to attract investors, p 73
. Asia-based reps prevail against Nugan’s Australia biz focus, p75
. Owen abandons HK/Collings & others leave too, p79
. Bank’s Bangkok/Thai dealings - Owens & Joint Task Force, p 81
. Neil Evans’ arms deal in Bofors anti-aircraft guns for Africa, p83
. A merchant banking deal fails to interest Nugan, p90
. Owen explains misgivings about the bank but stays on (why), p96
. Nugan Hand Bank lent to no one - except Nugan and Hand! p99
. Sydney’s city council & fund manager big NHB depositors, p100
. Gerry Gilder’s amazing sales management & selling skills, p118
. Gen Black’s host of Hawaii trade dev deals (none came off), p134
. “19th Century-style private banking” the bank’s desired image, p137
. Drugs explain growth when only HK/Syd branches succeed, p138
. 1978 image enhancing by PR agents – for NHB, Nugan, Hand p139
. 1978 July Houghton en route to Saudi Arabia investor fleecing, p142
. Admiral Buddy Yates described (impressive 6’ 2” tall0, p145
. Bank’s failed oil deal causes plummeting reputation in Thailand, p148
. Nov 1977 Hong Kong: Coopers & Lybrand dumps NH bank, p189
. Resigning Gang of Four man Collings demands $100,000, p168
. Whiskey swilling Nugan gives poor-performing Owen a last chance, p171
. Owen gets Section 222 credit default order issued to NHB, p180
. Owen admits foolish to refuse Nugan’s $10,000 settlement, p180
. Asia reps remain blind to real Michael Hand “no gentleman”, p 190
. Religious inclinations of Hand (Christian Science) & Nugan, p190
KWITNY’S INDEX ON OWEN:
Owen, John, 14, 150, 313
His Chiang Mai activities, 209-10, 213, 216, 227-28
His correspondence file, 210, 217, 221
Soliciting depositors, 175-77, 209-10, 213, 217-18, 221-24.
Describing Neil Evan’s scam, 210-11
Correspondence with Jerry Gilder, 217-18, 221-28
With Thai government officials, 222-24
Trade deals brokered, 218, 220-22, 226
On Vietnamese capture of Cambodia, 224-25, 387
On Admiral Yate’s [trade] project