As he left his office here the night before the Swiss and Italian police raided it, Youssef M. Nada, 71, shook his head, saying: ''To come to the end of my life, a good life, and be accused of helping terrorists -- it is too much.''
Mr. Nada and his partner Ghaleb Himmat, who spent five hours talking with a reporter this week in their office and in Mr. Nada's tiled hillside mansion across the lake in Campione d'Italia, Italy, do not fit the image of the shadowy unregulated money shifters portrayed by some American officials.
From a building with copper-colored windows, they run an empire that had a Bahamas bank and shares of business throughout Europe, the Middle East and Africa, with cement plants, drydocks, textile and brick factories and a division that trades steel, wheat, oil and other commodities. The lone sign for the sixth-floor office is a red placard with one word, ''NADA.'' All others ''were taken down because of the reporters,'' said a banker from another floor.
The trading screens and offices look typical.
Before the raid, Mr. Nada denied that he had aided Al Qaeda or any other terrorist group. ''It is not true, and I'm sure the U.S. government must know it is not true,'' he said when asked about the allegation.
Mr. Nada said he believed that he was a victim of guilt by association because he is a member of the Egyptian Muslim Brotherhood and has had members of Osama bin Laden's immensely wealthy family as clients. ''I have been a member of the Muslim Brotherhood for 50 years,'' he said. ''That is no secret. But it is not a violent organization.''
The group, founded in Egypt in 1928, was banned in 1948 for opposing [Farouk I of Egypt]. It wants Egypt to become an Islamic state. Today it has members in Parliament, and the United States State Department does not list it as terrorist organization.
Mr. Nada, who left Egypt in 1959 and is an Italian citizen, pointed out that a deputy to Mr. bin Laden, Ayman al-Zawahiri, wrote a book that attacked the group as infidels because they renounced jihad.
His investment house, Al Taqwa, meaning piety or fear of God, offers 3,000 clients investments in accordance with shariah, or Islamic law. That tenet forbids charging interest or owning anything to do with alcohol, weapons, gambling or adultery.
His chief investment vehicle, Al Taqwa Bank of the Bahamas, which he says he voluntarily liquidated in February, worked like a mutual fund, or mudarabah in Arabic. It made no loans and could not own bonds or, for example, shares in casinos, brewers or weapons manufacturers. But it owned commodities contracts and businesses, many in food and construction materials.
At its height, Mr. Nada said, the bank controlled $220 million in assets, and during its 14-year life investors -- ''mostly Muslims, but also some Christian and Jewish friends'' -- had annual returns of 7 to 14 percent. It closed, he said, because large losses in Indonesia and Malaysia plus news reports that alleged shady dealings started a run by investors. The United States said, however, the Bahamas revoked its charter in April.
An investigation by the Swiss Banking Commission, which included an audit by PriceWaterhouseCoopers, found no evidence of money laundering or allowing other entities to use al-Taqwa as a front, according to the audit.
''What more do you want?'' Mr. Nada asked.
Mark Widmer, a spokesman for the Swiss attorney general, said that there were ''signs and rumors about al-Taqwa for years,'' but that Swiss investigators had never found the ''substantial suspicion'' that courts require for a search warrant. He declined to say what new evidence led to the raid today.
Mr. Nada does not appear to lead a shadowy life. He donates to charity, invited a television crew to his house to meet Muslim women who were wearing head scarves and was for years the Middle East expert at the Pio Manzù Research Center, an organization in Rimini, Italy, affiliated with the United Nations.
SOurce: New York Times
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