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John Wilson

mass destruction (WMD), benefited from American and British technology and finance to build these capabilities. Once again, though, just as in the case of the need to monitor Russian submarines in the South Atlantic, this was all bound up in geo-political strategic concerns, specifically those arising from the Iran–Iraq war of 1981–89. Before discussing this conflict, however, it is also important to note that relations between Iran and the USA had deteriorated badly after the revolution of 1979 that had seen the overthrow of the Shah, to be replaced by Ayatollah

in Ferranti: A History
John Wilson

contracts existed.35 It was also reported at that same board meeting that Guerin and ISC were going to be investigated by a Grand Jury, involving accusations that they had been involved in illegal arms shipments to Libya, Iran, Iraq and South Africa.36 This first significant indication that ISC had for many years been involved in covert arms dealing had arisen as a result of other enquiries into the activities of Allivane, a British arms supplier that was being investigated for its links with Iran. This firm had been created in 1986 by Terry Byrne jnr, an economics

in Ferranti: A History
Oonagh McDonald

’ (LIBOR), in 1969. This was an $80 million loan for the Shah of Iran, and it signalled the way in which the cross-border financial markets opened up then. Minos (as he became generally known), by then Senior Vice President of the London branch of the bank Manufacturer’s Hanover Ltd, claims, with considerable justifica­ tion, to have been the first to use LIBOR in this way. He had seen a gap in the Euromarkets which he wanted to exploit. He saw that it was difficult to obtain a medium-sized loan for three to seven years from an individual bank, although the demand for

in Holding bankers to account
John Wilson

November 1988 that Guerin and ISC were going to be investigated by a Grand Jury over illegal arms shipments to Libya, Iran, Iraq and South Africa.3 By that time, Alan Cooper had also discovered that ISC had been responsible for supplying highly sophisticated sonar equipment to South Africa, while a little later Clyde Ivy had unsuccessfully tried to persuade Ian Ball to undertake work with South Africa’s Armscor on the importation of a surveillance system known as Seeker which would be sold on to the UAE. Although as we saw in the last chapter Guerin had been able to

in Ferranti: A History
Bill Dunn

Petroleum Supporting Countries (OPEC) restricted output and achieved price rises. The argument goes that these were then passed on to the wider Western economies. A less deliberate rise in oil prices followed the 1979 Iranian revolution. However, while oil and oil prices had become very important to the Western economy, there are reasons to doubt this as an adequate explanation. First, prices had begun rising prior to the oil shock. Second, rising oil prices actually moved money out of the Western financial system, to the exporting countries, even if much of this was then

in Keynes and Marx