James Traficant: “In 1994, the United States signed an agreement with Palestinian authorities to encourage American investment with the…”

“In 1994, the United States signed an agreement with Palestinian authorities to encourage American investment with the Palestinian Authority, and this would allow the use of OPIC funds. In 1995, Vice President Al Gore asked a company in my district to be, in fact, the first investor in Gaza. The Bucheit Company got OPIC insurance and made a multi-million dollar investment in Gaza, the first, encouraged by Vice President Al Gore. The company entered into contracts with the Palestinian Authority and hired and trained workers in Gaza. There were irrevocable written instructions to block wire transfers and dollars. In January of 1996, the American company got a $1.1 million loan from OPIC to expand the business in Gaza. They wired the funds from D.C. to Gaza. The money was stolen, never put into accounts. The State Department said, ``It is a private commercial matter. Take it to court.'' They took it to court in Cleveland. They won. They were awarded triple damages. But now it is being appealed. So last year we got language in the bill saying, Let's work this out. In October of 1999, OPIC wrote two letters asking the Palestinian Authority questions concerning the situation. The Palestinian Authority admitted wrongdoing. They admitted to making fraudulent checks to a fictitious company that were cashed in 1996 and 1997.”