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The Shah of Iran

Letter to the Editor. Financial Times

I am writing to correct inaccuracies in "Reforms Aimed to Recover Rogue Leaders Assets" written by Mr. Andrew Jack.

Mr. Jack asserts that the Shah of Iran stole assets of the Government of Iran valued at US$35 billion and that the Government of the United States froze assets of the Shah of Iran valued at US$20 million.

The reported gross revenues of the Government of Iran during the decades reign of the Shah of Iran was approximately US$120 billion; with disbursements for defense, social welfare, infrastructure, etc., make impossible for US$35 billion to be directed solely to the Shah of Iran.

Prior to 1980, The Government of Iran had a sophisticated and transparent budgetary process requiring all Imperial Court offices of the Shah of Iran to submit itemized budgets for parliamentary approval.

In an effort to vilify the Shah of Iran, representatives and supporters of the Islamic Republic of Iran have continued to increase the value of official assets of the Shah of Iran and His family. Based upon the fact that the Islamic Government had all the original financial records of the Shah's Government, they were well aware that no such assets were removed from Iran during the Shah's reign.

This despite the fact no such funds were ever located- even after the use of forensic accounts and other investigators, in any country. The Shah of Iran, His family, and related entities prevailed in each legal action (including the United States and Switzerland) initiated by the Islamic Republic of Iran.

Under the terms of the 1979 Algerian Accords which were the foundation for the release of the American hostages held by the Islamic Republic of Iran, the Government of the United States agreed to seize any assets identified as controlled by the Shah of Iran. Despite claims by the Islamic Republic of Iran that assets were located throughout the United States, no assets of the Shah were located or seized.

The Islamic Republic of Iran has consistently maintained that the multi-billion U.S. Dollar assets of the Pahlavi Foundation of Iran are, in fact, owned by the Shah of Iran and His family. In fact, the Pahlavi Foundation was controlled by the Government of Iran and then the Islamic Republic of Iran, and remain so today.

In a final interview with the respected journalist, Sir David Frost, the Shah of Iran responded to an inquiry regarding his personal net worth by sharing that he was far less wealthy than many successful United States citizens; and labeled the accusations against Him as ludicrous.

Before his departure from Iran and through the end of his life, I served as Senior Advisor to the Shah of Iran and to His family. I knew Him, worked with Him on a daily basis. I can attest to the fact that the Shah had no particular interest in monetary wealth. His  lifelong concerned was for the well being of the citizens of Iran.

Robert F. Armao

Robert F. Armao
Robert F. Armao Born and raised in New York, Robert Armao attended the Loyola School. John Jay College of Criminal Justice and received a Doctorate of Jurisprudence from New York Law School.

Mr. Armao held served on several levels of government in the United States. He served as an Assistant to Governor Nelson A. Rockefeller of New York for several years and as Special Assistant to Vice President of the United States Nelson Rockefeller in the Gerald Ford Administration. Mr. Armao also served as Executive Officer to the United States Secretary of Labor in 1973 and Special Assistant to United States Senator Charles E. Goodell of New York. In his last government post, Mr. Armao served as Commissioner of Protocol of the City of New York in Mayor Edward Koch's first administration.

In 1977, Mr. Armao formed the consulting firm of Armao and Company based in New York.

In 1978, at the behest of Nelson Rockefeller undertook to advise the beleaguered Shah of Iran in Tehran. Following the Shah's departure from Iran, in January 1979, Mr. Armao became the principal advisor of the Shah during the Shah's travels through several countries seeking safe haven. Following the seizure of the American Embassy and taking of hostages by the Islamic Republic, Mr. Armao represented the Shah's family's interests before the US Government. His strong defense of the Shah incurred the personal wrath of President Jimmy Carter and his inner circle. Mr. Armao was instrumental in insuring that the Shah die peacefully in safety of Egypt, Mr. Armao advised the Shah to flee Panama in March 1980 after learning that the dictator Omar Torrijos and his lieutenant at the time, Antonio Noriega were negotiating to turn the Shah over to the Islamic Republic. Mr. Armao supervised the legal defense in several cases brought against the Shah's family by the Islamic Republic. The legal defense team was successful in every single case brought against the Shah in several jurisdictions as the Islamic Republic could not prove that the Shah illegally removed any funds despite the fact that they had all the records of the Shah's regime in their hands.

Following the death of the Shah Mr. Armao continued to advise the Shah's family and maintained a close personal relationship with the Shah's widow Farah Pahlavi,His children and His twin sister Princess Ashraf.The Shah's younger son Prince Ali Reza was employed by Mr. Armao until the Prince's death recently.

Robert Armao continues to advise foreign governments and Heads of State in The Gulf area, Asia, Eastern Europe and Latin America. He also serves as a Senior Advisor to the Monument Capital Group, a Washington based private equity fund whose other associates include former Secretary of State James Baker, former Secretary of Defense Frank Carlucci and Thomas F. McLarty, III, former Chief of Staff to President Bill Clinton.

Sources:

America Held Hostage  Salinger, Pierre -    Doubleday The Shah's Last Ride  Shawcross, William -  Simon and Schuster Enduring Love         Farah Pahlavi -       miramax books Imperial Rockefeller  Persico, Joseph       Simon and Schuster The Crisis            Harris, David         Little Brown M.D.                  Kean,M.D.,  B.H.      Ballantine Books