Editing Dale Holmgren (section)

==Nugan Hand Bank==
In the late 1970s, Holmgren transitioned to a new role as the Taiwan representative for the [[Nugan Hand Bank]], a Sydney-based merchant bank founded in 1973 by [[Frank Nugan]], an Australian lawyer, and [[Michael Hand]], a former Green Beret and alleged CIA operative. The bank operated a global network with branches in Hong Kong, Chiang Mai, Manila, the Cayman Islands, and elsewhere, attracting a roster of former U.S. military and intelligence figures, including [[Walter McDonald]] (former CIA Deputy Director for Economic Research), [[William Colby]] (former CIA Director), and Rear-Admiral [[Earl P. Yates]]. Holmgren’s appointment in Taiwan, a strategic hub for finance and intelligence activities, leveraged his CAT experience and regional connections.

Nugan Hand was far from a conventional bank. Australian investigations, including the 1983 Joint Task Force on Drug Trafficking and the 1985 Stewart Royal Commission, exposed its role in money laundering, tax evasion, and drug trafficking. The bank’s Chiang Mai branch, located in the Golden Triangle, was explicitly tied to drug money, with documented connections to at least 26 known drug traffickers and transactions like a $400,000 transfer linked to a heroin shipment from Thailand to Australia. Holmgren’s Taiwan branch, while less detailed in public records, was part of this network, facilitating untraceable financial flows that mirrored CIA tactics for funding covert operations.

Holmgren’s role likely involved managing financial operations, leveraging his aviation and intelligence contacts to attract clients or facilitate transactions. The bank’s global structure, with branches in tax havens and drug-heavy regions, suggested a deliberate design to move money covertly, possibly for intelligence purposes. The presence of other CAT and Air America veterans, such as Michael Hand, and the fact that four early Nugan Hand shareholders listed their addresses as the Air America office in San Francisco, strengthened the bank’s ties to CIA-affiliated networks. Holmgren’s prior CAT experience made him a natural fit for this role, though specific evidence of his direct involvement in illicit deals is limited due to the destruction of bank records by Hand after Nugan’s alleged suicide in January 1980.