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Texan Hunt Testifies to Iran-Contra Grand Jury

May 29, 1987

WASHINGTON (AP) _ Texas millionaire Nelson Bunker Hunt testified Friday before the special federal grand jury investigating the Iran-Contra affair.

Hunt donated at least $237,500 to a foundation run by Carl R. Channell to help arm the Nicaraguan rebels, according to records turned over to investigators.

He declined to discuss his testimony after appearing before the grand jury for more than an hour.

Asked if he was a target of the investigation, Hunt replied, ″I hope not.″

He also declined to discuss his donations to the Contra cause, saying only, ″I’m for ’em.″

Channell and a public relations executive, Richard Miller, have pleaded guilty to charges they conspired to illegally use the tax-exempt National Endowment for the Preservation of Liberty to arm the Contras.

Both Channell and Miller named Lt. Col. Oliver North, the former National Security Council aide, as a fellow conspirator.

Several associates of Channell and Miller also agreed to cooperate with Independent Counsel Lawrence E. Walsh’s investigation of fund raising for the Contras, providing those associates were not charged in the case.

A man accompanied by attorney Elaine Lubin, who represents Channell, also testified before the grand jury on Friday. Neither the man nor the lawyer would say who he was.

Miller and Channell pleaded guilty to charges they conspired to defraud the government of taxes owed on contributions to the foundation.

Both men face possible sentences of five years and $250,000 fines. Their sentencings were postponed while the investigation continues.

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