Word: citibank
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...accounts are conservatively estimated between $15 billion and $30 billion." Taken together, that's roughly the equivalent of Russia's gross domestic product. No wonder Western banks are eager to capitalize on this lucrative market. While Bahrain's Noriba is operating exclusively under Shari'a principles, several others - HSBC, Citibank, Commerzbank and BNP Paribas - provide Shari'a-compliant services along with conventional ones. UBS won't disclose its projected future profits in Bahrain. But Noriba ceo Toufic Kanafani says, "If we didn't see the potential for Islamic banking, we wouldn't have opened this bank. The demand for competent...
...about to be added to the list of 100 already named. Prime among them is likely to be Saudi Minister of the Interior Prince Naif. Another likely target is the Saudi American Bank (SAMBA), the kingdom's second largest financial institution, which is partly owned and managed by Citibank. The list will also include prominent Saudi charities, financial institutions and businessmen, notably Mohammed al-Amoudi, the multimillionaire owner of a lavish Addis Ababa hotel where Treasury Secretary Paul O'Neill and rock star Bono stayed this year while on their African tour. Al-Amoudi has repeatedly denied any links...
...government of Dominica filed suit against Citibank in July, accusing it of extracting "secret profits" of about $1.8 million from the transaction, on a bond issue that lacked proper security and provided, in effect, only $14.2 million in financing, the lawsuit alleges. Citibank is expected to submit its formal response in the case next month. Dominica's airport, hampered by bureaucratic struggles, has not been built...
...seeing documents related to the bonds. According to the terms of the deal, outlined in documents obtained by Time, the airport was to be financed in part by bonds to be secured by a $2.8 million "sinking fund," or money loaned in excess of construction needs and managed by Citibank. But instead of investing the sinking fund elsewhere, the documents show, Citibank used the fund to buy up the airport bonds and convert them into a different kind of bond that reaped a higher premium, without telling the borrower...
With the renewed scrutiny directed at Citibank Trinidad, Trinidad is reconsidering another controversial deal, a complex 1998 interest-rate swap now under review by its attorney general. Conrad Enill, Trinidad's Finance Minister, says his government is closely watching what happens in Dominica. So far no one has been willing to reopen the Trintomar transaction, but Seereeram persists. It took his father 15 years to win his sugar battle. Seereeram has been fighting for only four...