Word: dhabi
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...authorities took so long to intervene. Britain's main financial regulator waited more than a year after seeing a Price Waterhouse audit that raised serious questions about B.C.C.I.'s viability before seizing its 25 branches in Britain. One explanation: the Bank of England was conducting extended negotiations with Abu Dhabi authorities, apparently hoping that B.C.C.I.'s current owner, Sheik Zayed bin Sultan al-Nahayan, would shore up the bank. But more suspicious experts raise questions about B.C.C.I.'s links to Western intelligence agencies. Leaders in Parliament have expressed outrage at the regulatory failure, which among other things has endangered deposits...
...hours that led to last Friday's closing of our cover story, correspondents Jonathan Beaty and Sam Gwynne were holed up in an office, still tracing the weird contours of one of the world's most baroque financial schemes -- a Washington-to-Abu Dhabi intrigue that matches John le Carre's imagination for espionage, Frederick Forsyth's for terrorism and Oliver Stone's for greed. In this week's story, Jonathan and Sam have uncovered how the Bank of Credit & Commerce International used a "black network" of terrorists and self-appointed spies to serve as a one-stop shopping center...
...nothing, not even murder, to further the bank's aims, a large part of the team's work was persuading their sources to talk and finding ruses to communicate with safety. "Everybody we talked to was afraid of being killed," says Gwynne. In hotels from Washington to Abu Dhabi, Beaty often had to leave his room in the early morning to return calls from telephone booths. He persuaded several sources to meet him on neutral ground in Casablanca, and learned more details there while dining on fish and rice in a Bedouin's tent. Beaty came right up against...
...could an impeccably honest Bedouin sheik get stuck in a mess like this? Despite his solid-gold reputation, Sheik Zayed bin Sultan al-Nahayan, ruler of Abu Dhabi and President of the United Arab Emirates, found himself last week at the center of the largest global banking scandal ever. As the most recent owner of the notoriously corrupt Bank of Credit & Commerce International, which regulators closed earlier this month, Zayed has become the unwitting goat for nearly two decades of alleged fraud by the bank's Pakistan-based managers and for years of neglect by banking authorities around the world...
Meanwhile B.C.C.I.'s far-flung empire is imploding. According to investigators, as much as $10 billion is missing from the company's books. Sheik Zayed bin Sultan al-Nahayan, the ruler of Abu Dhabi, has pumped in $1 billion to keep the bank afloat since taking it over last year and has dismissed hundreds of the Pakistani bankers who ran B.C.C.I. in its heyday. Abu Dhabi, the Bank of England and the Federal Reserve are struggling to come up with a workable restructuring plan that will satisfy regulators amid continuing disclosures of illicit banking activity...