Word: ghaith
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Dates: during 1970-1979
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While the Saudis' loyalty to the dollar for the moment is firm, much mystery still surrounds their investment policy. World attention has been caught by the exploits of rich individual Saudis like Ghaith Pharaon, who bought control of the National Bank of Georgia from Bert Lance...
...assets of more than $2 billion, much of it from Kuwait, Abu Dhabi and Dubai. The bank was founded in 1972 by innovative, hard-driving Agha Hasan Abedi, who left his native Pakistan five years ago, when the government nationalized banking. It was Abedi who got Lance together with Ghaith...
Saudi Arabia's production of mysterious millionaires is almost as impressive as its output of oil-and now one of those little-known Saudis has volunteered to start digging Bert Lance out from under his mountain of debts. Ghaith Pharaon, 37, has offered to buy 60% of the stock in Lance's National Bank of Georgia for $20 a share, or about $4 above market value. Whether other stockholders accept or not, Lance will turn over 60% of his 200,000-odd shares to Pharaon and get a check for about $2.4 million...
Some Christmas cheer for Bert Lance. First, Saudi businessman Ghaith Pharaon said he would pay $20 a share (more than 33% above the going rate) for 120,000 shares of the former Budget Director's stock in the National Bank of Georgia. The $2.4 million deal should leave a fat profit (a third of a million or so) in Lance's stocking. Then there was a gift from Wife LaBelle: a family portrait by Atlanta Artist Comer Jennings. LaBelle especially liked how Jennings painted her diamond pendant-the "broken heart," as she calls it, that Bert gave...