Word: intra
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...economy of Lebanon, battered by a loss of tourist business as a result of the Arab-Israeli war, got a welcome lift on the home front last week. After a 15-month shutdown in the wake of the biggest banking scandal in Lebanese history, Intra Bank reopened its doors for business. The reopening quickly drew a crowd so large that police had to be called to control it. Not surprisingly, the throng consisted mainly of Intra Bank customers anxious to get their savings out rather than to put more Lebanese pounds...
...depositors should have little to worry about on this score. Intra Bank, when it collapsed in the fall of 1966 and sent Founder and Financier Yusef Bedas into hasty exile, turned out to hold loans of about $120 million made on virtually nonexistent collateral. But it also had another $217 million in gilt-edged investments, including majority ownership in prospering Middle East Airlines and a hunk of choice real estate on Paris' Champs Elysees. All that was needed was a plan to satisfy its creditors and the Lebanese government. This was provided by the U.S. banking firm of Kidder...
Under Kidder, Peabody's design to refloat Lebanon's most important bank, the airline, real estate and other holdings will all be spun off into a separate investment company. Large depositors, including the U.S. Agriculture Department's Commodity Credit Corp., which had $22 million in Intra as an export loan covering surplus crop shipments, will be paid off in stock in the new company. Investors with less than 250,000 Lebanese pounds (about $80,000) in the bank will be able to get half their money back within the next three years, will receive the other half...
Gilt-Edged Load. Intra depositors with accounts of $77,500 or more will be paid off with stock in the new investment company; smaller depositors are to get half their money back in cash within three years, half of it as stock. The smallest (less than $3,100) Lebanese depositors have already been repaid in cash, through a total of $15.5 million in loans from the Lebanese cen tral bank...
...long-blocked road to Intra's resurrection finally opened after British auditors found that the bank, though short of cash, was so loaded with gilt-edged investments ($217 million worth) as to be a sound long-term venture. A new Cabinet under Lebanese Prime Minister Rashid Karami fired a committee that was irreconcilably split over whether to salvage or liquidate the bank, named another that dickered with Kid der, Peabody. The key to the rescue deal was winning the consent of Intra's major creditors, notably that of Kuwaiti Prime Minister Jaber al Ahmed as Sabah, whose countrymen...