Word: mahfouz
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Dates: during 1990-1999
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...Criminal counts against the bank, shut down by regulators last July, included specific allegations that B.C.C.I. bribed government and banking officials in 10 countries. A B.C.C.I. director, Sheik Kamal Adham, last week became the second prominent Saudi to be caught up in the scandal; last month Sheik Khalid bin Mahfouz, head of the largest commercial bank in Saudi Arabia, was indicted in New York. (See related story on page...
...investigations. Also indicted by Manhattan District Attorney Robert Morgenthau was Ghaith Pharaon, the most flamboyant of the Saudis, who bought the National Bank of Georgia from Bert Lance, President Carter's onetime budget chief, and later sold it to First American. Last month Morgenthau moved against Sheik Khalid bin Mahfouz, who headed the largest commercial bank in Saudi Arabia. Still another enormously rich Saudi remains under investigation: Abdul Raouf Khalil, a shareholder in both B.C.C.I. and First American. The barrage of charges against these prominent Saudis poses a sticky problem for the Bush Administration, one that threatens to uncover...
...phony stockholders in B.C.C.I.'s purchase of First American. The witness, Akbar Bilgrami, testified that he had personally read the loan agreements by which B.C.C.I. lent the money to Zayed to buy First American shares. If true, this means that Zayed violated the same banking laws that Adham and Mahfouz are charged with breaking...
...last year Americans heard of the labyrinthine lawlessness of the Pakistani Bank of Credit & Commerce International. But unlike depositors shut out in places like Britain and Hong Kong, they felt no real impact. That changed after a New York grand jury indicted Sheik Khalid bin Mahfouz, head of Saudi Arabia's National Commercial Bank, for fraud in connection with the scandal. Last week the Federal Reserve sought a $170 million fine from Mahfouz -- the largest ever from an individual -- for his alleged role in illegally buying a controlling interest in Washington's First American Bankshares from B.C.C.I., and the Comptroller...
Earlier in the week Mahfouz resigned his post "to combat these false charges," and the same day silver plunged on European exchanges as his bank, Saudi Arabia's largest, dumped gargantuan amounts of the metal. The silver shock spilled into oil stocks, which helped fuel a 44-point slide in the Dow- Jones average on the New York Stock Exchange. Although silver and stocks recovered, the turmoil in those markets was the first close-to-home repercussion of the B.C.C.I. scandal in the U.S. It may not be the last...