Word: nahayan
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Dates: during 1990-1999
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...London court halted the liquidation of B.C.C.I.'s British branches until December to give Sheik Zayed bin Sultan al-Nahayan, the ruler of Abu Dhabi who acquired control of B.C.C.I. last year, a chance to rescue depositors and develop a plan to reopen a cleansed and scaled-down version of the global bank. Zayed immediately put up $84 million to help rescue the 120,000 British customers who had entrusted $400 million to B.C.C.I...
...depositors, who held a total of $400 million in the bank. The outraged victims of the shutdown, who included Indian and Pakistani families and some 30 municipalities, stood to receive just 75% of their money, up to a maximum of about $25,000. But Sheik Zayed bin Sultan al-Nahayan, the ruler of Abu Dhabi who acquired control of B.C.C.I. for $1 billion last year, was still fuming because the clampdown shuttered the bank without warning just as he was planning to restructure it. "He will do nothing unless there is incredible political pressure that he simply cannot resist," says...
...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 from as many as 45 municipalities and four utilities...
...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...