Word: nahayan
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Dates: during 1990-1999
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...agreement with Abu Dhabi's ruler, a principal backer of the Bank of Credit and Commerce International, has given new life to the global fraud investigation of the rogue bank. Sheik Zayed bin Sultan al-Nahayan has agreed to allow B.C.C.I.'s No. 2 man, Swaleh Naqvi, to be extradited to the U.S. for trial on fraud charges, and to give prosecutors access to other former officers and to bank records. In turn, the U.S. has promised the sheik that he will not face criminal or civil charges in the U.S. and that a $1.5 billion lawsuit against him will...
Morgenthau has also been taking a tough line with another U.S. ally in the region, Sheik Zayed bin Sultan al-Nahayan, ruler of Abu Dhabi and President of the United Arab Emirates. "Abu Dhabi has been promising cooperation for a year, but we've gotten nothing out of them," the district attorney said last week. His frustration is understandable: Zayed, now the owner of the tattered remains of B.C.C.I. founder Agha Hasan Abedi's erstwhile $20 billion banking empire, has placed 18 of the bank's top officials -- all of them potential witnesses who could help explain the workings...
...most prominent victim of Abedi's flimflam operation was the man whose wealth helped finance B.C.C.I.: Sheik Zayed bin Sultan al-Nahayan of Abu Dhabi, President of the United Arab Emirates. Investigators say approximately $2 billion of Zayed's own money, along with $7 billion in Abu Dhabi state funds, has disappeared into the bank's black hole. In the U.S., B.C.C.I.'s secret ownership of Washington's largest bank, First American, implicated former Defense Secretary Clark Clifford. As chairman of First American, Clifford had denied that B.C.C.I. controlled the Washington bank; he and his partner, Robert Altman, now face...
...more money is needed to compensate victims worldwide, so authorities are seeking a much bigger bailout. Their intended source: the ruler of Abu Dhabi, Sheik Zayed bin Sultan al-Nahayan, who is now the major shareholder in B.C.C.I. For months banking authorities and liquidators have tried to talk Zayed into donating billions of dollars to cushion the losses of depositors around the world so they might recoup 30% to 40% instead of the 10% now expected. B.C.C.I.'s agreement with the U.S. may pave the way for that bailout...
...Arabs often see no need for such records, financial experts say, because they trust leaders such as Sheik Zayed bin Sultan al-Nahayan, the ruler of Abu Dhabi who controls 77% of B.C.C.I., to stand behind their debts and those of their subjects. And they see no need to keep records for the taxman, since the six Arab states in the gulf collect no taxes...