Word: nahayan
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...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...
...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...