Word: nahayan
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...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...
B.C.C.I. has been in financial trouble since its money-laundering conviction and has turned for help to one of its original sources of funds: the ruling ! family of Abu Dhabi and its head, Sheik Zayed bin Sultan al-Nahayan, reportedly one of the world's richest men. Last year Zayed and his son Prince Khalifa acquired 77% of the bank and pumped in at least $600 million against the huge shortfall revealed by the Price Waterhouse audit. It is far from clear that even this infusion will save the bank. Among other irregularities, the audit showed $400 million simply unaccounted...
...production to about 7.5 million bbl. daily from a high of 10.5 million last summer, but experts feel that they would have to cut output to 7 million or even 6 million bbl. to dry up the glut and stop the slide in prices. Sheik Zayed Bin Sultan al-Nahayan, President of the United Arab Emirates, reportedly was in Saudi Arabia last week in an at tempt to persuade King Khalid to send a delegation to the OPEC meeting...
...time, however, he was considerably less argumentative than usual. By the time the first session broke up and the ministers put away their pocket calculators and journeyed in heavily guarded motorcycle caravans to dine at the air-conditioned palace of Abu Dhabi's Sheik Zayed bin Sultan al-Nahayan, the new price had been virtually accepted. "We chewed on those figures a little more," recalled Venezuela's Valentin Hernandez, "but as we reached for the chunks of lamb at Sheik Zayed's dinner, the price was already fixed." Though Sheik Yamani initially asked for a 10% limit...