Word: sheiks
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...breadth and scope to the image of B.C.C.I. as a huge criminal enterprise that corrupted bank officers, government officials and journalists. 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...
...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...
...pursuit of culprits in the Bank of Credit & Commerce International scandal, was broadly aimed. "No participant in the B.C.C.I. scheme, here or abroad, however influential, should expect to escape justice," declared Morgenthau. The D.A. then made good on his threat by delivering a grand jury indictment of billionaire Sheik Khalid bin Mahfouz, CEO of the National Commercial Bank, the largest commercial bank in Saudi Arabia, and a financial adviser to the Saudi royal family, on charges of fraud. Other targets of a criminal grand jury led by Morgenthau include intimates of the royal families of Saudi Arabia and the United...
...International is certainly living up to its last name. Bailed out once by a Mexican publisher, the struggling 34-year-old U.S. wire service again avoided dissolution when London-based Middle East Broadcasting Center agreed to purchase it for $3.95 million. The chairman and principal shareholder of MBC is Sheik Walid al-Ibrahim, brother-in-law of Saudi Arabia's King Fahd. The U.P.I. purchase marks the Saudis' first foray into the mainstream American press...
There is no guarantee that Arazi will continue his winning ways. As Sheik Mohammed points out, "He could get a headache or a cold and lose, as other great horses have." Yet extending his string of victories would not only bring glory but give a lift to the depressed international racing industry. Track attendance -- and prices at horse auctions -- have been hit hard in both the U.S. and Europe. If Arazi can take the two Derbies or the Triple Crown, his triumph will reflect on all of racing, a sport that requires superstars at least as much as the movie...