Word: sheiks
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Kuwait paid the final installment of its $16.5 billion Desert Storm debt to the U.S. in December, relying partly on the country's Fund for Future Generations. Nevertheless, the Emir Sheik Jaber al-Ahmad al-Sabah ordered the government to write off $5 billion in consumer debts and assume responsibility for an additional $25 billion owed by commercial banks. Despite these obligations, a $5 billion reconstruction loan sought last fall was oversubscribed by a consortium of international banks...
...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...
...effort started to pick up in August, when British journalist John McCarthy was released. He was carrying a message from Islamic Jihad: if Israel would release more than 300 Arab detainees, including Sheik Abdul Karim Obeid, a Shi'ite Muslim cleric kidnapped by Israeli commandos in 1989, the group would be willing to free its remaining captives. Using Picco as a go-between, the two sides began exchanging information about the condition of their prisoners...
Israel is worried that it has not completed the deal yet, but is willing to trade almost 300 Lebanese prisoners, along with kidnapped Sheik Abdul Karim Obeid, a Hizballah cleric, for one possible Israeli survivor, air force Captain Ron Arad, and the remains of five other servicemen...