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Time - Man of the Year
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Time_Man_of_the_Year_Compact_Publishing_3YX-Disc-1_Compact_Publishing_1993.iso
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07139911.000
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1993-04-08
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THE WEEK, Page 18BUSINESSLong Arm of The Law
A top Saudi banker is indicted in the still simmering B.C.C.I.
scandal
The message from New York District Attorney Robert
Morgenthau, still in 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 Arab Republic. Mahfouz, a principal
shareholder in B.C.C.I., was charged with involvement in a
billion-dollar scheme to defraud investors and deceive U.S.
banking regulators. His bank is suspected of participating in
B.C.C.I.'s financial manipulations that led to the disappearance
of more than $10 billion. The sheik, however, claims that he
actually lost vast amounts of money through B.C.C.I. and was thus
himself a victim. Through a spokesman, he professed astonishment
at the charges.