Word: ghaith
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Last year, Ghaith R. Pharaon, a 1965 Harvard Business School alumnus, gave his graduate alma mater as much as $1 million on the occasion of his 25th reunion. He has already paid an initial installment of $100,000, according to alumni sources...
Where was Ghaith Pharaon? U.S. authorities hunted for the globe-trotting Saudi financier last week after the Federal Reserve Board sought to fine him $37 million for serving as a front man for the notorious Bank of Credit & Commerce International. According to the Fed, Pharaon secretly used B.C.C.I. funds in 1985 to acquire Independence Bank of Encino, Calif., for about $23 million. To assure collection of the fine, a federal court froze Pharaon's U.S. assets, which ranged from a controlling interest in American Southern Insurance Co. to an 1,800-acre estate near Savannah...
...Arif Durrani, a B.C.C.I.-financed Pakistani arms dealer now doing time in a U.S. federal prison for illegally providing Hawk antiaircraft missile parts to Iran during the Iran-contra era, one of the biggest Mirage dealers in the world is a Pakistani multimillionaire named Asaf Ali. "Just as Ghaith Pharaon fronts for B.C.C.I. to purchase banks and businesses, Asaf is B.C.C.I.'s man in the weapons business," says Durrani, who financed many of his weapons deals through B.C.C.I. offices in London and New York City. While Durrani has made a number of other claims that have been contested...
...from B.C.C.I. to acquire the stock, which they held for less than two years. TIME's sources say investigators are probing whether the $10 million profit was a payoff for First American's 1987 purchase of the National Bank of Georgia for some $200 million from B.C.C.I. front man Ghaith Pharaon. That deal bailed out Pharaon and effectively transferred the $200 million from First American to B.C.C.I. Clifford and Altman deny that they carried out the deal under B.C.C.I.'s orders...
...Senate began looking into charges that former President Alan Garcia Perez looted government funds by siphoning them through B.C.C.I. accounts in Panama. Returning from a month-long vacation in Europe, Garcia hotly denied the accusations. At the same time, officials in Chile and Argentina scrutinized the financial affairs of Ghaith Pharaon, a Saudi tycoon and B.C.C.I. front man who is building Hyatt hotels in both countries...