Word: ghaith
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Clifford and Altman are not the only U.S. connections to B.C.C.I. that the New York grand jury is looking into. Investigators suspect that wealthy Saudi businessman Ghaith Pharaon, who purchased the troubled National Bank of Georgia from President Carter's friend and onetime budget chief Bert Lance and later sold it to First American, has been a front man for Abedi. Banking regulators are probing another Pharaon holding -- Independence Bank in Encino, Calif. -- to see if Abedi or B.C.C.I. is the secret owner of that bank. And a federal grand jury in Miami is tracking Pharaon's and B.C.C.I...
What Abedi coveted most was the prestige of a bank in the U.S., the nerve center of Western capitalism. After regulators rejected two B.C.C.I. bids for American banks in the 1970s -- Abedi wouldn't reveal all the information they wanted -- he helped Saudi billionaire Ghaith R. Pharaon acquire the National Bank of Georgia in 1978 from Bert Lance, President Jimmy Carter's former budget director. Soon after that, Lance helped Abedi orchestrate a raid on Financial General Bankshares of Washington. The purchasers were four Middle Eastern shareholders of B.C.C.I. The hostile bid triggered a three-year court battle in which...
...resulted only from a misunderstanding between his and Pharaon's subordinates. Pharaon was not talking, and last week his lawyers said that he would not press legal charges against Tannoury. The victim seemed as worried about his reputation as his money, and with good reason. His brother Ghaith is a prominent Middle Eastern financier, and their father Rashad is a senior adviser to King Fahd of Saudi Arabia...
...most glaring case was Saudi Industrialist Ghaith Pharaon's ploy to hook up with the Georgia good-ole-boy network. The Saudi financier bought from President Carter's former Budget Director and confidant Bert Lance most of his shares in the National Bank of Georgia for $2.4 million, a price far above the market value; other Arab moneymen reportedly arranged a loan for Lance of about $3.5 million. In another case, a group of Arabs, led by a shadowy sheik named Kamal Adham, the former chief of Saudi internal intelligence, touched off a confusing imbroglio in Washington...
While the Saudis' loyalty to the dollar for the moment is firm, much mystery still surrounds their investment policy. World attention has been caught by the exploits of rich individual Saudis like Ghaith Pharaon, who bought control of the National Bank of Georgia from Bert Lance...