Word: sheiking
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Meanwhile B.C.C.I.'s far-flung empire is imploding. According to investigators, as much as $10 billion is missing from the company's books. Sheik Zayed bin Sultan al-Nahayan, the ruler of Abu Dhabi, has pumped in $1 billion to keep the bank afloat since taking it over last year and has dismissed hundreds of the Pakistani bankers who ran B.C.C.I. in its heyday. Abu Dhabi, the Bank of England and the Federal Reserve are struggling to come up with a workable restructuring plan that will satisfy regulators amid continuing disclosures of illicit banking activity...
...Commerce and Industry. "We are not yet ready for free elections, but it is a step forward." In response, the religious conservatives marshaled support in the mosques for the implementation of Shari'a. Last month religious leaders in the conservative stronghold of Buraida spread rumors that a popular sheik, Salman al-Oda, had been arrested. Five thousand followers marched on the governor's palace in protest...
...effort to quiet carping about its inadequacies, the government resigned last month. A new Cabinet was announced last weekend, keeping Crown Prince Sheik Saad al-Abdullah al-Sabah as Prime Minister but changing many of the other positions. One palace insider says the new lineup has "fewer weaknesses but also fewer strong personalities...
With a view toward running in the country's parliamentary elections, some of Kuwait's key leaders, notably Sheik Saad's closest aide, Minister of State for Cabinet Affairs Abdul Rahman al-Awadi, have chosen to stay out of the new Cabinet. They prefer to agitate for democracy from the outside rather than be perceived as defending the status quo. "Whoever accepted a post in this government," says an ex-minister, "is going to have a thankless task." One of the most thankless tasks will be to sell the Kuwaitis on the timing of parliamentary elections. Many hoped the balloting...
B.C.C.I. has been in financial trouble since its money-laundering conviction and has turned for help to one of its original sources of funds: the ruling ! family of Abu Dhabi and its head, Sheik Zayed bin Sultan al-Nahayan, reportedly one of the world's richest men. Last year Zayed and his son Prince Khalifa acquired 77% of the bank and pumped in at least $600 million against the huge shortfall revealed by the Price Waterhouse audit. It is far from clear that even this infusion will save the bank. Among other irregularities, the audit showed $400 million simply unaccounted...