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Banking

BRIEFLY

November 11, 1991|From Times Staff and Wire Reports

BCCI Stole $2 Billion, Newspaper Says: The Bank of Credit & Commerce International stole more than $2 billion from the personal account of the ruler of Abu Dhabi, the Financial Times reported in its Monday edition. It was "believed to be the single biggest theft from an individual customer in the history of banking," the newspaper said. The emirate's ruler, Sheik Zayed ibn Sultan al Nuhayan, and Abu Dhabi institutions are majority shareholders in the bank, which was closed July 5 in a worldwide swoop by banking regulators on allegations of massive fraud. The newspaper said Sheikh Zayed was believed to have placed his entire share of Abu Dhabi's oil revenue with offshoots of the bank for several years. This share--about 8% of the emirate's total oil income--ranged between $500 million and $1 billion a year.

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