Bank Of Credit And Commerce International

The last two former Bank of Credit & Commerce International executives held in prison in the United Arab Emirates have been released but must remain in the country, judicial sources said. They said Hassan Mahmoud Kazmi and Abdul-Hafeez Mohammed Ahmed were released from their Abu Dhabi jail on Wednesday after they completed six-year sentences. The two cannot leave the country pending appeals to the supreme court, the sources said.

In a quiet end to an affair that once rocked the capital, venerable Washington insider Clark M. Clifford and his former law partner agreed to pay $5 million to settle civil fraud charges in the BCCI banking scandal. Under a settlement with the Federal Reserve Board announced Tuesday, the 91-year-old Clifford and his protege, Robert Altman, will compensate the depositors and creditors of the now-defunct Bank of Credit and Commerce International.

A federal judge has ordered a former Saudi government official to pay $1.16 billion in damages to the court-appointed liquidators of BCCI, a now-defunct foreign bank that was at the center of an international scandal. U.S. District Judge Joyce Hens Green ruled late Wednesday that Abdul Raouf Hasan Khalil, a Saudi businessman believed to be the biggest depositor in BCCI, conspired with bank officials in a fraudulent scheme that resulted in big losses to the Third World bank.

U.S. prosecutors and banking officials settled a legal and diplomatic battle with Abu Dhabi on Saturday when the royal family of the Persian Gulf state agreed to give up claims to $400 million that it had invested in First American Bankshares Inc. The agreement also gives investigators access to a key witness with knowledge of the BCCI financial scandal, sources familiar with the agreement said. In return, a $1.

A key figure in the Bank of Credit and Commerce International scandal will be extradited for prosecution by the Justice Department under an agreement with the government of Abu Dhabi. Justice Department officials confirmed the agreement Sunday and said they expect Swaleh Naqvi, the top deputy to the founder of BCCI, to be brought to the United States from Abu Dhabi within four months to face bank fraud charges.

An investor group headed by Mexican billionaire Carlos Cabal Peniche has agreed to buy San Francisco-based Del Monte Foods Co. in a cash and debt transfer deal valued at close to $1 billion. The transaction announced Monday is the latest in a series of U.S. acquisitions by Mexican firms seeking a better vantage point for competing under the North American Free Trade Agreement.