Ibrahim Family and BCCI

The Times’ article “Movie Deal Portrays BCCI as ‘Personal Piggy Bank,’ ” (front page, Sept. 1) suggests some evil connection between BCCI and Sheik Abdul Aziz al Ibrahim and his family. The reporters use innuendo to imply that there was something illegal or improper about the investment, without offering any evidence except information from “anonymous” sources. This not only is irresponsible journalism, it is blatantly wrong.

Times reporters have desperately sought to find a local connection to the BCCI scandal, using Sheik Ibrahim as a foil and guilt by association as their weapon. The Ibrahim family, like millions of other BCCI customers, maintained deposits in BCCI, and was among the thousands of customers victimized by the bank.

The facts are clear, and we have stated them repeatedly:

-- BCCI was once a large banking institution, used by thousands of honest business people around the world.

-- For many years, the Ibrahim family kept substantial deposits in a London branch of BCCI. Your story accurately reports that when BCCI officials were indicted in Florida on charges of money laundering, the Ibrahim family drastically reduced their deposits with the bank. Even after this reduction, however, total deposits always exceeded advances against those accounts.

-- In many European banks, large depositors are assigned a bank officer to aid in money management and to oversee financial transactions that include advances, credits, charges and drafts against these deposit accounts.

-- The allegation (from the Times’ anonymous source) that a loan was obtained from BCCI to invest in this motion picture is a complete fabrication to create a sensational story at the expense of a local investor. We challenge The Times and its anonymous source to come up with any evidence to the contrary.

We are cooperating fully with Los Angeles County by providing it with documentation as to Sheik Ibrahim’s investment in Marina del Rey and we are confident that the Ibrahim family will be exonerated. We expect The Times to report its findings with the same prominence demonstrated in your current coverage.

ABDULAZIZ AL-SHEHAIL, Director of Business Enterprises for Sheik Abdul Aziz al Ibrahim, Los Angeles