Nation IN BRIEF : NEW YORK : 2 Pay $225 Million in BCCI Settlement
From Times Staff and Wire Reports
A Saudi Arabian financier and his associate have paid $225 million as part of an agreement with U.S. authorities to dismiss charges they conspired to steal more than $300 million from depositors in the failed Bank of Credit and Commerce International. In the settlement announced by the Manhattan district attorney, the payment was made on behalf of Sheik Khalid bin Mahfouz, ex-chief operating officer of the National Commercial Bank of Saudi Arabia, and Haroon Kahlon, an ex-bank executive.
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