Zafar Iqbal
Zafar Iqbal took over as head of BCCI in late 1990, after the firing of Agha Hasan Abedi and Swaleh Naqvi.
Zafar Iqbal took over as head of BCCI in late 1990, after the firing of Agha Hasan Abedi and Swaleh Naqvi.1 He was also responsible for inspecting the "dancing girls" for clients.2
Role at BCCI
As head of BCCI, Iqbal was the bank's president when William Ryback of the Federal Reserve demanded to see the audit reports.3 He was forced by Ryback to agree that the audit would not be brought back to the United States, nor would the Bank of England allow a copy to be taken.4
Abu Dhabi Management
The Kerry-Brown Senate Report recorded that after Swaleh Naqvi confessed his errors and resigned as chief executive in March 1990, the new management team "was headed by a long-time Abu Dhabi insider from BCCI itself, Zafar Iqbal, the former head of BCCI's branch in the United Arab Emirates, the Bank of Credit and Commerce Emirates, or BCCE, who had long had a close personal relationship with important members of the ruling family of Abu Dhabi arising out of his provision of intimate personal services for them in Pakistan and elsewhere." It added that within the bank Iqbal "was not considered to be an expert on much besides pleasing the Abu Dhabi ruling family," and that junior officers knew him "as the man who had for years provided 'singing and dancing girls' to the ruling family." Under his management BCCI's operations were moved to Abu Dhabi without objection from the Bank of England.5
Sentence
In June 1994 an Abu Dhabi court convicted Zafar Iqbal Chaudhry, then 54, with other former BCCI executives; with Hasan Mahmood Kazmi and Abdul Hafeez Mohammed Ahmed, he received the longest sentence of those present in court, six years.6
Sources
- Beaty, Jonathan and Gwynne, S. C. The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI. New York: Random House, 1993, p. 9. ↩
- Beaty, Jonathan and Gwynne, S. C. The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI. New York: Random House, 1993, p. 174. ↩
- Beaty, Jonathan and Gwynne, S. C. The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI. New York: Random House, 1993, p. 132. ↩
- Beaty, Jonathan and Gwynne, S. C. The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI. New York: Random House, 1993, p. 133. ↩
- Kerry, Senator John, and Senator Hank Brown. The BCCI Affair: A Report to the Committee on Foreign Relations, United States Senate. December 1992, ch. 14, "Abu Dhabi: BCCI's Founding and Majority Stockholders." https://irp.fas.org/congress/1992_rpt/bcci/14abudhabi.htm ↩
- Hussain, Thomas. "UAE jails and fines BCCI executives," United Press International, June 14, 1994. https://www.upi.com/Archives/1994/06/14/UAE-jails-and-fines-BCCI-executives/7650771566400/ ↩
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