Zayed bin Sultan AL-Nahayan
Zayed bin Sultan AL-Nahayan was the Head of Abu Dhabi's ruling family and president of the United Arab Emirates.
Zayed bin Sultan AL-Nahayan was the Head of Abu Dhabi's ruling family and president of the United Arab Emirates.1
Early Life and Ascension
Zayed's early life was described by explorer Wilfred Thesiger, who noted his powerful build and reputation among the Bedouin. He was involved in the ghazzu, or Bedouin raid, to secure territory or camels. Zayed's passion was falconing. In 1966, Zayed deposed and exiled his brother, Shakhbut bin Sultan AL-Nahayan, and ascended to the throne of Abu Dhabi.2
Relationship with BCCI and Abedi
Agha Hasan Abedi cultivated a relationship with Zayed, recognizing the potential of Abu Dhabi's oil wealth.3 Abedi's persistence led to Zayed becoming a key supporter and later owner of BCCI.4 Zayed's petrodollars were pumped into Abedi's bank, and BCCI handled the purchase of homes for Zayed in Pakistan and managed details of his trips.5
BCCI effectively merged with Zayed's Private Department, which handled and invested the Emirates' wealth.6 Zayed was the principal mark in Abedi's con game, having been coddled into pumping $1.5 billion in new capital and another $1.5 billion in deposits into BCCI since mid-1990.7
Role in BCCI Scandal
Zayed and his chief lieutenant, Ghanim Fan's al-Mazrui, were infuriated by the global seizure of BCCI, as it occurred just ten days before a deal to restructure the bank was to be signed.7 Zayed's various state agencies, along with Zayed himself, lost as much as $8 billion in the shutdown of BCCI.8
He ordered audits of BCCI, which revealed billions of dollars missing.9 The Bank of England tried to persuade Zayed to inject more money into BCCI to cover losses.10
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. 11. ↩
- Beaty, Jonathan and Gwynne, S. C. The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI. New York: Random House, 1993, pp. 155-156. ↩
- Beaty, Jonathan and Gwynne, S. C. The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI. New York: Random House, 1993, p. 155. ↩
- Beaty, Jonathan and Gwynne, S. C. The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI. New York: Random House, 1993, p. 162. ↩
- Beaty, Jonathan and Gwynne, S. C. The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI. New York: Random House, 1993, p. 163. ↩
- Beaty, Jonathan and Gwynne, S. C. The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI. New York: Random House, 1993, p. 128. ↩
- Beaty, Jonathan and Gwynne, S. C. The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI. New York: Random House, 1993, p. 128. ↩
- Beaty, Jonathan and Gwynne, S. C. The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI. New York: Random House, 1993, p. 129. ↩
- Beaty, Jonathan and Gwynne, S. C. The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI. New York: Random House, 1993, p. 55. ↩
- Beaty, Jonathan and Gwynne, S. C. The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI. New York: Random House, 1993, p. 136. ↩
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