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Khalid bin Mahfouz
Born 1949
Saudi Arabia
Occupation Investor
Net worth ▲ $3. Year 1949 ( MCMXLIX) was a Common year starting on Saturday (link will display the full calendar of the Gregorian calendar. The Kingdom of Saudi Arabia, KSA ( المملكة العربية السعودية, al-Mamlaka al-ʻArabiyya as-Suʻūdiyya) or Suudi See Investor AB for the Swedish investment company An investor is any party that makes an Investment. 2 billion USD
Website
http://www.binmahfouz.info

Khalid bin Mahfouz (Arabic: خالد بن محفوظ; born 1949) is a wealthy Saudi Arabian and Irish businessman accused of supporting al-Qaeda. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Arabic (ar الْعَرَبيّة (informally ar عَرَبيْ) in terms of the number of speakers is the largest living member of the Semitic language Year 1949 ( MCMXLIX) was a Common year starting on Saturday (link will display the full calendar of the Gregorian calendar. The Kingdom of Saudi Arabia, KSA ( المملكة العربية السعودية, al-Mamlaka al-ʻArabiyya as-Suʻūdiyya) or Suudi Ireland ( Irish: Éire, ˈeːrʲə is a country in north-western Europe. Al-Qaeda, alternatively spelled al-Qaida, al-Qa`ida or al-Qa`idah, ( Arabic:; ar-Latn ''al-qāʿidah'' Translation: The Mahfouz's representatives deny the veracity of such accusations, claiming them to be supported mainly by allegations; Mahfouz himself claims to "condemn terrorism in all of its forms and manifestations. An allegation (also called adduction) is a statement of a Fact by a party in a Pleading, which the party claims it will prove "[1]

Contents

Biography

Khalid bin Mahfouz is the eldest son of Salim Ahmed bin Mahfouz, a Saudi entrepreneur who rose from being an illiterate moneychanger to the founder of the first bank in his country, the National Commercial Bank of Saudi Arabia (NCB). traditional definition of literacy is considered to be the ability to read and write or the ability to use Language to read, write, listen, The National Commercial Bank (NCB also known as AlAhli Bank ( Arabic:البنك الأهلي التجاري is the first Saudi Arabian bank Salim Ahmed then became the personal banker of the Saudi royal family. He handed management of NCB, the largest bank in the country, to Khalid sometime in the 1980s. The 1980s was the decade spanning from January 1 1980 to December 31 1989. [2]

In 1990 Khalid bin Mahfouz acquired Irish citizenship through inward-investment procedures. Year 1990 ( MCMXC) was a Common year starting on Monday (link displays the 1990 Gregorian calendar) Ireland (pronounced /ˈaɾlənd/ Éire) is the third largest island in Europe, and the twentieth-largest island in the world The practices of the Haughey and Reynolds administrations between 1989 and 1994 are a matter of controversy in Ireland and are being investigated by the Moriarty Tribunal, but bin Mahfouz acquired his citizenship under the procedures applicable at the time. Albert Reynolds (Ailbhe Mac Raghnaill born 4 November 1932 served as the eighth Taoiseach of Ireland, serving one term in office from 1992 until 1994 Year 1989 ( MCMLXXXIX) was a Common year starting on Sunday (link displays 1989 Gregorian calendar) Year 1994 ( MCMXCIV) was a Common year starting on Saturday (link will display full 1994 Gregorian calendar) The Moriarty Tribunal is an Irish Public inquiry established in 1997 into the financial affairs of politicians Charles Haughey and Michael Lowry [3]

Bin Mahfouz is married with three children. His personal net worth was $3. For the film entitled Net Worth see Net Worth (film. In business net worth (sometimes called net assets) is the total Assets 2 billion in 2006, making him one of the richest people in the world; his family fortune is worth over $4 billion. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. He has been involved in various business and charitable organizations throughout his life. [4]

Controversies

$225 million BCCI scandal fine

Bin Mahfouz was a non-executive director of Bank of Credit and Commerce International, a financial conglomerate later convicted of money laundering, bribery, support of terrorism, arms trafficking, and many other crimes. The Bank of Credit and Commerce International ( BCCI) was a major international Bank founded in London, United Kingdom in 1972 by Agha Money laundering is the practice of engaging in financial Transactions in order to conceal the Identity, source and/or destination of Money, Bribery, a form of pecuniary corruption is an act usually implying money or gift given that alters the behaviour of the recipient in ways not consistent with the duties of that person Terrorism is the systematic use of terror especially as a means of coercion Illegal arms trafficking, also known as Gunrunning is trafficking in ( Smuggling) contraband Weapons and Ammunition. [5] Mahfouz personally owned a 20% stake in BCCI. He was indicted by a New York state grand jury for fraud but denied any culpability. In the Common law, a grand jury is a type of Jury which determines whether there is enough evidence for a trial. In the broadest sense a fraud is a Deception made for personal gain or to damage another individual The fraud charges were settled for $225 million in lieu of fines. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been [2]

Donations to Osama bin Laden in 1988

Craig Unger's book House of Bush, House of Saud claims that bin Mahfouz donated over $270,000 to Osama bin Laden's Islamist organization at the request of Osama's brother Salem bin Laden. Craig Unger is an American Journalist and Writer. His most recent book is The Fall of the House of Bush about the internal feud in the Bush Islamism ( Islam + ism; Arabic: al-'islāmiyya) a set of ideologies holding that Islam is not only Salem bin Mohammed bin 'Awad bin Laden (1946&mdash May 29, 1988) was a Saudi Arabian investor Bin Mahfouz's lawyer stated: "This donation was to assist the US-sponsored resistance to the Soviet occupation of Afghanistan and was never intended nor, to the best of Sheikh Khalid's knowledge, ever used to fund any 'extension' of that resistance movement in other countries. Afghanistan /æfˈgænɪstæn/ officially the Islamic Republic of Afghanistan ( Pashto: د افغانستان اسلامي جمهوریت, "[6]

Alleged familial relationship with Osama bin Laden

In US Senate testimony in 1998, CIA Director James Woolsey stated that bin Mahfouz's sister is a wife of Osama bin Laden, making the two brothers-in-law. The United States Senate is the Upper house of the bicameral United States Congress, the Lower house being the House of Representatives Year 1998 ( MCMXCVIII) was a Common year starting on Thursday (link will display full 1998 Gregorian calendar) near as long as it used to be several months ago It has been actively summarized and split into sub-articles and there is a dynamic talk page discussion of all Robert James Woolsey Jr (born September 21, 1941) is a foreign policy specialist and former Director of Central Intelligence and head of the Central Osama bin Laden, with some spelling variations is the name used in English to refer to (أسامة بن محمد بن عوض بن لادن born 10 March Bin Mahfouz has consistently denied this. Many publications, including the Wall Street Journal, the LA Times, Fortune Magazine, the Washington Post, and USA Today, reported that the two were brothers-in-law. The Los Angeles Times (also known as the LA Times) is a daily Newspaper published in Los Angeles California and distributed Fortune is a Global Business Magazine published by Time Inc's Fortune|Money Group The Washington Post is the largest and most circulated Newspaper in Washington D USA TODAY is a national American daily Newspaper published by the Gannett Company. Each publication has since issued a retraction, sometimes after lengthy litigation.

In the libel trial against him, Woolsey testified that bin Mahfouz had been misidentified. Woolsey later stated, "I don't know what to say other than there was some confusion, but I never meant to refer to Bin Mahfouz's sister. "[7]

Alleged NCB funding of al-Qaeda

Khalid bin Mahfouz has denied that NCB, his bank, was involved in funding an al-Qaeda group. Al-Qaeda, alternatively spelled al-Qaida, al-Qa`ida or al-Qa`idah, ( Arabic:; ar-Latn ''al-qāʿidah'' Translation: The According to reports, high-placed Saudi businessmen transferred millions of dollars through NCB to charities operating as fronts for al-Qaeda. Mahfouz states that he could not have been aware of every wire transfer moving through the bank, and that he would not have allowed such transactions had he known they were taking place. There is no evidence that Mahfouz was personally involved in any of these transactions.

Additionally, Forbes reports:

[I]n 1999 the [Saudi] government stepped in, buying a controlling 50% stake of NCB from Khalid for at least $1 billion, partly used to wipe Khalid's debt from the books. Khalid and his family retained 34% ownership, but he again surrendered his management positions. . . The extent of Khalid's mismanagement at NCB remains shrouded. NCB has not issued audited numbers since 1998, but it did acknowledge last year that provisions for bad loans in 1999 and 2000 reached $934 million, covering 86% of its doubtful debt. [2]

NCB senior officials vehemently deny the existence of this audit. [8]

Muwafaq Foundation

Khalid bin Mahfouz helped set up a charity organization called the Muwafaq Foundation, Muwafaq being Arabic for "blessed relief". The definition of charitable organization, and of charity varies according to the country and in some instances the region of the country in which the charitable organization operates He funded this charity with $30 million, and put his eldest son, Abdulrahman bin Mahfouz, on the board of directors. In October of 2001, the U.S. Treasury Department named Muwafaq an al-Qaeda front organization. The United States Department of the Treasury is a Cabinet department and the Treasury of the United States government. A front organization is any entity set up by and controlled by another organization such as intelligence agencies, Organized crime groups banned organizations religious Neither Khalid nor Abdulrahman were accused of funding terrorism by the United States; however Yasin al-Qadi, a Saudi national hired to run the charity, was named a supporter of terrorism by and had his assets frozen by the U. S. Treasury Department. [2]

Khalid bin Mahfouz claims that he was not aware of the charity being used to fund terrorists. He claims further that he has initiated an investigation of his own into Muwafaq's activities.

UN designation

There have been numerous allegations that Khalid bin Mahfouz was named a terrorist financier by the United Nations. The United Nations ( UN) is an International organization whose stated aims are to facilitate cooperation in International law, International security The controversy springs from a report prepared by French investigator Jean-Charles Brisard and his research agency, the JCB Consulting Group, for the President of the Security Council of the United Nations in December of 2002. Jean-Charles Brisard is an international expert and consultant on international terrorism See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. In this report Khalid was listed as one of seven "main individual Saudi sponsors of al Qaeda. "[9] JCB Consulting claimed that the report was issued at the request of the UN, but Alfonso Valdivieso, then president of the UN Security Council, denied commissioning the report in a letter sent to representatives of Mahfouz. [10] Valdivieso went on to state that the report was unsolicited and that "Mr Brisard's conduct and attitude is totally deceitful and marked by the intention to mislead. "[10] JCB Consulting is a paid investigator for a group of 9/11 victims who are suing hundreds of defendants, including Khalid bin Mahfouz, for allegedly financing al Qaeda. [9] In 2001 Brisard and another investigator, Guillaume Dasquié (former editor-in-chief of Intelligence Online) published in 2001 a French book entitled "Ben Laden: La vérité interdite" (Forbidden Truth) (ISBN 2-07-042377-8). Guillaume Dasquié (b Cahors, 4 February 1966) is a French journalist and writer who specialises in matters of intelligence and terrorism In November 2006 they retracted their findings and issued an unreserved apology to Khalid bin Mahfouz and his son Abdulrahman, undertaking never to repeat their allegations. [11]

References

  1. ^ Sedky, Cherif (2003-02-05). Year 2003 ( MMIII) was a Common year starting on Wednesday of the Gregorian calendar. Events 1576 - Henry of Navarre converts to Roman Catholicism in order to ensure his right to the throne of France. Letter from Cherif Sedky, legal counsel for Khalid bin Mahfouz and his immediate family, to Gunter Pleuger, President of the United Nations Security Council. Retrieved on 2006-06-26. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 363 - Roman Emperor Julian is killed during the retreat from the Sassanid Empire.
  2. ^ a b c d Vardi, Nathan. "Sins of the Father?", The World's Billionaires, Forbes, 2002-03-18. Forbes is an American Publishing and media company Its flagship publication Forbes magazine is published bi-weekly See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. Events 37 - The Roman Senate annuls Tiberius ' will and proclaims Caligula emperor Retrieved on 2006-06-26. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 363 - Roman Emperor Julian is killed during the retreat from the Sassanid Empire.  
  3. ^ Bin Mahfouz Information. B. Bin Mahfouz family. Retrieved on 2007-08-11. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 2492 BC - Traditional date of the defeat of Bel by Hayk, progenitor and founder of the Armenian nation
  4. ^ Kroll, Luisa; Fass, Allison. "Khalid Bin Mahfouz & family", The World's Billionaires, Forbes, 2006-03-09. Forbes is an American Publishing and media company Its flagship publication Forbes magazine is published bi-weekly Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 590 - Bahram Chobin is crowned as king Barham VI of Persia. Retrieved on 2006-06-26. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 363 - Roman Emperor Julian is killed during the retreat from the Sassanid Empire.  
  5. ^ Kerry, John; Brown, Hank (December 1992). } John Forbes Kerry (born December 11 1943 is an American Politician who is currently serving his fourth term as the junior United States Senator George Hanks "Hank" Brown (born February 12, 1940) is a former Republican politician and Senator from Colorado who served BCCI in the United States - Part Two: Acquisition, Consolidation, and Consequences. The BCCI Affair, A Report to the Committee on Foreign Relations. United States Senate Committee on Foreign Relations. US Senate Committee on Foreign Relations is a standing committee of the United States Senate. Retrieved on 2006-06-26. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 363 - Roman Emperor Julian is killed during the retreat from the Sassanid Empire.
  6. ^ David, Leigh. "Bush, the Saudi billionaire and the Islamists: the story a British firm is afraid to publish", Guardian Unlimited, 2004-03-31. guardiancouk, formerly known as Guardian Unlimited, is a British website owned by the Guardian Media Group. "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again " Events 307 - After divorcing his wife Minervina, Constantine marries Fausta, the daughter of the retired Roman Emperor Retrieved on 2006-06-26. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 363 - Roman Emperor Julian is killed during the retreat from the Sassanid Empire.  
  7. ^ Silverstein, Ken. "Top Investigator in 9/11 Victims' Lawsuit Faces Libel Action", Los Angeles Times, 2003-02-26. The Los Angeles Times (also known as the LA Times) is a daily Newspaper published in Los Angeles California and distributed Year 2003 ( MMIII) was a Common year starting on Wednesday of the Gregorian calendar. Events 747 BC - Epoch (origin of Ptolemy 's Nabonassar Era 364 - Valentinian I is proclaimed Retrieved on 2006-06-26. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 363 - Roman Emperor Julian is killed during the retreat from the Sassanid Empire.  
  8. ^ Jackson, David; Cohen, Laurie; Manor, Robert; Salopek, Paul. "Money trail leads to Saudi, U. S. says", Chicago Tribune, 2001-10-28. The Chicago Tribune is a major daily Newspaper based in Chicago, Illinois, United States, and owned by the Tribune Company Year 2001 ( MMI) was a Common year starting on Monday according to the Gregorian calendar. Events 306 - Maxentius is proclaimed Roman Emperor. 312 - Battle of Milvian Bridge: Constantine  
  9. ^ a b Mowbray, Joel. "Saudis Behaving Badly", National Review Online, 2002-12-20. National Review ( NR) is a biweekly Magazine and Web site, founded by the late author William F See also 2002 (disambiguation Year 2002 ( MMII) was a Common year starting on Tuesday of the Gregorian calendar. Events 69 - Vespasian, formerly a general under Nero, enters Rome to claim the title of Emperor. Retrieved on 2006-06-26. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 363 - Roman Emperor Julian is killed during the retreat from the Sassanid Empire.  
  10. ^ a b Valdivieso, Alfonso (2004-03-12). "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again " Events 538 - Witiges, king of the Ostrogoths ends his siege of Rome and retreats to Ravenna, leaving Letter addressed to Kendall Freeman (PDF). Bin Mahfouz Information. Retrieved on 2006-06-26. Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 363 - Roman Emperor Julian is killed during the retreat from the Sassanid Empire.
  11. ^ Sheikhs Khalid and Abdulrahman bin Mahfouz receive apology from authors Jean-Charles Brisard and Guillaume Dasquié Press release from Bin Mahfouz Information.

See also

External links

Libel tourism is a form of Forum shopping in which plaintiffs choose to file Libel suits in jurisdictions thought more likely to give a favourable result The Boston Globe (and Boston Sunday Globe) is the most widely circulated daily Newspaper in Boston and in New England,
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