Financial and Banking News
NCB Rejects Allegations of Malpractice in BCCI Debacle
Saudi Arabia'sNational Commercial Bank (NCB) has rejected the allegations of malpracticeleveled against its Chief Operating Officer, Mr. Khalid Bin Mahfouz, in thePrice Waterhouse (PW) report on BCCI. The PW report was submitted to the Bank ofEngland in mid-1991 and led directly to the bank's closure on 5 July. It claimsthat Mr. Bin Mahfouz "is implicated in irregular...