Agha Hasan Abedi...

[shaykh1985]

Can anyone tell me how he is viewed in Pakistan?...

How is the end of BCCI (Bank of Credit and Commerce International) viewed in Pakistan?...is it viewed as corrupt bank or a bank that was targeted due to being a 'Muslim' bank?...

Anyone able to comment about his legacy in Dubai?...

And is anyone able to recommend and literature to read on him and his bank?...

Please of course provide your own opinions of the man and his bank...

Thanks...hes an interesting man and his bank has an interesting story but unfortunately information seems hard to come by...

[FusedBulb]

All I know is that one of my previous boss, a Dadabhoy, got married to his daughter. I used to work in Manhattan for a financial company jointly owned by Dadabhoys of Pakistan and Randeree's of South Africa. Both families have strong roots in Gujrat, India and they are fluent in Gujrati.
Not sure what kind of a business deal that marriage was but our boss and his wife bought a piece of commercial real estate in Manhattan where they paid $10 million in cash. That property was later rented to CNN. I mean these guys are quite rich.

[SIMBA]

Originally Posted by shaykh1985 Can anyone tell me how he is viewed in Pakistan?... How is the end of BCCI (Bank of Credit and Commerce International) viewed in Pakistan?...is it viewed as corrupt bank or a bank that was targeted due to being a 'Muslim' bank?... Anyone able to comment about his legacy in Dubai?... And is anyone able to recommend and literature to read on him and his bank?... Please of course provide your own opinions of the man and his bank... Thanks...hes an interesting man and his bank has an interesting story but unfortunately information seems hard to come by...

I had to do a bit of reading about: BCCi for my banking law modules. In a nut shell, BCCI did do fraud, scams however they were a successful bank. When the: Bank was going thro hard times...none of the big banks, eg: Bank of England bailed them out...It does seem suspicious...apparently they believed there was no: ripple effect if the: BBCI goes down but one should remember it was one of the bigger banks.

I think they wanted it to go down and BCCi really didnt help itself.

[Amoeba]

Given all the recent banking scandals including HSBC for example which has been found guilty of pretty much similar things it would be interesting to know how political the downfall was.

Also banking legislation has been tightened up - partly as a consequence of BCCI so there is much greater emphasis on compliance, Know Your Client etc and still HSBC had pretty lax controls. It has to be said, though it is obvious that there is little a bank can do to prevent money laundering.

[SIMBA]

Originally Posted by Amoeba Given all the recent banking scandals including HSBC for example which has been found guilty of pretty much similar things it would be interesting to know how political the downfall was. Also banking legislation has been tightened up - partly as a consequence of BCCI so there is much greater emphasis on compliance, Know Your Client etc and still HSBC had pretty lax controls. It has to be said, though it is obvious that there is little a bank can do to prevent money laundering.

BOE assisted: Northern Rock and other banks however refused to help: BCCI which was a much larger bank...sounds fishy.

Bank legislation is a big joke...the bodies do not know what theyre doing...First, the FSA was set up for regulations however it seemed like that has flopped aswel so now regulation power is going back to the: Bank of England.

The main problem is having: CEOs, directors of banks who are not qualified and do not know what theyre doing. ML will always be a problem.

[Amoeba]

There's no doubt that the murky world of banking and politics go together. It all depends who's in favour and who's not. Who has money on the table and who can pull the Government their way.

For example Bob Diamond's downfall was ultimately because the BoE and FSA wanted him out supposedly. However when RBS get fined an even larger amount, as inevitably they will, will there be such a huge clamour for Stephen Hestor's head?

Barcap thought it was being clever by going first but in the end it will probably get hit the hardest. Once other banks are involved people will tire of the mess and just think it is too big a problem.

As you say with BCCI maybe they thought they could bring it down without too much negative effect on their own banking and political infrastructure.

[shaykh1985]

Thanks for the replies... the impression I have got is that the bank operated just like any other bank but because it has fallen it is naturally easier to expose its links to money laundering, arms deals etc...things that all banks are guilty of...and essentially get away with...

Anyone able to comment on how Sheikh Zayed offered to bail out the bank but was prevented from doing so?...

Also is it a fair assessment to say that Dubai would still be tribal with Emiratis keeping all their money in their tents until Abedi went and introduced the concept of banking there...from my brief reading it sounds as though Abedi had a large role to play in making Dubai into what it is today...

Been a while since I read about this though...so will have more specific points to discuss once iv reread a few parts...is Abedi even a name that people know much about cos there are very few replies in this thread...