Khalid bin Mahfouz
Khalid bin Mahfouz | |
---|---|
Born | |
Died | August 16, 2009 | (aged 59)
Occupation | Investor |
Website | www |
Khalid bin Mahfouz (
With a personal wealth estimated to be around $6 billion , Bin Mahfouz ranked 24th in Arabian Business magazine's list of the world's most influential Arabs in 2008.[2] In the same year, Bin Mahfouz ranked number 214 in Forbes Billionaires List[3]
After the September 11 attacks on New York and Washington, in which 15 of the 19 hijackers were Saudis, considerable suspicion fell on Saudi financiers and charities as sources of financing for terrorism and Khalid Bin Mahfouz faced accusations in books, newspapers and magazines that he and his family had funneled money to Al Qaeda.
Biography
Khalid bin Mahfouz was the second eldest son of
In the 1970s Khalid bin Mahfouz bought and lived in a $3.5 million chateaux-style house, later named "Versailles," in the
In 1990 Khalid bin Mahfouz acquired Irish citizenship through inward-investment procedures.[7]
Bin Mahfouz was married with three children. His personal net worth was $3.2 billion in 2006, making him one of the richest people in the world at the time; his family fortune were estimated to have been worth over $4 billion.[8]
Controversies and allegations
Alleged brother-in-law of Osama bin Laden
This allegation came from high-profile people, book authors and well respected newspapers in the US and Europe such as
The Wall Street Journal issued a correction. “None of Khalid bin Mahfouz's sisters is, or ever has been, married to Osama bin Laden." "[10]
$225 million BCCI scandal fine
Bin Mahfouz was a non-executive director of
Donations to Osama bin Laden in 1988
Alleged NCB funding of al-Qaeda
Khalid bin Mahfouz has denied that NCB, his bank, was involved in funding an al-Qaeda group. 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.
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.[4]
NCB senior officials vehemently deny the existence of this audit.[13]
He eventually won a string of lawsuits against writers who had accused him of supporting terrorism, with a notable exception of
Sheik Mahfouz did acknowledge making one contribution of $270,000 to Al Qaeda during the epoch of the Soviet occupation of Afghanistan.[1]
Muwafaq Foundation
Khalid bin Mahfouz helped set up a
UN designation
There have been numerous allegations that Khalid bin Mahfouz has been named a terrorist financier by the
See also
References
- ^ a b Martin, Douglas (27 August 2009). "Khalid bin Mahfouz, Saudi Banker, Dies at 60". The New York Times. Archived from the original on 2017-11-21. Retrieved 23 May 2011.
- ^ "Power 100 2010". Arabian Business.
- ^ "Khalid Bin Mahfouz & family, The World's Richest People - Forbes.com". Forbes.
- ^ a b c d Vardi, Nathan (2002-03-18). "Sins of the Father?". The World's Billionaires. Forbes. Retrieved 2006-06-26.
- ISBN 978-0-7432-5339-0.
- ^ independent.ie (15 March 2013). "€2.4m for home once owned by Saudi Sheikh". independent.ie. Retrieved 2013-03-15.
- ^ Bin Mahfouz Information. "B". Bin Mahfouz family. Retrieved 2007-08-11.
- ^ Kroll, Luisa; Fass, Allison (2006-03-09). "Khalid Bin Mahfouz & family". The World's Billionaires. Forbes. Retrieved 2006-06-26.
- ^ Silverstein, Ken. “Saudi Billionaire Alleges Significant Errors in Book on Terrorist Financing Linking Him to Bin Laden.” Los Angeles Times, February 26, 2003 Page A18
- ^ "Corrections". Wall Street Journal. 29 May 2002. Retrieved 2023-04-11.
- ^ Kerry, John; Brown, Hank (December 1992). "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. Retrieved 2006-06-26.
- Guardian Unlimited. Retrieved 2006-06-26.
- ^ Jackson, David; Cohen, Laurie; Manor, Robert; Salopek, Paul (2001-10-28). "Money trail leads to Saudi, U.S. says". Chicago Tribune.
- ^ David Pallister, "US author mounts 'libel tourism' challenge". The Guardian, 15 November 2007
- ^ Martin, Douglas (27 August 2009). "Khalid bin Mahfouz, Saudi Banker, Dies at 60". The New York Times. Retrieved 23 May 2011.
- ^ Samuel A. Abady & Harvey Silverglate, "Rachel's Law: NY's 'Libel-Tourism' Fix". New York Post, 25 February 2008
- ^ Shapiro, Ari (March 21, 2015). "On Libel And The Law, U.S. And U.K. Go Separate Ways". NPR. Retrieved 2021-11-09.
- ^ Mowbray, Joel (1 February 2003). "Saudis Behaving Badly". National Review. Archived from the original on 1 February 2003. Retrieved 13 May 2016.