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{{short description|Saudi Arabian businessperson (1940-2017)}}
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{{expand Hungarian|topic=bio|otherarticle=Ghaith Rashad Pharaon|date=January 2017}}
{{Infobox person
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| birth_name = Ghaith Rashad Pharaon
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| birth_date = {{birth date|1940|09|07}}
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| death_date = {{Death date and age|2017|01|06|1940|09|08}}<!-- {{Death date and age|YYYY|MM|DD|YYYY|MM|DD}} (death date then birth date) -->
| death_place = [[Beirut]]
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| occupation = Businessman
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'''Ghaith Rashad Pharaon''' (September 7, 1940 – January 6, 2017), was a [[Saudi]] [[businessman]] who was at one time an investor in the [[Bank of Credit and Commerce International]] (BCCI), an international bank established by Pakistani financier [[Agha Hasan Abedi]]. Secretly acting on behalf of BCCI, Pharaon acquired control of two American banks in violation of federal banking laws. When the fraud was discovered, BCCI was forced to sell the banks, and soon after shut down by regulators when it was determined to be insolvent. Pharaon was charged with wire fraud and racketeering conspiracy; although he eventually paid out substantial fines and a major settlement to the bank's liquidators, the criminal charges were never resolved and American authorities were seeking his extradition until he died in 2017.<ref>{{Cite book| publisher = Random House| isbn = 978-0-679-41384-4| last1 = Beaty| first1 = Jonathan| last2 = Gwynne| first2 = S. C.| title = The outlaw bank: a wild ride into the secret heart of BCCI| location = New York| date = 1993}}</ref><ref>{{cite web|url=https://www.justice.gov/archive/opa/pr/Pre_96/February95/76.txt.html|title=#076 Judge Joyce Hens Green Issues Restraining Order|publisher=}}</ref>
'''Ghaith Rashad Pharaon''' ({{Langx|ar|غيث فرعون}}; September 7, 1940 – January 6, 2017), was a [[Saudi people|Saudi]] fugitive financier and businessman who was founder of [[Attock Group]], [[Attock Cement]], and at one time an investor in the [[Bank of Credit and Commerce International]] (BCCI), an international bank established by Pakistani financier [[Agha Hasan Abedi]]. He was described by ''[[Forbes]]'' magazine as once near a billionaire.<ref>{{Cite web |date=1991-06-03 |title=Mystery of Ghaith Pharaon: front man or real investor? |url=https://www.americanbanker.com/news/mystery-of-ghaith-pharaon-front-man-or-real-investor |access-date=2023-12-16 |website=American Banker |language=en}}</ref>


Secretly acting on behalf of BCCI, Pharaon acquired control of two American banks in violation of federal banking laws. When the fraud was discovered, BCCI was forced to sell the banks, and soon after shut down by regulators when it was determined to be insolvent. Pharaon was charged with wire fraud and racketeering conspiracy; although he eventually paid out substantial fines and a major settlement to the bank's liquidators, the criminal charges were never resolved and American authorities were seeking his extradition until he died in 2017.<ref>{{Cite book| publisher = Random House| isbn = 978-0-679-41384-4| last1 = Beaty| first1 = Jonathan| last2 = Gwynne| first2 = S. C.| title = The outlaw bank: a wild ride into the secret heart of BCCI| location = New York| date = 1993| url-access = registration| url = https://archive.org/details/outlawbank00jona}}</ref><ref>{{cite web|url=https://www.justice.gov/archive/opa/pr/Pre_96/February95/76.txt.html|title=#076 Judge Joyce Hens Green Issues Restraining Order}}</ref>
==Background==
⚫
Ghaith Pharaon is the son of the former Saudi Ambassador to all Europe from 1948 until 1954. His father was also advisor to [[Faisal of Saudi Arabia|King Faisal]].<ref name="Iran, Saudi Arabia and the Gulf: Power Politics in Transition">{{cite book|last1=al-Saud|first1=Faisal bin Salman|authorlink1=Faisal bin Salman bin Abdulaziz Al Saud|title=Iran, Saudi Arabia and the Gulf: Power Politics in Transition|publisher=I.B.Tauris|isbn=9780857718433|pages=33|url=https://books.google.co.uk/books?id=-FMBAwAAQBAJ|accessdate=3 January 2017|language=en}}</ref> He attended schools in Lebanon, Syria and Switzerland. His university education was in the United States at the [[Colorado School of Mines]] from 1959 to 1961 followed by [[Stanford University]] from 1962 to 1963; and [[Harvard Business School]] from 1963 to 1965 (until his graduation). He was appointed as a member of the board of associates of Harvard Business School and as a member of the International Development Council of the Colorado School of Mines. After graduating from Harvard, Pharaon formed the Saudi Research And Development Corporation, Ltd. (REDEC), the largest private enterprise in the Middle East.


==Early life and education==
⚫
Pharaon was a key player in the global oil and banking industries in the 1970s and 1980s and at one time, the No. 2 Saudi investor in the United States. In 1977, he acquired the National Bank of Georgia from owner [[Bert Lance]] as part of complex scheme to take over a large Washington D.C. bank, First American Bankshares, on behalf of BCCI.<ref>[http://www.fas.org/irp/congress/1992_rpt/bcci/ The BCCI Affair, Report to the Committee on Foreign Relations States Senate] (A Report to the Committee on Foreign Relations United States Senate by Senator [[John Kerry]] and Senator [[Hank Brown]]; December 1992; 102d Congress 2d Session Senate Print 102-140)</ref> This eventually led to criminal charges against him in the United States. He died on January 6, 2017 at the age of 76.<ref>{{cite web |url=http://hvg.hu/gazdasag/20170111_Itt_a_hivatalos_megerosites_hogy_az_a_Pharaon_halt_meg |title=Itt a hivatalos megerősítés, hogy "az a Pharaon" halt meg |date=11 January 2017 |website=hvg.hu |publisher=HVG |access-date=11 January 2017}}</ref>
⚫
Ghaith Pharaon is the son of [[Rashad Pharaon]] who served as Saudi Ambassador to all Europe from 1948 until 1954. His father was also advisor to [[Faisal of Saudi Arabia|King Faisal]].<ref>{{cite book|author=Faisal bin Salman Al Saud|authorlink1=Faisal bin Salman Al Saud|title=Iran, Saudi Arabia and the Gulf: Power Politics in Transition|date=March 26, 2004|publisher=I.B.Tauris|isbn=9780857718433|pages=33|url=https://books.google.com/books?id=-FMBAwAAQBAJ|language=en}}</ref> He attended schools in Lebanon, Syria and Switzerland. His university education was in the United States at the [[Colorado School of Mines]] from 1959 to 1961 followed by [[Stanford University]] from 1962 to 1963; and [[Harvard Business School]] from 1963 to 1965 (until his graduation). He was appointed as a member of the board of associates of Harvard Business School and as a member of the International Development Council of the Colorado School of Mines. After graduating from Harvard, Pharaon formed the Saudi Research And Development Corporation, Ltd. (REDEC), the largest private enterprise in the Middle East.

⚫
Pharaon was a key player in the global oil and banking industries in the 1970s and 1980s and at one time, the No. 2 Saudi investor in the United States. In 1977, he acquired the [[National Bank of Georgia]] from owner [[Bert Lance]] as part of complex scheme to take over a large Washington D.C. bank, First American Bankshares, on behalf of BCCI.<ref>[http://www.fas.org/irp/congress/1992_rpt/bcci/ The BCCI Affair, Report to the Committee on Foreign Relations States Senate] (A Report to the Committee on Foreign Relations United States Senate by Senator [[John Kerry]] and Senator [[Hank Brown]]; December 1992; 102d Congress 2d Session Senate Print 102–140)</ref> This eventually led to criminal charges against him in the United States. He died on January 6, 2017, at the age of 76.<ref>{{cite web |url=http://hvg.hu/gazdasag/20170111_Itt_a_hivatalos_megerosites_hogy_az_a_Pharaon_halt_meg |title=Itt a hivatalos megerősítés, hogy "az a Pharaon" halt meg |date=January 11, 2017|website=hvg.hu |publisher=HVG |access-date=January 11, 2017}}</ref>


==Last days==
==Last days==
Pharaon served as Chair of [[Attock Petroleum]].<ref name="ABC News"/> He also served as the Chairman of [[National Refinery]] and Attock Cement Pakistan Ltd. He served as the Chairman of Attock Refinery Ltd. until February 18, 2011. He served as a Director of [[Pakistan Oilfields]], the Attock Refinery Ltd., Attock Cement Pakistan Ltd and the National Refinery Ltd.<ref>{{cite web|url=http://investing.businessweek.com/research/stocks/private/person.asp?personId=13401489 |title=Executive Profile: Ghaith R. Pharaon |publisher=Businessweek |accessdate=2013-08-16}}</ref>
Pharaon served as Chair of [[Attock Petroleum]].<ref name="ABC News"/> He also served as the Chairman of [[National Refinery]] and Attock Cement Pakistan Ltd. He served as the Chairman of Attock Refinery Ltd. until February 18, 2011. He served as a Director of [[Pakistan Oilfields]], the Attock Refinery Ltd., Attock Cement Pakistan Ltd and the National Refinery Ltd.<ref>{{cite web|url=http://investing.businessweek.com/research/stocks/private/person.asp?personId=13401489 |title=Executive Profile: Ghaith R. Pharaon |work=Bloomberg BusinessWeek |access-date=16 August 2013}}{{dead link|date=April 2023|bot=medic}}{{cbignore|bot=medic}}</ref>


===Military contracts===
===Military contracts===
Although Pharaon had been a wanted fugitive by the F.B.I since 1991 for massive fraud in the financial collapse of BCCI Bank; Pharaon was awarded a total of $120 million in contracts by the [[United States military]] in 2008. The contracts were to supply thousands of tons of jet fuel to American bases stationed in [[Afghanistan]] and were awarded to Attock Refinery, a Pakistan-based refinery owned by him and directed by [[Kamal Adham]], the former head of [[Al Mukhabarat Al A'amah|Saudi Intelligence]].<ref name="ABC News">{{cite news|last=Peters|first=Gretchen|title=Indicted Saudi Gets $80 Million US Contract|url=http://abcnews.go.com/Blotter/story?id=4996285&page=1|newspaper=ABC News|date=June 4, 2008}}</ref>
Although Pharaon had been a wanted fugitive by the F.B.I since 1991 for massive fraud in the financial collapse of BCCI Bank; Pharaon was awarded a total of $120&nbsp;million in contracts by the [[United States military]] in 2008. The contracts were to supply thousands of tons of jet fuel to American bases stationed in [[Afghanistan]] and were awarded to Attock Refinery, a Pakistan-based refinery owned by him and directed by [[Kamal Adham]], the former head of [[Al Mukhabarat Al A'amah|Saudi Intelligence]].<ref name="ABC News">{{cite news|last=Peters|first=Gretchen|title=Indicted Saudi Gets $80 Million US Contract|url=https://abcnews.go.com/Blotter/story?id=4996285&page=1|work=ABC News|date=June 4, 2008}}</ref>


===Personal life===
===Personal life===
The extremely wealthy Pharaon was known to have been quite fond of [[cigar]]s. He lived in his [[super yacht]], which he named ''Le Pharaon'' after himself and this repeatedly was seen moored alongside luxury yachts of the rich and famous. In June 2005, it was seen moored next to the personal yacht of Saudi [[Abdullah of Saudi Arabia|King Abdullah]] in a Greek port. Two years earlier, it was seen parked next to another Saudi royal family super yacht near Beirut.<ref>{{cite news|title=Wanted BCCI middle-man remains a fugitive|url=http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/theuae/2006/June/theuae_June388.xml&section=theuae|newspaper=Khaleej Times|date=June 13, 2006}}</ref>
Pharaon used to spend up to six months a year in Pakistan, where he operated his businesses and commercial interests.<ref>{{cite news|url=https://apnews.com/d4eb116d22cd5422b8bb8a1d48fc9a35|title=Pakistan Refuses to Extradite BCCI Founder|work=Associated Press|access-date=3 June 2020|date=11 February 1993|first=Kathy|last=Gannon|authorlink=Kathy Gannon|quote=Pharaon spends about six months a year in Pakistan administering his vast holdings, including Attock Oil, the country’s largest and richest oil producer.}}</ref> The extremely wealthy Pharaon was known to have been quite fond of cigars. He lived in his [[super yacht]], which he named ''Le Pharaon'' after himself and this repeatedly was seen moored alongside luxury yachts of the rich and famous. In June 2005, it was seen moored next to the personal yacht of Saudi [[Abdullah of Saudi Arabia|King Abdullah]] in a Greek port. Two years earlier, it was seen parked next to another Saudi royal family super yacht near Beirut.<ref>{{cite news|title=Wanted BCCI middle-man remains a fugitive|url=http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/theuae/2006/June/theuae_June388.xml&section=theuae|newspaper=Khaleej Times|date=June 13, 2006}}</ref>


In 2016 it was reported that he bought a house in Budapest, right next to the personal residence of the Hungarian Prime minister [[Viktor Orbán]].<ref>{{Cite news|url=http://index.hu/belfold/2016/10/20/orban_szomszedja_ghaith_pharaon_bcci_magyar_narancs/|title=Magyar Narancs: Oszama bin Ladennel is üzletelt Orbán új szomszédja|access-date=2016-10-20}}</ref>
In 2016 it was reported that he bought a house in Budapest, right next to the personal residence of the Hungarian Prime minister [[Viktor Orbán]].<ref>{{Cite news|url=http://index.hu/belfold/2016/10/20/orban_szomszedja_ghaith_pharaon_bcci_magyar_narancs/|title=Magyar Narancs: Oszama bin Ladennel is üzletelt Orbán új szomszédja|access-date=20 October 2016}}</ref>

His son is [[Laith Pharaon]].


==References==
==References==
{{reflist|33em}}
{{reflist}}


{{DEFAULTSORT:Pharaon, Ghaith}}
{{DEFAULTSORT:Pharaon, Ghaith}}
[[Category:20th-century Saudi Arabian businesspeople]]
[[Category:21st-century Saudi Arabian businesspeople]]
[[Category:1940 births]]
[[Category:1940 births]]
[[Category:2017 deaths]]
[[Category:2017 deaths]]
[[Category:Saudi Arabian businesspeople]]
[[Category:Bank of Credit and Commerce International people|P]]
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[[Category:Hoteliers]]
[[Category:Harvard Business School alumni]]
[[Category:Fugitive financiers]]
[[Category:Fugitive financiers]]
[[Category:Fugitives wanted on fraud charges]]
[[Category:Fugitives wanted on fraud charges]]
[[Category:Bank of Credit and Commerce International]]
[[Category:Harvard Business School alumni]]
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[[Category:Hoteliers]]
[[Category:Saudi Arabian expatriates in Pakistan]]
[[Category:Saudi Arabian people of Syrian descent]]
[[Category:Syrian businesspeople]]

Latest revision as of 07:46, 3 November 2024

Ghaith Pharaon
Born
Ghaith Rashad Pharaon

(1940-09-07)September 7, 1940
DiedJanuary 6, 2017(2017-01-06) (aged 76)
Beirut
OccupationBusinessman

Ghaith Rashad Pharaon (Arabic: غيث فرعون; September 7, 1940 – January 6, 2017), was a Saudi fugitive financier and businessman who was founder of Attock Group, Attock Cement, and at one time an investor in the Bank of Credit and Commerce International (BCCI), an international bank established by Pakistani financier Agha Hasan Abedi. He was described by Forbes magazine as once near a billionaire.[1]

Secretly acting on behalf of BCCI, Pharaon acquired control of two American banks in violation of federal banking laws. When the fraud was discovered, BCCI was forced to sell the banks, and soon after shut down by regulators when it was determined to be insolvent. Pharaon was charged with wire fraud and racketeering conspiracy; although he eventually paid out substantial fines and a major settlement to the bank's liquidators, the criminal charges were never resolved and American authorities were seeking his extradition until he died in 2017.[2][3]

Early life and education

[edit]

Ghaith Pharaon is the son of Rashad Pharaon who served as Saudi Ambassador to all Europe from 1948 until 1954. His father was also advisor to King Faisal.[4] He attended schools in Lebanon, Syria and Switzerland. His university education was in the United States at the Colorado School of Mines from 1959 to 1961 followed by Stanford University from 1962 to 1963; and Harvard Business School from 1963 to 1965 (until his graduation). He was appointed as a member of the board of associates of Harvard Business School and as a member of the International Development Council of the Colorado School of Mines. After graduating from Harvard, Pharaon formed the Saudi Research And Development Corporation, Ltd. (REDEC), the largest private enterprise in the Middle East.

Pharaon was a key player in the global oil and banking industries in the 1970s and 1980s and at one time, the No. 2 Saudi investor in the United States. In 1977, he acquired the National Bank of Georgia from owner Bert Lance as part of complex scheme to take over a large Washington D.C. bank, First American Bankshares, on behalf of BCCI.[5] This eventually led to criminal charges against him in the United States. He died on January 6, 2017, at the age of 76.[6]

Last days

[edit]

Pharaon served as Chair of Attock Petroleum.[7] He also served as the Chairman of National Refinery and Attock Cement Pakistan Ltd. He served as the Chairman of Attock Refinery Ltd. until February 18, 2011. He served as a Director of Pakistan Oilfields, the Attock Refinery Ltd., Attock Cement Pakistan Ltd and the National Refinery Ltd.[8]

Military contracts

[edit]

Although Pharaon had been a wanted fugitive by the F.B.I since 1991 for massive fraud in the financial collapse of BCCI Bank; Pharaon was awarded a total of $120 million in contracts by the United States military in 2008. The contracts were to supply thousands of tons of jet fuel to American bases stationed in Afghanistan and were awarded to Attock Refinery, a Pakistan-based refinery owned by him and directed by Kamal Adham, the former head of Saudi Intelligence.[7]

Personal life

[edit]

Pharaon used to spend up to six months a year in Pakistan, where he operated his businesses and commercial interests.[9] The extremely wealthy Pharaon was known to have been quite fond of cigars. He lived in his super yacht, which he named Le Pharaon after himself and this repeatedly was seen moored alongside luxury yachts of the rich and famous. In June 2005, it was seen moored next to the personal yacht of Saudi King Abdullah in a Greek port. Two years earlier, it was seen parked next to another Saudi royal family super yacht near Beirut.[10]

In 2016 it was reported that he bought a house in Budapest, right next to the personal residence of the Hungarian Prime minister Viktor Orbán.[11]

References

[edit]
  1. ^ "Mystery of Ghaith Pharaon: front man or real investor?". American Banker. June 3, 1991. Retrieved December 16, 2023.
  2. ^ Beaty, Jonathan; Gwynne, S. C. (1993). The outlaw bank: a wild ride into the secret heart of BCCI. New York: Random House. ISBN 978-0-679-41384-4.
  3. ^ "#076 Judge Joyce Hens Green Issues Restraining Order".
  4. ^ Faisal bin Salman Al Saud (March 26, 2004). Iran, Saudi Arabia and the Gulf: Power Politics in Transition. I.B.Tauris. p. 33. ISBN 9780857718433.
  5. ^ The BCCI Affair, Report to the Committee on Foreign Relations States Senate (A Report to the Committee on Foreign Relations United States Senate by Senator John Kerry and Senator Hank Brown; December 1992; 102d Congress 2d Session Senate Print 102–140)
  6. ^ "Itt a hivatalos megerősítés, hogy "az a Pharaon" halt meg". hvg.hu. HVG. January 11, 2017. Retrieved January 11, 2017.
  7. ^ a b Peters, Gretchen (June 4, 2008). "Indicted Saudi Gets $80 Million US Contract". ABC News.
  8. ^ "Executive Profile: Ghaith R. Pharaon". Bloomberg BusinessWeek. Retrieved August 16, 2013.[dead link‍]
  9. ^ Gannon, Kathy (February 11, 1993). "Pakistan Refuses to Extradite BCCI Founder". Associated Press. Retrieved June 3, 2020. Pharaon spends about six months a year in Pakistan administering his vast holdings, including Attock Oil, the country's largest and richest oil producer.
  10. ^ "Wanted BCCI middle-man remains a fugitive". Khaleej Times. June 13, 2006.
  11. ^ "Magyar Narancs: Oszama bin Ladennel is üzletelt Orbán új szomszédja". Retrieved October 20, 2016.
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