The transaction reconstruction covers only part of BCCI’s reported financial scale.
Our report identifies approximately $1.84 billion of funded positions with a named counterparty, amount and transaction role. BCCI’s 1989 annual report separately reported about $23.519 billion in total assets and $18 billion in trade-finance business. These are different measures: the $1.84 billion is our reconstruction, not a figure certified by the annual report.
Report reconstruction + primary reported figures
Confidence assessment: documentary support, without numerical probability.
Supporting evidence (2)
BCCI 1989 Annual Report and Accounts
primary-origin recordPDF p.4, Financial Highlights; p.19, directors’ report
The financial highlights report total assets of $23,518,567 thousand. The directors’ report describes trade-finance business of $18 billion.
What this establishes: BCCI’s reported institutional scale; it does not independently certify our $1.84 billion reconstruction.
https://bccibank-insights.com/sites/default/files/uploads/files/BCCI%20Holding%20(Luxembourg)%20SA%20Annual%20Report%20&%20Accounts%201989.pdfShow source → passage → interpretation → assertion
BCCI 1989 Annual Report and Accounts
Open original documentThe financial highlights report total assets of $23,518,567 thousand. The directors’ report describes trade-finance business of $18 billion.
PDF p.4, Financial Highlights; p.19, directors’ report
reviewed summary; not a verbatim quotationBCCI’s reported institutional scale; it does not independently certify our $1.84 billion reconstruction.
Scope: The quoted or summarized proposition is limited to the entity, period and procedural context identified in this document.
Alternative reading / remaining record
The report supplies the ten-position schedule in T005 and the arithmetic at P1508. Verify each underlying amount, the time span and the exclusion of overlapping transaction roles; it is not a single-date balance or a random sample.
primary-origin documentary support — BCCI’s reported institutional scale; it does not independently certify our $1.84 billion reconstruction.
Federal Reserve final Pharaon decision
primary-origin recordPDF p.6
The nominee transaction shows concealed financing being used to obtain control over a bank.
What this establishes: A transaction-level enforcement record contributing to the mechanism analysis.
https://www.federalreserve.gov/boarddocs/press/enforcement/1997/19970204/Attachment.pdfShow source → passage → interpretation → assertion
Federal Reserve final Pharaon decision
Open original documentThe nominee transaction shows concealed financing being used to obtain control over a bank.
PDF p.6
reviewed summary; not a verbatim quotationA transaction-level enforcement record contributing to the mechanism analysis.
Scope: The quoted or summarized proposition is limited to the entity, period and procedural context identified in this document.
Alternative reading / remaining record
The report supplies the ten-position schedule in T005 and the arithmetic at P1508. Verify each underlying amount, the time span and the exclusion of overlapping transaction roles; it is not a single-date balance or a random sample.
primary-origin documentary support — A transaction-level enforcement record contributing to the mechanism analysis.
Our ten-position reconstruction
T005 · P1508. 1985–1991; not a single-date balance.
| Position | USD millions | Sources |
|---|---|---|
| Independence — BCCI advance to Pharaon T005 row 2 | 8.50 | S2S3 |
| Hammoud — borrowings from BCCI T005 row 3 | 110.00 | S23 |
| CCAH / First American — concealed lending, 1990 T005 row 4 | 850.00 | S2 |
| NBG — BCCI loan to Pharaon, secured by pledged NBG shares, Jan 19 1987 T005 row 5 | 140.00 | S47S48 |
| Zambia — bridge facility T005 row 6 | 45.00 | S4 |
| Congo — later BCCI facility T005 row 7 | 20.00 | S4 |
| CenTrust — temporary position T005 row 8 | 25.00 | S2S21 |
| Argentina — hotel financing T005 row 9 | 26.30 | S4 |
| Central Bank of Nigeria — outstanding, 31 Mar 1991 T005 row 10 | 226.06 | S4 |
| Abu Dhabi-group lending — BCCI/ICIC list, 31 Jul 1991 T005 row 11 | 390.00 | S9 |
| Identified funded floor | 1840.86 | Report arithmetic |
This reproduces the report calculation. Comparing multi-year positions with reported 1989 total assets does not establish a measured share of all activity or permit extrapolation.
Counter-evidence and qualifications (0)
No contrary item has been curated for this exact claim. This does not mean a comprehensive contrary-evidence search is complete.
Test source-exclusion scenarios
Temporarily exclude documents and inspect whether the remaining record establishes the exact claim.
Where this meets litigation
The reconstructed transactions arise from enforcement and court records; the annual report supplies the separately reported scale.
What record would resolve the remaining question?
The report supplies the ten-position schedule in T005 and the arithmetic at P1508. Verify each underlying amount, the time span and the exclusion of overlapping transaction roles; it is not a single-date balance or a random sample.
Where the records meet the proceedings
Phases describe the dated documents. Proposed requests and background relationships do not establish an active lawsuit.
Federal Reserve bank-control enforcement
S44 supplies an administrative notice, despite its register description as a criminal indictment. Read each instrument before assigning a case outcome.
S44S48S66S95S96A056Federal Reserve — Ghaith Pharaon / Independence Bank
Final Board decision after a 1995 administrative hearing. Press release announces $37 million penalty and permanent banking prohibition. Later appeal history was not checked.
A057