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KHALID BIN MAHFOUZ ISSUES STATEMENT ON FEDERAL RESERVE BOARD ACTION

 KHALID BIN MAHFOUZ ISSUES STATEMENT ON FEDERAL RESERVE BOARD ACTION
 NEW YORK, July 9 /PRNewswire/ -- The Federal Reserve Board's action yesterday against Khalid Bin Mahfouz is unwarranted and ill-advised, he said.
 "I welcome the opportunity to combat these false charges," commented Bin Mahfouz. "If you know you are right, fight. This is our way.
 "Far from violating any laws, at all times, I acted on advice and with the assistance of respected legal counsel to ensure that I complied with U.S. laws and regulations in regard to my investments in BCCI and First American.
 "As is my practice, I have cooperated fully with all authorities. I have voluntarily met with all official parties who have requested I do so. I have been forthright in my answers to questions and have supplied them with thousands of pages of documents.
 "Unfortunately, my candor, ready availability and full cooperation with investigatory agencies have made me a convenient, though mistaken, target.
 "The ill-founded allegations made against me are based on forged documents and the actions of others. Further, they are based on unreliable, and possibly even compromised, witnesses."
 -0- 7/9/92
 /CONTACT: Larry Smith, 212-735-4130, for Khalid Bin Mahfouz/ CO: National Commercial Bank ST: IN: FIN SU:


GK -- NY006 -- 7690 07/09/92 08:01 EDT
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Publication:PR Newswire
Date:Jul 9, 1992
Words:214
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