RE:EGBT:"For Eagle Capital to be able to attract someone of Mr.
Khashogi's caliber and reputation are clear signs that Eagle is building a world class organization," said Eagle President & CEO Anthony D'Amato.
Egypt jails Saudi businessman for bank fraud
An appeals court overturned a ruling that had acquitted Mu'tasim Khashoggi of defrauding Citibank
April 18, 2001, 03:44 PM
CAIRO (Reuters)
- A Cairo court sentenced a Saudi Arabian businessman to three years in prison on Wednesday for cheating a bank of more than $3 million, court sources said.
The appeals court overturned a ruling by a lower court that had acquitted Mu'tasim Al-Mu'taz Billah Khashoggi of defrauding Citibank. Prosecutors had appealed against the original verdict.
Khashoggi had opened an account at Citibank with a $20 million cheque drawn on Bank of America. While it was being cleared, CitiBank let him transfer $3 million to an account he held at another bank and withdraw $30,000 in cash. The cheque he had used to open the account then bounced. Citibank has since recovered almost all its money.
The bank had allowed him to make the transactions based on faith in the good name of the prominent Saudi business family to which he belonged, the sources said.
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KHASHOGI MAKES INITIAL INVESTMENT OF $2 MILLION IN EAGLE
10/22/99 12:13 (New York)
Capital
Business Editors
BOCA RATON, Fla.--(BUSINESS WIRE)--Oct. 22, 1999--Eagle Capital
International, Ltd. (OTCBB: ECIC) - Eagle Capital International, Ltd.
is pleased to announce that Motasem Khashogi of Saudi Arabia has made
the first part of a significant investment in Eagle Capital. The
Shemano Group of San Francisco acted as the placement agent on behalf
of Sabre Capital Management of Dallas for the transaction. To further
underscore his commitment, Mr. Khashogi has asked for and received two
seats on the Eagle Capital Board of Directors.
"For Eagle Capital to be able to attract someone of Mr.
Khashogi's caliber and reputation are clear signs that Eagle is
building a world class organization," said Eagle President & CEO
Anthony D'Amato.
Besides the financial and Board commitments, Mr. Khashogi will be
instrumental in developing high level contacts to further sales of the
Insulated Masonry System in the Middle Eastern countries through our
relationship with Arabian Masonry Systems, the licensee for that
region.
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward-looking statements. Certain information
included in this press release (as well as information included in
oral statements or other written statements made or to be made by
Eagle) contains statements that are forward-looking, such as
statements relating to the future anticipated direction of the
industry, plans for future expansion, various business development
activities, planned capital expenditures, future funding sources,
anticipated sales growth and potential contracts. Such forward-looking
information involves important risks and uncertainties that could
significantly affect anticipated results in the future and,
accordingly, such results may differ from those expressed in any
forward-looking statements made by or on behalf of Eagle. These risks
and uncertainties include, but are not limited to, those relating to
development and expansion activities, dependence on existing
management, financing activities, domestic and global economic
conditions, changes in federal or state tax laws and market
competition factors.
--30--ik/sf*
CONTACT: Eagle Capital International, Ltd.
Anthony D'Amato, 561-988-2550
KEYWORD: FLORIDA TEXAS CALIFORNIA INTERNATIONAL AFRICA/MIDDLE
EAST
INDUSTRY KEYWORD: BUILDING/CONSTRUCTION
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