|Subj:||IUFO NEWS: Family of Osama bin Laden cutting ties with Carlyle Group|
|Date:||10/26/01 6:25:39 PM Pacific Daylight Time|
Family of Osama bin Laden cutting ties with Carlyle Group
By MARCY GORDON, Associated Press
WASHINGTON (October 26, 2001 3:47 p.m. EDT) - Osama bin Laden's
wealthy family in Saudi Arabia is severing its financial ties with the Carlyle
Group, a politically-connected U.S. private investment firm, by mutual
agreement, a source familiar with the relationship said Friday.
The bin Laden family decided to sell its investment worth $2.02 million back
to the firm mainly because of public controversy over its stake in a Carlyle
fund that invests in buyouts of military and aerospace companies, said the
source, who spoke on condition of anonymity. The source was confirming a
report in Friday's editions of The New York Times.
There had been criticism in Saudi Arabia after the Sept. 11 terror attacks
that the family, which disowned exiled Islamic militant Osama bin Laden
years ago, might profit from increased military spending in the U.S. war
The family, whose construction company is one of the largest in the Middle
East, also has invested with a number of other investment funds and financial
institutions around the world, reportedly including U.S. financial services giant
Citigroup, Deutsche Bank of Germany and the Dutch bank ABN Amro.
Carlyle has some $14 billion in assets under management. Its chairman is
Frank Carlucci, a former U.S. defense secretary. Former President George
Bush, former secretary of state James Baker and Arthur Levitt, who had been
chairman of the Securities and Exchange Commission through most of the
Clinton administration, are senior advisers to the firm.