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Bin Laden Cutting Carlyle Ties - 9/11

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Yahoo! Finance

Friday October 26, 5:34 pm Eastern Time

Bin Laden Cutting Carlyle Ties

Source: Bin Laden's Family in Saudi Arabia Cutting Financial Ties With Carlyle Group

AP Business Writer

WASHINGTON (AP) -- Osama bin Laden's family in Saudi Arabia is cutting its financial ties with the Carlyle Group, a politically connected U.S. private investment firm, a source familiar with the relationship said Friday.

The break was a mutual decision, said the source, who spoke on condition of anonymity.

The bin Laden family decided to sell its investment worth $2.02 million back to the firm mainly because of its stake in a Carlyle fund that invests in buyouts of military and aerospace companies, the source said, 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 against terrorism.

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.

Further Reading:

F.·.W.·. Magazine || 9/11: The Archive - The 'Lighter' Side of the New World Order?