Indicted Saudi Gets $80 Million US Contract
The Financier Has Been Indicted For His Alleged Role in a Scandal Costing US Taxpayers $1.7 billion
By GRETCHEN PETERS
June 4, 2008
The US military has awarded an $80 million contract to a prominent Saudi financier who has been indicted by the US Justice Department. The contract to supply jet fuel to American bases in Afghanistan was awarded to the Attock Refinery Ltd, a Pakistani-based refinery owned by Gaith Pharaon. Pharaon is wanted in connection with his alleged role at the failed Bank of Credit and Commerce International (BCCI), and the CenTrust savings and loan scandal, which cost US tax payers $1.7 billion.
Interestingly, Pharaon was also an investor in President George W. Bush's first business venture, Arbusto Energy.
The US military purchases jet fuel from Attock through the contractor Supreme Fuels, according to a US government website. The $80 million contract for 2008 was posted this week on a US government website . Attock supplied the US military more than $40 million in jet fuel in 2007, according to another spreadsheet posted on the site.