BANKING
From Times Staff and Wire Reports
Pharaon Action Postponed: Independence Bank postponed the severing of its ties to Saudi financier Ghaith Pharaon until Federal Reserve Board officials remove his shares from a list of personal assets they froze. The bank is expected to use state laws to force Pharaon to forfeit his shares for failing to pump up to $27 million into the Encino bank to bolster its capital. The Fed is alleging that Pharaon secretly bought Independence in 1985 on behalf of the Bank of Credit & Commerce International.
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