BANKING

Ghaith Pharaon Denies Wrongdoing: The rich Saudi Arabian charged with acting as the point man for BCCI’s alleged illegal entry into the United States said the U.S. charges were motivated by a political frenzy. Pharaon was indicted by a federal grand jury in Washington on charges of masterminding two bank deals for the Bank of Credit & Commerce International. Pharaon, who is in Karachi, Pakistan, denied violating any U.S. laws in a statement published in Pakistan’s Business Recorder newspaper and said he would vigorously defend his position.