BANKING & FINANCE - March 5, 1992

BCCI Figure Officially Fined $20 Million: The Federal Reserve Board said it will stick by its initial $20-million fine assessed in September against Kemal Shoaib, former chairman of Independence Bank in Encino. Shoaib, who headed the now-defunct bank while it was secretly controlled by the scandal-plagued Bank of Credit & Commerce International, was accused of violating banking laws prohibiting secret ownership. The Fed said Shoaib, who is also barred from U.S. banking unless he gets approval from regulators, failed to contest the charges and fine, and failed to respond to notices sent to him.