AP NEWS
Related topics

Brunei’s Leader Sacks His brother

July 29, 1998

BANDAR SERI BEGAWAN, Brunei (AP) _ The sultan of Brunei removed his younger brother Wednesday as head of the powerful Brunei Investment Agency.

Sultan Hassanal Bolkiah, who is also the country’s finance minister, also ordered other companies run by Prince Jefri Bolkiah to be overhauled.

Brunei, a tiny sultanate on the northern coast of Borneo, has one of the world’s highest annual per capita incomes, $15,800. The investment agency puts the sultanate’s $60 billion in oil riches into hotels, banks, businesses and U.S. Treasury bonds.

The sultan has hired independent auditors to examine the books of Amedeo Development Corp., another government investment firm that was run by the prince until it collapsed under a loss of $16 billion. The company’s managers were being sought for questioning.

AP RADIO
Update hourly