ABU DHABI -- The Arab Monetary Fund said it received $14 million from First National Bank of Chicago to settle a legal dispute.
The dispute involve Jawad Hashim, former president of the pan-Arab fund, who has been charged with misappropriation of funds and will be tried by British courts in January.
A spokesman for the fund said that when the payment was received, it withdrew its negligence complaint against the First Chicago Corp. subsidiary.
Mr. Hashim, a former Iraqi minister of planning and now a Canadian citizen living in London, headed the fund from 1977 to 1982. The Abu Dhabi Criminal Court sentenced him to 240 years in prison and ordered the return $80 million that he was accused of misappropriating.