FA50 AND BE90 EXPERIENCE NMAC ON FINAL AT 300 FT DURING VISUAL APCH TO ICT.

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WE WERE CLRED TO LAND ON RWY 19L AT ICT AND HAD OBSERVED TFC TO OUR R THAT WAS CLOSING ON OUR POS. I LOST SIGHT OF THE OTHER ACFT AND THEN RECEIVED A TA ON OUR TCASII AND NOTICED THE ACFT WAS AT OUR POS 200 FT ABOVE AND DSNDING. I ALSO RECALL THE GPWS 300 FT AGL CALLOUT AT ABOUT THE SAME TIME. THE CO-CAPT GOT A VISUAL CONTACT ON THE ACFT AND OBSERVED HIM TO BE SLIGHTLY ABOVE US; DSNDING AND TURNING TOWARD US LIKE HE WAS LINING UP FOR THE SAME RWY. THE CO-CAPT URGED ME TO GO AROUND AND I COMPLIED. THE TWR CTLR SEEMED UPSET THAT WE WENT AROUND AND ADVISED US WE HAD BEEN CLRED TO LAND AND THAT HE HAD BOTH ACFT IN SIGHT. ON OUR DOWNWIND LEG TO RETURN TO THE RWY I HEARD THE PLT OF THE OTHER ACFT ADMIT THAT ALTHOUGH HE HAD US IN SIGHT EARLIER; HE HAD LOST SIGHT OF US. AFTER LNDG; I CALLED THE TWR AND DISCUSSED THE SIT AND HAVE COME TO THE CONCLUSION THAT THE OTHER ACFT INDEED DID NOT HAVE US IN SIGHT AND THE CTLR WAS RELYING ON THE OTHER ACFT TO MAINTAIN VISUAL SEPARATION. THE PARALLEL RWY 19R WAS CLOSED; ALTHOUGH AT THE TIME I SIGHTED THE TFC I HAD FORGOTTEN IT WAS CLOSED AND ASSUMED HE WAS LINING UP FOR THE OTHER RWY. I ESTIMATE THE OTHER ACFT CAME WITHIN 200-300 FT OR OUR POS ON SHORT FINAL AT NIGHT TO RWY 19L. SUPPLEMENTAL INFO FROM ACN 596910: THE ACFT I WAS PLTING AT THE OCCURRENCE WAS A 1982 BEECHCRAFT 90. 15-17 NM FROM MY DEST (ICT) IN A DSCNT FROM 11000 FT MSL TO 4000 FT MSL; APCH CTL CONTACTED ME AND POINTED OUT A FALCON 50 AT MY 9-10 O'CLOCK POS; DSNDING FROM 15000 FT MSL 5 MI (EBOUND TOWARD THE CITY). I RPTED THE TFC IN SIGHT AND WAS SUBSEQUENTLY TOLD TO MAINTAIN VISUAL SEPARATION WITH THAT TFC. THE FALCON WAS SIGNIFICANTLY FASTER THAN ME AND DSNDED RAPIDLY TO WHAT 'APPEARED' TO BE AROUND 3000 FT MSL AND TOOK A FLT PATH WELL N OF THE ARPT. I DEDUCED FROM THIS THAT HE MUST HAVE EITHER BEEN GOING OUT FOR THE LOC OR HEADING TO COL JAMES JABARRA (AAO) WHICH IS 7 NM NW OF ICT. APCH CTL WAS BUSY WITH THE RADIO AND I NEVER RECEIVED INFO REGARDING HIS INTENTIONS. I WAS CLRED FOR THE VISUAL APCH TO RWY 19L AND HANDED OFF TO TWR. I LOST THE FALCON AMONG THE LIGHTS OF WICHITA; AS HE WAS WELL BELOW ME AND IN FRONT OF ME SEVERAL MI. HAVING NOT RECEIVED ADDITIONAL RPTS OF THE FALCON; I (FALSELY) FELT SAFE TO ASSUME THE FALCON HAD PROCEEDED TO AAO. MY FLT PATH WAS A SLIGHTLY HIGH (3000 FT) R BASE; SETTING UP FOR A 3/4 MI FINAL APCH LEG. AS I BEGAN TO TURN ONTO FINAL APCH; I BEGAN MY DSCNT TO THE RWY. AFTER LINING UP WITH THE RWY; I BEGAN TO ROLL OUT OF THE TURN AT APPROX 400 FT AGL. WHILE ROLLING LEVEL; I REGAINED SIGHT OF THE FALCON 50 LESS THAN 100 FT AGL BELOW ME OBVIOUSLY LNDG RWY 19L AS WELL. I IMMEDIATELY INITIATED AN AGGRESSIVE GAR WITH A BANK TO THE L. WHILE DOING THIS; THE TWR THEN ASKED IF I HAD THE FALCON IN SIGHT. I RPTED 'I DO NOW!' I WAS INSTRUCTED TO MAKE A L 360 DEGS FOR SPACING WHICH I WAS ALREADY COMPLETING. BEFORE I COULD ANSWER; THE FALCON RPTED THAT THEY WERE GOING AROUND. I THEN BANKED EVEN HARDER IN FEAR THAT THEY WOULD TRY TO CLB UP INTO MY SLOWER ACFT. TWR QUESTIONED THE FALCON AS TO WHY THEY WERE GOING AROUND AND THEY REPLIED THAT IT APPEARED AN ACFT WAS LNDG ON TOP OF THEM AND DECIDED TO ATTEMPT TO GET OUT OF THE WAY TO AVOID AN ACCIDENT. I NOW BELIEVE THAT THEIR GAR PROC DID NOT INVOLVE A CLB; BUT RATHER AN ATTEMPT TO OUT ACCELERATE ME. WHICH IN MY OPINION; WAS GOOD JUDGEMENT BY THE FALCON FLT CREW. SEVERAL FACTORS WERE RELATED TO THIS SIT. THE APCH CTL'S FAILURE TO KEEP ME INFORMED OF THE FALCON'S INTENTIONS. MY FAILURE TO ASK MORE QUESTIONS AS TO THE FALCON'S INTENTIONS. THE TWR FOR NOT ISSUING A #2 LNDG CLRNC WITH VISUAL REF TO THE LNDG TFC. I BELIEVE THE CURRENT REGS AND PROCS ARE SATISFACTORY TO PREVENT SUCH HAPPENINGS. HOWEVER; THOSE PROCS WERE CLRLY NOT FOLLOWED AND; FORTUNATELY; SEVERE IF NOT FATAL CONSEQUENCES WERE AVOIDED.