Current Developments in the BCCI Affair

Date01 March 1995
Published date01 March 1995
DOIhttps://doi.org/10.1108/eb025696
Pages152-156
AuthorShiraz Mahmood
Subject MatterAccounting & finance
Journal of Financial Crime Vol. 3 No. 2 Art Theft
BANKING
Current Developments in the BCCI Affair
Shiraz Mahmood
Since the collapse of the Bank of Credit and Com-
merce International (BCCI) there has been a
plethora of BCCI related litigation. This article
considers the latest developments in the BCCI
saga while focusing on the current state of litiga-
tion in both the UK and the USA. It appears that
creditors of BCCI will finally be receiving some of
their money which was lost as a result of the clo-
sure of BCCI on 5th July, 1991. A compensation
package requiring the approval of courts in Eng-
land, the Cayman Islands and Luxembourg, the
three jurisdictions where BCCI headquarters oper-
ated from has finally received the requisite
approval (the High Court approved the compensa-
Page 152

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