Sharjah pays BCCI liquidators $76 million

Published November 12th, 2000 - 02:00 GMT

Liquidators of the Bank of Credit and Commerce International (BCCI), which was dissolved in 1991 due to massive fraud—said Friday, November 10—it had received $76 million from the Gulf emirate of Sharjah. 

"This payment is in settlement of claims arising from loans made by the UAE branches to the government of Sharjah that were subject of liquidation in England," liquidators said. 

 

Liquidators said in May that BCCI had almost 2,000 debtors in the United Arab Emirates, while $772 million had so far been repaid to creditors, or 60 percent of their total claims. 

 

The Emirati-financed bank, headquartered in Luxembourg, was closed down in July 1991 on the Bank of England's order after the discovery of huge fraud and money-laundering. 

 

Its debts at the time stood at more than $12 billion, against deposits of $20 billion. Depositors numbered 1.3 million in 70 countries.— (AFP)  

 

© Agence France Presse 2000  

© 2000 Mena Report (www.menareport.com)

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