Ex-BCCI staff get $50m over settlement claim
Star Business Report
Over 600 employees of the collapsed British Bank of Credit & Commerce International (BCCI) recently received about $50 million to settle their claims for suffering the stigma of having worked for a corrupt and fraudulent organisation.The settlement comes 12 years after the bank collapsed in a welter of recrimination and only after the case had twice been as far the House of Lords on different aspects of the dispute, according to a report published in London-based The Daily Telegraph on June 26. Mohammed Qayuum of the BCCI Campaign Committee said it was the decision of the creditors to forgo part of their payment that produced the money- until this litigation was closed their latest dividend from the liquidator was blocked. The creditors, who are scattered in 140 countries, were cleared to receive their latest distribution of 15 per cent of what they are owed. Of the payment, $45 million was to write off the cheap mortgages employees obtained from the bank and another $5 million was in cash. The bank collapsed in July 1991, producing a long trail of legal battles in the wake of its fraudulent activities.
| 
