BCCI saga draws to a close as court case collapses
In an unexpected move, Deloitte has dropped its GBP1 billion case against the Bank of England over its handling of the 1991 collapse of the BCCI bank.
The BCCI trial is one of the most expensive in UK legal history, and centered on Deloitte, liquidators for BCCI, accusing the UK central bank of deliberately failing to protect investors when BCCI went to the wall. Deloitte began its first legal claims against the Bank of England back in 1993, and the ongoing wrangles have since run up costs of millions of pounds - far in excess of those anticipated at the outset. Deloitte dropped its action after a reserve judgment of the High Court said that continuation of the trial would no longer be in the best interest of creditors. It is thought that around 6,500 people lost money when BCCI collapsed amid debts of GBP9 billion. BCCI failed after becoming mired in huge debts across its international operations, a situation compounded by regulatory probes into its links to organized crime and money laundering.
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