$1.16bn BCCI damages
Friday 25 June 1999
Abdul Raouf Khalil, a former chief of Saudi Arabian intelligence, was found by a Washington court to have participated in a fraudulent conspiracy with officials of the bank and damages of $1.16bnwere awarded against him.
The victory means that former BCCI investors may stand to recover more of the cash which they lost when the bank went under. "We intend to enforce this judgement aggressively so that additional funds can be repaid to the innocent victims of BCCI," said Stephen Akers of the BCCI liquidators.
The victory will also once again raise questions about the involvement of western intelligence agencies in BCCI.
The case centred on BCCI's covert takeover of First American Bank, the largest bank in the Washington area. BCCI hid its dealings through a network of nominee investors, of whom Mr Khalil was one. The takeover was known about by US intelligence but they neither intervened nor informed US banking authorities, a Congressional inquiry found.
Mr Khalil lives in Jeddah in Saudi Arabia and did not appear in person in court because of health concerns. Despite this the American lawyers for the liquidators said they had high hopes of recovering the cash. "We are confident that Mr Khalil will not be permitted to flout the judgement of a United States court," said Eric Lewis. His colleague, Jeff Robinson said simply: "we expect to collect."
- 1 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 2 Joan Rivers: 'Palestinians deserve to be dead'
- 3 Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
- 4 Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
- 5 Friends reunion: Jennifer Aniston, Lisa Kudrow and Courteney Cox perform mini sketch on Jimmy Kimmel Live
Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Joan Rivers: 'Palestinians deserve to be dead'
Daily Show's Jon Stewart destroys Fox News for its Ferguson coverage
Botched ice bucket challenge leaves man critically injured after plane drops hundreds of gallons of water
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
- < Previous
- Next >
iJobs Money & Business
£20000 - £30000 per annum + OTE £40 - £50K first year: SThree: SThree Group an...
£400 - £450 per day + competitive: Orgtel: My client, a leading bank, is curre...
£20000 - £30000 per annum + OTE £40-50K first year: SThree: The SThree group i...
£300 - £350 per day + competitive: Orgtel: Cost Reporting Manager - MI Packs -...