BCCI appeal turned down

THE COURT of Appeal yesterday rejected an attempt by creditors of the collapsed Bank of Credit and Commerce International to overturn last month's High Court approval of a liquidation agreement for the bank.

In a 100-minute judgment, Lord Justice Dillon dismissed the appeal against the dollars 1.7bn (pounds 880m) compensation plan being offered by the BCCI's majority shareholders in Abu Dhabi and approved by Touche Ross, the liquidators.

The court refused leave for the creditors to go to the House of Lords and ordered them to pay costs estimated at pounds 150,000.

The creditors supporting the action included Faisal Islamic Bank and Dr Adil Elias, of the BCCI Depositors Protection Association.