'Bizarre' opinions under attack

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The Independent Online
THE BANK of England called the conclusions of the Kerry report 'very bizarre' considering the Bank was not asked to provide its side of the story.

But Keith Vaz, Labour MP for Leicester East who has campaigned on behalf of creditors, called for the Governor of the Bank of England's resignation unless the Bingham report, expected to be released soon in the UK, clears his name.

A Bank of England spokeswoman said it was not a question of the Bank not co-operating. It was not invited to provide witnesses or information.

The Bank will wait to comment fully after the Bingham report, which did have Bank access.

Price Waterhouse, BCCI's accountants, rejected the report's criticisms, saying the conclusions were open to doubt because the Senate sub-committee did not reply to PW's offer to supply information.

Meanwhile, BCCI creditors yesterday voted overwhelmingly in favour of a liquidation plan that would enable them to get back 30 to 40 per cent of their money.

They voted 93 per cent in favour of a scheme to pool all the assets of BCCI worldwide, said Touche Ross, the accountants overseeing liquidation of BCCI.

They also voted 94 per cent in favour of Abu Dhabi, BCCI's majority shareholder, giving dollars 1.7bn to dollars 2.2bn (pounds 960m to pounds 1.24bn) towards compensation.

The ballot clears the way for a Luxembourg district court hearing next Wednesday which will decide whether to approve the compensation proposals.

British and Cayman courts have already approved them. If the Luxembourg court agrees, liquidation can proceed and creditors can begin receiving compensation.

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