Get-together call for BCCI creditors

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The Independent Online
THE BIZARRE tale of Bank of Credit and Commerce International took another twist yesterday when the bank's liquidators, Touche Ross, proposed hiring the National Exhibition Centre or similar venue for a creditors' meeting which could attract 5,000 people, writes John Willcock.

The move, which could cost up to pounds 900,000, was welcomed by Keith Vaz, the MP campaigning on behalf of BCCI's UK depositors, as a chance for creditors to make their views known. However he, feared that the liquidators might use the meeting to neutralise some creditors, led by Florida businessman Adil Elias.

They are appealing against a court-brokered compensation deal that the liquidators agreed with BCCI's majority shareholder, the Sheikh of Abu Dhabi.

Mr Vaz warned yesterday: 'Considerable diplomatic and political consequences will follow if the Sheikh of Abu Dhabi is allowed to use his considerable block vote in order to impose a settlement on creditors which they find unacceptable. Such a move will represent the second scandal of BCCI.'

The High Court in London will rule on the proposal for a creditors' meeting next Tuesday.

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