Creditors demand BCCI papers

CREDITORS of Bank of Credit and Commerce International who are appealing against a compensation plan have called on the Abu Dhabi majority shareholders to release documents to the liquidators.

The creditors want the Court of Appeal to overturn approval for a scheme backed by Abu Dhabi and Touche Ross, the liquidators, to compensate those who lost money when regulators closed BCCI.

On the second day of the appeal, the creditors said Abu Dhabi should withdraw from court proceedings unless it agreed to give liquidators unrestricted access to key documents.

The court-appointed receiver in Abu Dhabi has secured BCCI files which are needed for civil prosecutions of BCCI officials, the liquidators' lawyer, Michael Crystal, said.

Mr Crystal said access to documents was a delicate issue, but the liquidators were largely content with the situation.

David Hunt, the creditors' lawyer, said the new material, including submissions from BCCI's Luxembourg regulator, the Luxembourg Monetary Institute, would cast an unflattering light on Abu Dhabi's attitude to the liquidation and its degree of co-operation with Touche Ross.

The case continues.