BCCI appeal turned down
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.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.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments