Court to consider BCCI deal
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.A Luxembourg court will consider on 28 April approving a $425m settlement between liquidators of Bank of Credit and Commerce International and the National Commercial Bank of Saudi Arabia, according to sources close to the liquidators, writes John Willcock.
If the deal goes ahead it will join the other big out-of-court settlement - the $1.8bn compensation package for customers - following the 1991 closure of BCCI after years of multi-million dollar fraud.
The compensation deal, partly funded by BCCI's majority shareholder Abu Dhabi, gained court clearance on 31 January. The Saudi deal with NCB, its former chief operating officer, Sheikh Khalid bin Mahfouz, and an associate, the Pakistani banker Haroon Khalon, would settle allegations that they were involved in covering up the BCCI scandal.
The defendants have agreed to pay into the settlement without admitting liability and to drop counter claims against BCCI.
The liquidators would then drop a $10.5bn lawsuit filed earlier against Sheikh Mahfouz and NCB, a former customer and investor in BCCI.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments