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BCCI creditors demand double the proposed compensation
LONDON, June 7 : Creditors of the closed Bank of Credit and Commerce International (BCCI, CN) think its Abu Dhabi majority shareholders should put up nearly twice as much money to compensate them than so far on offer, a member of a British creditors' commit-
tee said on Saturday, reports Reuter.
Accountants Touche Ross as liquidators of the Bank of Credit and Commerce International go to the English High Court on Monday to seek approval for a plan Io compensate thousands of people
around the world who lost money when (he bank wps shut.
Acting on suspicion of huge fraud, regulators ended Its operations in many countries last July 5.
But creditors arc angry that they arc being offered only 30
to 40 cent per dollar on their claims and expect to resist the liquidators In the hearing. They say they could get more If Abu Dhtibl raised Its cash contribution to a compensation fund.
A confidential report to creditors by London-based lawyers Norton Rose, made available to Reuters, says Abu Dhabt should Inject 3.2 billion dollar Instead of dollar 1.7 billion so far proposed.
Abu Dhabi has said it will not renegotiate arrangements which took six months to complete.
The majority shareholders, who Include the ruler. Sheikh Zaid bln Sultan Al-Nahayan. say (hey sympathize with creditors hut said In a statement that they were themselves "the largest victims having lost billions In misappropriated
funds.'
The compensation plan has backing from Touche Ross. Abu Dhabi and the Bank of England — but seven of the eight member* on the British Creditors Committee recommend rejecting ft and cite the Norton Rose report
last month after the High Court adjourned a hearing to approve the plan, saying creditors had a* right to more Information and independent advice.
The creditor* now claim that Abu Dhabi signed promissory notes and gave guarantee* to stand behind the bank to the value of around 4.35 billion dollar.
The promissory note's were discounted tn international financial market* by around
1.15 billion dollar leaving Abu Dhabi promising some 3.2 btl lion dollar in financial support in preparation for a 0ob4 restructuring of BCC1.
Even though the restructuring never occurred, because of the closure, creditor* insist Touche Ross should hold Abu Dhabi to Its promissory notes to improve the compensation terms.
The least the (Abu Dhabi) government should do Is to inject the funds promised in May/June 1901 ... which total 4 35 billion dollar less the 1.15 billion dollar discounted note* for BCCI.
This would give total com pensatlon of 3 2 billion dollar ' says the Norton Rose report
Two members on the British Creditor* Committee are Investigating the possibility of removing Touche Ross as )fa-
uidator. said Hal Skolnick, a representative for Sheerbonnet. a privately-owned com-
ny with some 37 million dollar of claim* and which sits on the Creditor* Committee.
Some creditors are unhappy that Touche Ross is pursuing the present compensation plan, despite the Norton Rose report.
They are ready to block the plan in the courts tn Luxembourg where BCCI also operated if it i* approved In the British hearing which ts due to last three days
Touch Ross has said that a collapse of the compensation plan could lead to years of costly and uncertain litigation.
Spokesmen for Touche Ross and Abu Dhabi were not immediately available for new comment on Saturday