DUBAI. Dec 11: Author! Ues In the United Arab Emirates have taken the first step to compensating creditors of the failed bank ol Credit and Commerce International. asking them to formally submit their claims.

An announcement by the BCCI court receiver in the UAE Abdul Aziz Saeed on Suit'I ' said special proof of del' '' inis had been sent to all known creditors of BCCI branches in the country.

Apart from those that had been sent forms, other depositors who believe they are owed money by the bank should submit their claims by January 15. 1996 it said.

BCCI coHapsed in 1991 amid allegations of massive fraud.

Saeed told Reuters there were about 45.000 creditors in the UAE, owed nearly five billion dirhams (1.36 billion dollars) along with the UAE, the largest concentration of creditors Is in Britain, he said.

Saeed said the extent of creditors' compensation would depend on the amount the major shareholder — the Abu Dhabi government would pay plus the value of the banks assets.

The withdrawal In November of an appeal by former BCCI employees against a proposed settlement to creditors opened the way for payments to begin to about 250.000 claimants worldwide.

Four former employees had been appealing against a 1.8 billion dollars settlement for creditors saying they wanted better conditions than creditors Analysts in the UAE said the four settled for about 70 million dollars.