VOL. XXXIX

No. 9

27-November-1995

UAE

BCCI Employees Agreement Clears Way For Payout

A substantial obstacle to the payout of $1.8bn to creditors of the collapsed Bank of Credit and Commerce International (BCCI) has been cleared. A group of former employees of the bank has agreed to drop its appeal against the settlement to creditors arrived at between the government of Abu Dhabi and Touche Ross, the worldwide liquidators of BCCI, on 3 March 1994 (MEES, 14 March 1995). Potential...