Secretary Of State For Trade And Industry And Bcci

EDM number 704 in 1991-92, proposed by Keith Vaz on 18/02/1992.

That this House deplores the fact that seven months after the closure of the Bank of Credit and Commerce International no meeting has yet been convened; deplores the request by the liquidators that should such a meeting be called a security of up to ú1 million be given to those who call such a meeting; considers that the liquidators, having received millions of pounds in fees from what is left of the Bank, ought not to make such request from those who have already been devastated by the closure of the Bank but ought to apply to the Court for directions for payment; notes that the liquidators were not appointed by a meeting of creditors but by the Secretary of State for Trade and Industry in a 13 minute exchange of faxes on 14th January; is deeply concerned by the continual delay in publishing the results of the negotiations between the Abu Dhabi Government and the liquidators and the additional plans for compensation; notes that this delay will further delay the payments under the Deposit Protection Scheme, thereby causing continued hardship to the creditors of BCCI; and calls on the Secretary of State to convene a meeting with the liquidators whom he has appointed to make sure that urgent progress is made to deal with this sorry state of affairs.

This motion has been signed by a total of 61 MPs.