Fifth Anniversary Of The Closure Of Bcci

EDM number 1098 in 1995-96, proposed by Keith Vaz on 04/07/1996.

That this House notes that Friday 5th July marks the fifth anniversary of the closure of BCCI; is deeply concerned by the failure of the liquidators, Deloitte Touche, to distribute any monies to the creditors and former staff of BCCI and is also concerned about the failure of the English and Luxembourg liquidators to co-operate and agree appropriate provisions resulting in contested High Court proceedings between the liquidators in relation to issues such as the conflicting laws of set-off between England and Luxembourg, which conflict was known to the liquidators as long ago as March 1992; notes that from 5th July 1991 to January 1996 the total fees paid to the liquidators and their legal advisers Lovell White Durrant amounted to US $285.6 million; and calls upon the President of the Board of Trade and Secretary of State for Trade and Industry to seek an urgent meeting with Christopher Morris, the Senior Liquidator, to ensure that all outstanding matters are resolved urgently so that the victims of BCCI, the creditors and former staff receive compensation forthwith.

This motion has been signed by a total of 32 MPs.