Facts
BCCI Liquidation
- The Provisional Liquidators were appointed on
5 July 1991. The winding up order was made in the High Court in England
on 14 January 1992.
- The current English Liquidators are John Richards, Ralph Preece and Angus Martin.
- In addition to BCCI SA, other group companies
are also in liquidation. The main companies are BCCI Holdings based in
Luxembourg and BCCI Overseas based in the Cayman Islands.
- The intermingling of the affairs of the
companies led to the arrangement to pool the assets for the benefit of
all the creditors. As a result a Board of Liquidators regularly meets
to decide on a common course of action for the benefit of all the
creditors in the group.
- The Liquidators have three fundamental
objectives - to maximise recoveries, to pay dividends to admitted
creditors as quickly as possible and to close the liquidation as
quickly and cost effectively as possible.
- Global realisations to 15 July 2009 were US$8.5 billion.
- Significant realisations have been achieved
through negotiation. Examples include the Majority Shareholder
Agreement that has realised some US$2 billion and agreements with the
US authorities that have realised some US$1 billion.
- The Liquidators have instigated legal claims
against those who failed to repay loans, committed fraud against the
Bank or failed to discharge their professional duties correctly.
Significant judgements and realisations have been achieved.
- Many actions are still being progressed through the relevant Court and will take a number of years to bring to a conclusion.
- There are in excess of 70,000 creditors with admitted or in progress claims with a value of $8.5 billion.
- A total of 86.5% of the value of admitted claims has been paid to the creditors.
Dividends
The following dividends have been paid:
| Dividend | Date |
Dividend % | Cumulative Dividend % |
|---|
| First | 10 December 1996 |
24.5% | 24.5% |
| Second | 30 June 1998 |
21.5% | 46.0% |
| Third | 16 May 2000 |
14.0% | 60.0% |
| Fourth | 25 June 2003 |
15.0% | 75.0% |
| Fifth | 15 December 2005 |
6.0% | 81.0% |
| Sixth | 27 November 2007 |
3.0% | 84.0% |
| Seventh | 10 December 2008 |
2.5% | 86.5% |
At least one further dividend will be paid by the Global Liquidators, although the amount and
timing remain uncertain. Further information may be posted on the website at the
appropriate time.