Deloitte to pay Bank £73m over BCCI

Deloitte to pay Bank £73m over BCCI

Award brings closure to marathon BCCI case

Deloitte, liquidator for collapsed lender BCCI, will pay the Bank of England
costs of £73.6m, bringing to an end one of the most expensive cases in UK legal
history

This follows Deloitte losing its marathon court case against the Bank last
year.

According to the BBC, the Bank had considered seeking even greater amounts
from Deloitte to cover the costs of the 12-year legal tussle, but that would
have meant more delay.

A spokesman for the Bank said that this final settlement was ‘an excellent
result’ and would allow it ‘draw a final line under the case’.

BCCI collapsed in 1991 owing more than $16bn. It is thought to be the world’s
biggest bank fraud.

Deloitte, as liquidator, sought damages of £1bn for BCCI creditors, claiming
the Bank failed to protect investors but dropped the case last November after a
High Court judgement argued that prolonging the action was not in the best
interests of creditors.

A spokesman for Deloitte declined to comment.

Related Articles

CogitalGroup announces acquisition of Wilkins Kennedy

Accounting Firms CogitalGroup announces acquisition of Wilkins Kennedy

2w Emma Smith, Managing Editor
Blick Rothenberg acquires Westleton Drake

Accounting Firms Blick Rothenberg acquires Westleton Drake

3w Emma Smith, Managing Editor
IR35 in 2018: what do accountants need to know?

Accounting Firms IR35 in 2018: what do accountants need to know?

3w SJD Accountancy | Sponsored
Top 50+50 UK Accountancy Firms 2018 – entries now open!

Accounting Firms Top 50+50 UK Accountancy Firms 2018 – entries now open!

3w Emma Smith, Managing Editor
It’s not just the potential of women at stake, it’s the potential of accountancy

Accounting Firms It’s not just the potential of women at stake, it’s the potential of accountancy

1m Jean Stephens, RSM International
PwC to net £50m from Carillion insolvency

Accounting Firms PwC to net £50m from Carillion insolvency

2m Alia Shoaib, Reporter
Mercer & Hole makes two new appointments

Accounting Firms Mercer & Hole makes two new appointments

2m Emma Smith, Managing Editor
Sexual harassment – is accountancy next for #MeToo?

Accounting Firms Sexual harassment – is accountancy next for #MeToo?

2m Karen Baxter, Lewis Silkin