BCCI: What's taken them so long?
The QC acting for BCCI's liquidators finally ended his opening address at the end of last week, in what was the longest such address in British legal history.
Gordon Pollock wound up the factual evidence relating to the collapse of the Bank of Credit and Commerce International that liquidators are using in their £850m damages suit against the Bank of England. The case has already been going for around 79 days, and 60,000 pages of documentation have been detailed.
Liquidators from Deloitte are accusing the Bank of England of misfeasance after BCCI collapsed owing creditors and depositors more than £10bn in 1991. The case is complicated, perhaps unusually so – but 13 years to tie up loose ends is about a decade too long.
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