BoE said avoid BCCI 'like the devil'
13 April 2012
THE BANK of England told the Malaysian Central Bank to treat disgraced BCCI 'like the Devil', the High Court heard today.
BCCI had applied for a licence to open in Malaysia in 1985 and the Malaysians asked for the Bank's official view.
A Bank official warned about the lack of transparency in BCCI's operations and inadequate supervision, Gordon Pollock QC for Deloitte & Touche told the court.
The Bank of England is being sued for £850m by BCCI liquidator Deloitte for misfeasance in public office following BCCI's collapse in 1991 owing £9bn. The case continues.
