Bank Ignored 'Monster On Loose' Bcci, Court Told

Summary

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SENIOR Bank of England officials ignored the flood of complaints they received about crooked bank BCCI in the year before its Pounds 10 billion collapse in 1991, the High Court heard today.

Gordon Pollock, counsel for the liquidators of BCCI suing the BoE for up to Pounds 1 billion in damages over its supervision of the failed bank, said BCCI was regarded with suspicion throughout the financial world but staff at the BoE turned a blind eye to the complaints Pollock told Mr Justice Tomlinson: "What stands out about BCCI was the sheer volume and persistence of complaints which flowed into the bank in a continuous stream."

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Bank Ignored 'Monster On Loose' Bcci, Court Told

Citing internal BoE memos in which officials t...

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