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BCCI APPEAL VICTORY WILL CHEER CREDITORS

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Luiquidators of BCCI yesterday won an appeal that promises a further $1bn (£666m) for creditors of the fraud-ridden...
Luiquidators of BCCI yesterday won an appeal that promises a further $1bn (£666m) for creditors of the fraud-ridden bank that collapsed with debts of more than£9bn almost a decade ago.

The Times (p27) reports that the US court of appeals for the District of Columbia upheld a $1bn racketeering and fraud judgment against Abdul Raouf Khalil, a former Saudi Arabian government official.

Mr Khalil helped conceal massive losses at the bank and acted as a nominee during BCCI's secret acquisition of First American Bank.

The victory raises the prospect of a further 10p in the pound for BCCI's 70,000 creditors, taking the estimated pay-out to as much as 70p in the pound.
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