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GOVERNMENT URGED TO ACT OVER BCCI COMPENSATION

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Scottish Office ministers were urged to press government to bring to an end the plight of the victims of the BCCI s...
Scottish Office ministers were urged to press government to bring to an end the plight of the victims of the BCCI scandal, writes Robert Hedley.

Keith Vaz, Labour MP for Leicester East, said that when the bank closed on 5 July 1991, many people in Scotland and a number of local authorities, such as the Western Isles, were affected. At that time, they were told there was no money left in the bank. Twelve years later, 70% of that money had been repaid; therefore, 30% was left.

'After so many years, is it not time that all the money was now paid out? he asked.

Scottish Office minister Anne McGuire said she would meet the chief secretary to the Treasury Paul Boateng, rather than the Scottish first minister, Jack McConnell, because BCCI was an issue for the UK government. She added: 'I understand that Western Isles Council has recovered all but a relatively small sum of what it lost in 1991 as a result of the dividends paid by BCCI's liquidators. The whole issue is now a matter for the liquidators'.

Hansard 2 Dec 2003: Column 351

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