Bank of Credit and Commerce International

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Bank of Credit and Commerce International

More commonly called BCCI. An international bank established in Pakistan, headquartered in London, and registered in Luxembourg. Its operations were structured to avoid regulation by any single authority. It was founded in 1972 with investments from the Emir of Abu Dhabi and Bank of America. It grew rapidly, making major loans and seeking deposits from high net-worth individuals. It became the seventh largest bank in the world. Because it was so poorly regulated, it was able to commit massive fraud, as well as deal with terrorist groups and questionable government operations. These crimes were ultimately exposed in 1991, and BCCI shut down, though lawsuits involving it continued for more than a decade.
References in periodicals archive ?
The Supreme Court-appointed Committee of Administrators (CoA) is threatening to destroy the edifice of the BCCI, which had once risen to become the richest and the most powerful body in world cricket.
'The executive committee approved election commission and elections schedule of BCCI for year 2019-20,' it said.
Gupta further said: "If a person has held the post of office bearer in respect of a State Association for a period of nine years, he will not be disqualified to contest for the post of office bearer of the BCCI. As such you are not eligible to hold any post, what so ever now in State Association as per Rule Number 6(5) (f) (you have completed 9 years as JKCA Office bearer Cumulatively) but at the same time you are eligible to complete your 9 years term as BCCI Councillor with subject to rule number-14(3 to 9 )."
The training needs assessment for privateand corporate is led byMinistry of Labor andHuman Resources and it isthe custodian of the HRDMaster Plan for Privateand Corporate sectors.The BCCI takes necessaryfeedback from the privatesector on their trainingneeds and ensures that it isincorporated in the HRDMaster of the MoLHR.
"It is said to see the BCCI mixing politics with combat.
According to an ICC statement, the PCB will pay around Rs160 million to the BCCI as cost of the legal battle.
The report claimed that BCCI has asked for about 15 crore Indian Rupees (Rs300 million Pakistan Rupees) to be paid by the PCB.
The BCCI had hired the services of London-based multinational lawyer firm (Herbert Smith LLP), which has more than 1300 lawyers working for them in several countries.
Other key topics include the Manama Suq revamp project, violations in appointing the current BCCI chief executive officer (CEO), violations in termination of the former CEO and termination or downgrading employees' job profiles in the BCCI.
Earlier, PCB Executive Committee's Chairman Najam Sethi has said that Pakistan's case against the Indian cricket authorities for dishonouring agreement of playing bilateral series with Pakistan is strong, adding that the board is fully prepared to move ahead with suing the BCCI.
" According to the new revenue distribution for the cycle 2016- 2023, based on current forecasted revenues and costs, BCCI will receive $ 293m across the eight year cycle, ECB $ 143m, Zimbabwe Cricket $ 94m and the remaining seven Full Members $ 132m each.
Modi was handed a life ban by the BCCI for "acts of series misconduct and indiscipline" in September last year.