HC Deb 28 January 1997 vol 289 cc169-70W
Mr. Vaz

To ask the President of the Board of Trade if he will set up an inquiry into the conduct of the liquidation of BCCI and the fees charged by the liquidators prior to the payment of the first dividend. [12938]

Mr. John M. Taylor

No. The fees payable to the UK joint liquidators are a matter for the liquidation committee of creditors.

Mr. Vaz

To ask the President of the Board of Trade if he will investigate the factors underlying the non-distribution of assets retained by the BCCI liquidators since 1992. [12929]

Mr. Taylor

I have discussed progress on the liquidation of BCCI with the UK joint liquidators and am satisfied that the delay in paying a first dividend was caused by the need to resolve litigation in the UK and other jurisdictions.

Mr. Vaz

To ask the President of the Board of Trade what is the total amount of funds which have been recovered by the BCCI liquidators since 1992; and what amount of funds is now held by them. [12937]

Mr. Taylor

Total realisations by the UK liquidators in the period from their appointment as provisional liquidators to 15 January 1996 were US $961.3 million, with other receipts of US $215.3.

Funds in hand as at 20 January 1997 totalled £205.7 million and US $266.7 million.

A report by the liquidators covering the fifth year of the liquidation and made up to 15 January 1997 will be made in the near future.

Mr. Vaz

To ask the President of the Board of Trade (1) if he will ask the liquidators to report progress to his Department in respect of their attempts to recover BCCI assets held by the United States Department of Justice; and what sums are being claimed; [12927]

(2) if he will make a statement on the agreement entered into by the BCCI liquidators with the United States Department of Justice in respect of recovery of BCCI assets; and if he will investigate the factors underlying the delay in recovering those assets. [12928]

Mr. Taylor

The UK liquidators, then the provisional liquidators, were not a party to the plea agreement with prosecuting and regulatory authorities in the United States under which all BCCI assets within US jurisdiction were forfeited to the US Department of Justice. Under the terms of the agreement, but subject to the exercise of the US Attorney-General's discretion, the liquidators estimate that between US $350 and US $750 may be received by them once all claims within the United States have been determined. To January 1996 they had received some US $244 million.

Mr. Vaz

To ask the President of the Board of Trade what will be the total amount distributed in the first dividend declared by the BCCI liquidators. [12936]

Mr. Taylor

The initial dividend payment by the principal estates was 24.5 per cent. and totalled US$1.35 billion.

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