"The UAE branches of Bank of Credit and Commerce International (BCCI) have been liquidated some 22 years after the fraud-hit lender was shut down in one of the biggest banking scandals of the time.
The Central Bank yesterday issued a statement confirming the liquidation of BCCI's local branches. It also instructed the Ministry of Economy to register completion of the liquidation and strike the branches from the Commercial Registry.
BCCI gained notoriety for widespread fraud and illegal activities that ultimately led to its closure in the early 1990s.Regulators from the UK, Luxembourg and the Cayman Islands closed the bank in 1991 after uncovering the laundering of drug money and other fraudulent transactions."
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