UAE long-running banking saga gets closure | GulfNews.com:
"An unsavoury chapter in the annals of UAE banking, depicting the pursuit of a grandiose dream gone terribly wrong, has finally ended. The four-decade-old drama involving the Bank of Credit and Commerce International (BCCI) has had its surfeit of passion, design and deceit before the inevitable denouement came in the form of liquidation.
The curtains came down this month when a Luxembourg court announced the closure of the liquidation process after verifying that all the available assets have been distributed to the beneficiaries and that the liquidators had been granted release from their responsibilities.
The English, Scottish and Isle of Man liquidations had already been closed in May. Similarly, the UAE Central Bank announced completion of the liquidation process after the liquidators submitted a final report to the regulator, the UAE Ministry of Economy and the Abu Dhabi Department of Finance. According to the announcement, the term of office of the UAE liquidators will continue for a couple of months more, by which time their responsibilities will also be finally discharged."
'via Blog this'
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