News Release
High Court Judgment Relating to BCCI
30 July 1997
The High Court has today struck out all claims against the Bank arising out of the collapse of BCCI. The Bank has always maintained that the claims made against it were misconceived. The Bank welcomes the fact that, after a careful review, the High Court has confirmed that there never was any factual basis to support the allegation that it acted dishonestly or in bad faith.
In his judgment, Mr Justice Clark said:
"I have reached the firm conclusion that on the material available at present the plaintiffs have no arguable case that the Bank dishonestly granted the licence to BCCI or dishonestly failed to revoke the licence or authorisation in circumstances when it knew, believed or suspected that BCCI would probably collapse. There is nothing in the Bingham Report or in the documents which I have seen to support such a conclusion and there is much to contradict it."
