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Posted by / 04-Oct-2015 07:25

A g a liquidating trust

The company itself divided into BCCI Holdings with the bank under that splitting into BCCI SA (Luxembourg) and BCCI Overseas (Grand Cayman).Abedi, a prolific banker, had previously set up the United Bank of Pakistan in 1959.

BCCI was created with capital, 25% of which was from Bank of America and the remaining 75% from Sheikh Zayed bin Sultan Al Nahyan, the ruler of Abu Dhabi in the United Arab Emirates.BCCI expanded rapidly in the 1970s, pursuing long-term asset growth over profits, seeking high-net-worth individuals and regular large deposits.By 2013, Deloitte & Touche claimed to have recovered about 75% of the creditors' lost money.BCCI's founder, Agha Hasan Abedi, started the bank in 1972.BCCI came under the scrutiny of numerous financial regulators and intelligence agencies in the 1980s due to concerns that it was poorly regulated.

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Subsequent investigations revealed that it was involved in massive money laundering and other financial crimes, and illegally gained the controlling interest in a major American bank.