BCCI Depositors Urge U.S. To Limit Fines, Penalties
LONDON -- Depositors in the collapsed Bank of Credit and Commerce International are urging U.S. regulators not to impose any more big fines on the bank.
The depositors fear such fines would shortchange them.
The first international meeting of a group of BCCI depositors will be held Friday in London to set strategy for what is sure to be a mammoth legal battle over the disposition of seized BCCI assets.
The group, the BCCI Depositors Protection Association, has already written to the Federal Reserve Board protesting the $200 million in fines and penalties imposed on the bank.
Worries About U.S. Plans
Adil Elias, chairman of the association, said he was concerned that American prosecutors and regulators are seeking to have fines running into several hundred millions of dollars imposed on BCCI banks.
These funds ought to be distributed to creditors, said Mr. Elias, a Florida businessman who banked with BCCI and has extensive Middle East connections. …