Len Berkowitz: BCCI questions that must be answered
"A system that is powerless to prevent a case so hopelessly misconceived continuing for 13 years requires examination." This was said by the Governor of the Bank of England, Mervyn King, in his Mansion House speech in June.
He was referring to the collapse in November 2005 of the claim brought against the Bank by the liquidators of BCCI. His assertion implies a defect in the rules under which the case was conducted, a failure to apply those rules, or a combination of both.
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