BCCI creditors have been demanding to know exactly what government ministers, civil servants and UK regulators knew about the bank, which crashed with debts of £7bn.
The liquidator, Deloitte & Touche, is suing the Bank Of England on behalf of creditors, many of whom lost their life savings when the bank went bust. They seek £1m, claiming that senior Bank officials should have acted more quickly in the light of the clear eveidence of fraud available at the time. It is thought that the secret papers may help back-up the creditors' claims.
it is believed that the Government has already spent more than £10m on legal fees on the case.
BCCI Secrets To Be Released
The Guardian reports that UK Treasury officials have now been ordered by the High Court to release secret Government papers about the 1991 collapse of the Bank of Credit and Commerce International.
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