OTHER NEWS - Jan. 8, 1992
Judge Will Hear Protests in BCCI Plea: A federal bankruptcy judge agreed to consider arguments against a plea bargain agreement between Bank of Credit & Commerce International and federal regulators. The decision by U.S. Bankruptcy Judge James Garrity came after 2 1/2 hours of criticism of the Dec. 19 proposal by creditors of the scandal-ridden foreign bank. BCCI agreed to plead guilty to racketeering charges and forfeit $550 million to reimburse depositors and shore up two U.S. banks it secretly controlled. The plea proposal would resolve all federal charges against BCCI, a defunct worldwide banking operation now run by court-appointed receivers. However, the government will continue to pursue criminal charges against the bank’s founder, Agha Hasan Abedi, and others.
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