BANKING & FINANCE - Jan. 15, 1992

Liquidation of BCCI in Britain Approved: A British court gave the Bank of England the go-ahead to liquidate the British operations of scandal-hit Bank of Credit & Commerce International. BCCI was closed last July in a swoop by regulators in 62 countries after allegations of widespread fraud. The High Court decision in London in favor of the British central bank’s petition to close down BCCI was widely expected after a Jan. 3 ruling by a Luxembourg court liquidating BCCI’s operations there. High Court Judge Sir Donald Nicholls said BCCI was “plainly and hopelessly insolvent” and closing it down was inevitable. A court in the Cayman Islands was also expected to approve the liquidation of BCCI Overseas on Tuesday.