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BCCI became the focus of a massive regulatory battle in 1991 and on July 5 of that year customs and bank regulators in seven countries raided and locked down records of its branch offices.
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BCCI and became
In 1992, United States Senators John Kerry and Hank Brown became the co-authors of a report on BCCI, which was delivered to the Committee on Foreign Relations.
* Inter-State T20 Championship-After India became another member of the ICC Twenty20 and played its first international T20 against South Africa, BCCI launched its own state structure in 2006-07 season, with 27 Ranji teams divided in 5 Zones.
R. E. Grant Govan, the President of the BCCI, became the first President of the club.
He joined the BCCI ( Board of Control for Cricket in India ) in 1979, and became its treasurer in 1983 ( the year India won the Cricket World Cup ) and later, along with Inderjit Singh Bindra helped to win the right to stage the World Cup in South Asia in 1987 and 1996.
BCCI and massive
* BCCI ( 1991 ): A fraud investigation revealed that the bank laundered massive amounts of money for criminal enterprises and had unlawfully gained control of First American Bankshares, a major American bank.
BCCI and regulatory
Investigators in the U. S. and the UK revealed that BCCI had been " set up deliberately to avoid centralized regulatory review, and operated extensively in bank secrecy jurisdictions.
BCCI creditors also instituted a $ 1 billion suit against the Bank of England as a regulatory body.
BCCI and 1991
On June 24, 1991, using the code name " Sandstorm " for BCCI, Price Waterhouse submitted the Sandstorm report showing that BCCI had engaged in " widespread fraud and manipulation " that made it difficult, if not impossible, to reconstruct BCCI's financial history.
On July 5, 1991, regulators persuaded a court in Luxembourg to order BCCI liquidated on the grounds that it was hopelessly insolvent.
On July 7, 1991, Hong Kong Office of the Commissioner of Banking ( forerunner of the Hong Kong Monetary Authority ) ordered BCCI to shut down its business in Hong Kong on the grounds that BCCI had problem loans and the Sheikh of Abu Dhabi, the major shareholder of BCCI, refused to provide funds to the Hong Kong BCCI.
Hong Kong BCCI was liquidated on July 17, 1991.
The report found that Clifford and his legal / business partner Robert A. Altman had been closely involved with the bank from 1978, when they were introduced to BCCI by Bert Lance, the former director of the Office of Management and Budget, to 1991.
In 1991, Clifford's memoirs Counsel to the President ( co-authored with Richard Holbrooke, later U. S. Ambassador to the United Nations ) were published just as his name was implicated in the unfolding Bank of Credit and Commerce International ( BCCI ) scandal.
In 1991, Robert M. Morgenthau, the District Attorney for New York County ( coterminous with the borough of Manhattan ), disclosed that his office had found evidence that BCCI secretly owned First American.
He was named chairman of the failing Bank of Credit and Commerce International ( BCCI ) in 1991.
BCCI and on
Abedi had been approached about buying it as early as 1977, but by this time BCCI's reputation in the United States was so poor that it could not hope to buy an American bank on its own ( as mentioned above, the OCC was adamantly opposed to BCCI being allowed to buy its way into the American banking industry ).
In October 1985, the Bank of England and the Institut Monétaire Luxembourgeois ( Luxembourg's bank regulator ) ordered BCCI to change to a single accountant, alarmed at reported BCCI losses on the commodities and financial markets.
When the Fed cleared the group of Arab investors to buy First American, it did so on condition that they supplement their personal funds with money borrowed from banks with no connection to BCCI.
After a six-month trial, BCCI, under immense pressure from US authorities, pleaded guilty in 1990, but only on the grounds of respondeat superior.
A few weeks after the seizure, on July 29, Manhattan District Attorney Robert Morgenthau announced that a Manhattan grand jury had indicted BCCI, Abedi and Naqvi on twelve counts of fraud, money laundering and larceny.
On November 15, BCCI, Abedi and Naqvi were indicted on federal charges that it had illegally bought control of another American bank, Independence Bank of Los Angeles, using Saudi businessman Ghaith Pharaon as the puppet owner.
Following the report, the bank's liquidators launched the Three Rivers DC v Bank of England case, on behalf of thousands of BCCI creditors who are suing the Bank of England for its failure to properly oversee the bank.
* " The BCCI Affair ", Report to the Committee on Foreign Relations, United States Senate, Senator John Kerry and Senator Hank Brown, 1992, 102nd Congress 2nd Session Senate Print 102-140 ( Kerry Report ).
* The BCCI Affair, Report to the Committee on Foreign Relations States Senate ; held at FAS -( A Report to the Committee on Foreign Relations United States Senate by Senator John Kerry and Senator Hank Brown ; December 1992 ; 102d Congress 2d Session Senate Print 102-140 )
The BCCI lifted the ban on Azharuddin in 2006 and even honoured him along with other Indian Test captains in a ceremony in Mumbai during the 2006 ICC Champions Trophy.
The rise of the financial power of the BCCI had an immense effect on NZ cricket and its players.
The Indian cricket batsman Sachin Tendulkar was accused of sporting the flag on his cricket helmet below the BCCI emblem.
He now does commentary on behalf of BCCI in the matches that India plays.
BCCI and 5
His tenure as the President of BCCI ended with a defeat to J. C. Mukherjee, the President of the Cricket Association of Bengal, by 12 votes to 5, in the Board meeting held at the Imperial Hotel in Delhi on 1951-08-05.
BCCI and year
This two year undercover operation concluded in 1988 with a fake wedding that was attended by BCCI officers and drug dealers from around the world who had established a personal friendship and working relationship with undercover agent Mazur.
According to the court order, BCCI had lost more than its entire capital and reserves the year before.
In 2010, In case of IPL exemption from tax, Shiv Sena MLA Subhash Desai had alleged that state cabinet decided in January this year to impose the tax, before this year's IPL season started, but the decision was not implemented because of NCP chief Sharad Pawar's association with BCCI.
Jeoomal was the oldest Indian Test cricketer to attend the Golden Jubilee Test in 1980, which marked the fiftieth year of the founding of BCCI.
BCCI and bank
The Bank of Credit and Commerce International ( BCCI ) was a major international bank founded in 1972 by Agha Hasan Abedi, a Pakistani financier.
The company itself divided into BCCI Holdings with the bank under that splitting into BCCI SA ( Luxembourg ) and BCCI Overseas ( Grand Cayman ).
On several occasions, the Office of the Comptroller of the Currency told the Federal Reserve in no uncertain terms that BCCI must not be allowed to buy any American bank because it was poorly regulated.
In 1982, 15 Middle Eastern investors bought Financial General Bankshares, a large bank holding company headquartered in Washington, D. C. All the investors were BCCI clients, but the Fed received assurances that BCCI would be in no way involved in the management of the company, which was renamed First American Bankshares.
BCCI contended that its growth was fueled by the increasingly large number of deposits by oil-rich states who owned stock in the bank as well as by sovereign developing nations.
BCCI ’ s demise began in 1986, when a US Customs undercover operation led by Special Agent Robert Mazur infiltrated the bank ’ s private client division and uncovered their active role soliciting deposits from drug traffickers and money launderers.
In 2002, Denis Robert and Ernest Backes, former number three of Clearstream, described as a " bank of banks " which practices " financial clearing ", discovered that BCCI had continued to maintain its activities after its official closure, with " microfiches " of Clearstream's illegal unpublished accounts.
Morgenthau, who had been investigating BCCI for over two years, claimed jurisdiction because millions of dollars laundered by the bank flowed through Manhattan.
He described BCCI as " the largest bank fraud in world financial history.
Clifford's predicament worsened when it was disclosed he had made about $ 6 million in profits from bank stock that he had bought with an unsecured loan from BCCI.
In 1972, Agha Hasan Abedi, a Pakistani banker who had set up a new bank called Bank of Credit and Commerce International ( BCCI ), approached Zayed for investment.
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