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BCCI paid $ 10 million in fines and forfeited all $ 550 million of its American assets — at the time, the largest single criminal forfeiture ever obtained by federal prosecutors.
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BCCI and $
BCCI creditors also instituted a $ 1 billion suit against the Bank of England as a regulatory body.
Overall, BCCI expanded from 19 branches in five countries in 1973 to 27 branches in 1974, to 108 branches in 1976, with assets growing from $ 200 million to $ 1. 6 billion.
By 1980, BCCI was reported to have assets of over $ 4 billion with over 150 branches in 46 countries.
Most seriously, BCCI had made a staggering $ 1. 48 billion worth of loans to its own shareholders, who used BCCI stock as collateral.
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.
Yuvraj also received Rs. 10, 000, 000 ( US $ 252, 716 ) in cash from the BCCI for his performance in the tournament.
BCCI and all
* BCCI Corporate Trophy-BCCI have set up a 12 team inter-corporate tournament which will involve all the top Indian cricketers.
This League has been launched by BCCI have received support from all the other Cricket Boards, and International Players could be drafted into City-based Franchises.
The Board of Control for Cricket in India ( BCCI ), headquartered at Mumbai, India, is the national governing body for all cricket in India.
BCCI and its
Within a decade BCCI touched its peak.
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.
Bank of America was " bewildered " by BCCI and reduced its holding in 1980, and the company came to be held by a number of groups, with ICIC owning 70 %.
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 ).
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.
For example, the Bank of England ordered BCCI to cap its branch network in the United Kingdom at 45 branches.
According to the court order, BCCI had lost more than its entire capital and reserves the year before.
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.
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.
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 rise of the financial power of the BCCI had an immense effect on NZ cricket and its players.
Irani, who was associated with the Board of Control for Cricket in India ( BCCI ) from its inception in 1928, till his death in 1970 and a keen patron of the game.
* 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.
He also asked BCCI to abandon self-interest and " embrace the spirit of cricket and govern in the best interests of world cricket, not just for India and its business partners.
Mohinder Amarnath also served as a selector for the Indian National team but his was cut short early, with the Board of Control for Cricket in India ( BCCI ) appointing an all-new selection committee after its Annual General Meeting held in Mumbai on September 27, 2012.
Anthony de Mello, the Secretary of the BCCI from its inception in 1928 until 1937, also served the secretary of CCI from 1933 to 1937.
BCCI and American
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.
In truth, BCCI had been involved in the purchase of FGB / First American from the beginning.
BCCI was also heavily involved in First American personnel matters.
The relationship between the two was so close that rumors spread BCCI was the real owner of First American.
The audit also confirmed what many Americans who watched BCCI long suspected — that BCCI secretly ( and illegally ) owned First American.
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.
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.
However, the federal government and Morgenthau contended that the two men knew, or should have known, that BCCI controlled First American.
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.
However, the audit was solid confirmation that BCCI secretly — and illegally — owned First American.
He co-founded the Safari Club, a " private intelligence group was one of George H. W. Bush's many end-runs around congressional oversight of the American intelligence establishment and the locus of many of the worst features of the mammoth BCCI scandal.
* 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.
* Robert A. Altman, American lawyer involved in BCCI scandal
BCCI and at
One of the large financial institutions that he was able to use to launder money was the Bank of Credit and Commerce International ( BCCI ) which was shut down at the end of the Cold War by the FBI.
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.
The U. S. Central Intelligence Agency held numerous accounts at BCCI, according to William von Raab, former U. S. Commissioner of Customs.
Oliver North also used and held multiple accounts at BCCI.
* 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 North Stand of the Brabourne housed the Board of Control for Cricket in India ( BCCI ) headquarters and the 1983 Cricket World Cup trophy until 2006 when both were moved to the newly built Cricket Centre at the nearby Wankhede Stadium.
The North Stand of the Brabourne housed the BCCI headquarters and the 1983 Cricket World Cup trophy until 2006 when both were moved to the newly built Cricket Centre at the nearby Wankhede Stadium.
On 27 September 2012 Sandeep Patil was named the chairman of selectors at the Annual General Meeting of the BCCI in Mumbai.
After scoring two more half-centuries in the series at an average of 48, Raina was awarded a BCCI C-grade contract.
The BCCI had it origins in a meeting in February 1927 at the Roshanara Club in Delhi between Arthur Gilligan, the captain of the visiting MCC team, De Mello, Grant Govan and the Maharaja of Patiala.
Both tours were eventually cancelled but the BCCI was formally founded at the Roshanara Club in December 1928 with Grant Govan as the first President and De Mello the Secretary.
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.
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