BCCI wind-up moves to federal trustee.SAN FRANCISCO--(BUSINESS WIRE)--Nov. 16, 1994--The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Banking Department has turned over to a trustee for the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. assets seized from the defunct Bank of Credit and Commerce International The Bank of Credit and Commerce International (BCCI) was a major international bank founded in Pakistan in 1972. At its peak, it operated in 78 countries, had over 400 branches, and claimed assets of $25 billion. (BCCI BCCI Board of Control for Cricket in India BCCI Bank of Credit and Commerce International BCCI Bulgarian Chamber of Commerce and Industry BCCI Bank of Crooks & Criminals International BCCI Barnsley Chamber of Commerce & Industry ). This transfer of assets The conveyance of something of value from one person, place, or situation to another. The law recognizes that persons are generally entitled to transfer their assets to whomever they wish and for whatever reason. The most common means of transfer are wills, trusts, and gifts. valued at $77 million represents a major milestone in the global liquidation of the largest bank failure in history and purportedly the largest single fraud ever perpetrated. In the closing in New York today, state regulators transferred cash, various corporations and loans to Robb Evans, a San Francisco banker who was appointed trustee by the U.S. District Court in Washington D.C. to receive and liquidate BCCI assets in the United States. Frederick D. Holden, Jr. of the San Francisco law firm of Brobeck, Phleger & Harrison serves as general counsel for Evans and represented him in the transaction. BCCI pled guilty to criminal RICO RICO n. . charges in 1992. As a result, the bank's assets in the United States were forfeited to the federal government. Funds collected by Evans in the course of managing the trust will ultimately be divided between the federal government and innocent overseas depositors. Evans expects to ultimately distribute $400 million. All depositors at BCCI branches in the United States have been repaid 100% of their funds. This is the second substantial transfer to Evans of banking assets seized from BCCI. Last year, over $70 million in assets seized by the California Superintendent of Banks was handed over to him. Assets now under the management of Evans' teams of bankers primarily include loans and property in California, Florida, New York Florida is the name of some places in the U.S. state of New York:
Evans, a well-known bank turnaround and start-up specialist, is president-elect of the California Bankers Association. He maintains offices in San Francisco and Los Angeles and lives in Bakersfield, Calif. CONTACT: Brobeck, Phleger & Harrison Maura Kendrick, 415/442-1162 |
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