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BoI to appeal against London HC order

By Our Special Correspondent

MUMBAI, MARCH 20. Bank of India Chairman and Managing Director, M. Venugopalan, said the bank would appeal against the order of the London High Court which asked the bank to pay around Rs. 370 crores ($82 million) to the liquidators of Bank of Credit and Commerce International (BCCI) as compensation.

"We are going to appeal against the judgment," Mr. Venugopalan, told The Hindu.

BCCI collapsed in 1991, owing over $16 billion, in the world's biggest banking fraud. The Judge, Nicholas Pattern, said Bank of India's London-based manager knew that BCCI's deposits with BoI were being used to defraud BCCI creditors and that the BoI must bear responsibility for the manager's actions.

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