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November 23, 1991|From Times Staff and Wire Reports

BCCI Claims May Be Pooled: Worldwide claims against the scandal-ridden Bank of Credit & Commerce International could be pooled and creditors could recover up to 40% of their deposits under a deal being negotiated with Abu Dhabi, the bank's receivers said. The deal would involve the government of Abu Dhabi providing a cash payment, which reportedly could amount to $2 billion, to pay creditors who participate in the pool, the accounting firm Touche Ross said. In return, creditors would be asked to waive further claims against Abu Dhabi, BCCI's main shareholder with a 77% stake. The accounting firm said the amount of liabilities and recovery might not be known "for many years."

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