BANKING

From Times Staff and Wire Reports

BCCI Bailout Cost Was Reportedly $12 Billion: The ruling family of Abu Dhabi decided to pursue liquidation of the Bank of Credit and Commerce International because the cost of a bailout was so high, banking sources in the Middle East said. The Al Nahyan family, which owns 77% of scandal-ridden BCCI, learned that $12 billion would have to be injected into BCCI in order for it to resume operation, the sources said. The $20-billion banking empire, with 70 branches around the world, was shut down in Britain and other countries in July following accusations of fraud, drug money laundering, arms trafficking and dealings with terrorists like Abu Nidal.

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