SAN FRANCISCO The New York State Banking Department has turned over to a trustee for the United States $77 million of assets seized from the defunct Bank of Credit and Commerce International.
State regulators transferred cash, various corporations, and loans which will eventually be divided between the federal government and overseas depositors.
San Francisco banker Robb Evans, the trustee in charge of receiving and liquidating BCCI assets in the United States, said he expected ultimately to distribute $400 million of BCCI assets. BCCI pleaded guilty to criminal racketeering charges in 1992, in what is believed to be the biggest bank failure and fraud scandal in history.
All depositors at BCCI branches in the United States have been repaid 100%. This is the second substantial transfer of banking assets seized from BCCI. Last year, more than $70 million of assets seized by the California superintendent of banks were handed over.
BCCI assets in the United States include loans and property in California, Florida, New York, Texas, and Georgia.
Further transfers from both California and New York regulators are anticipated next year.