Price Waterhouse Sued Over BCCI

LONDON - Mohammed and Rabha Khasruzzaman, who were depositors at Bank of Credit and Commerce International in London, have issued a writ in the English High Court against the bank's auditor, Price Waterhouse, claiming damages for misrepresentation, lawyers for the Omani couple said.

The Khasruzzamans are claiming $600,000 in damages, equivalent to their deposit in the London branch of BCCI, according to the writ.

A Price Waterhouse spokesman said: "We will strenuously defend the action. We are confident we have not been negligent in the manner alleged and we specifically deny that ... we could be liable to depositors."

Zaiwalla & Co., solicitors to the Khasruzzamans, said the writ is the first court action against Price Waterhouse.

Mr. Khasruzzaman is general manager of a company owned by the Omani royal family.

Price Waterhouse was sole auditor to BCCI, which was recently closed in major centers on allegations of massive fraud.

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