In 2003 the Joint Liquidators of Bank of Credit and Commerce International (BCCI) entered into an agreement with the BCCI Campaign Committee to a worldwide settlement of former employees claims.
BCCI Campaign Committee was a voluntary association formed in London United Kingdom by a small group of former employees Bank of Credit and Commerce International (BCCI) following the abrupt shut down of BCCI in 1991 by western central banks. The main purpose initially was to represent the interests of both the former employees and the bank's depositors.
Following the Order made by the English High Court in London in 1991 to place BCCI in compulsory liquidation, the Committee battled the liquidators of BCCI for nearly twelve years defending actions against former employees and secured settlement of their claims along with waiver of outstanding staff loans.
In 2003 the BCCI Campaign Committee accepted a global settlement of US$70 million paid into two new trusts (Hexagon Welfare Trust and Triangle Loans Trust) established for the benefit of all former employees. The settlement included the understanding that the BCCI Liquidators would waive the liability of former employees to repay their outstanding staff loans on receipt of a negotiated amount from the trustees of the loans trust.
Following the agreement reached with the BCCI liquidators in 2003, the BCCI Campaign Committee became inactive.
In 2021 the BCCI CAMPAIGN COMMITTEE TRUST was registered as a non-profit organisation and a company limited by guarantee without shareholders. The main object is to develop the BCCI website and preserve the history of Bank of Credit and Commerce International (BCCI) with available information and documents, as well as to present a perspective analysis on the key allegations against BCCI stated in the Report on the Inquiry into the Supervision of the Bank of Credit and Commerce International in the United Kingdom, and in the Report to the US Senate Committee on Foreign Relations in 1992, pointing to any serious omissions, inaccuracies and the unsubstantiated allegations.
It is hoped that the website will be a source of primary information and documents on BCCI, its founder President, Mr Agha Hasan Abedi, its operations and services, and provide a better appreciation of BCCI's achievements in banking, in particular the services provided in the developing countries that were colonised exploited by some western countries, as well as the bank's philanthropic contributions.