On July 26th, Yu Xiaoqiu wrote in China Youth Daily 199 1 that not long ago, more than 60 countries and regions, including Britain, the United States, Switzerland, France and Japan, jointly took action to seal up the international commercial credit bank (hereinafter referred to as "BCCHK") in a few days. This is the biggest case in the history of modern international finance.
On the evening of July 5th, at 1, the inspectors of the Bank of England, the central bank of England, suddenly broke into 25 branches of BCCHK all over the UK, locking and freezing deposits with a total value of 750 million pounds. Then, the Bank of England ordered all its branches in the UK to close and frozen all its assets in the UK. On July 7th, the Bank of Japan decided to stop the business of the Bank of Commerce in Tokyo. On July 8, South Korea closed the Seoul branch of BCCHK. At the same time, the Commissioner of Banking of Hong Kong announced the suspension of the business of BCCHK Hong Kong Branch, freezing its deposits of HK$ 7 billion and its credit line of nearly HK$ 5.9 billion. Central banks in South Asia, Sri Lanka, Bangladesh and India have also closed local branches of BCCHK and examined their accounts. The Luxembourg court took legal action to hand over the BCCHK, which is headquartered in Luxembourg, to the appointed bankruptcy administrator.
/kloc-one day in October, 1988, in Tampa, Florida, a team of cars carried eight bankers to a party. The host of the party is Meussner, a local self-proclaimed wealthy businessman. This person used to run a "black line" business for a drug trafficking group and was closely related to eight bankers. After the party, they were arrested when they walked to the parking lot. It turns out that this party is a trap. Meussner is a plainclothes detective in the US Customs. Of the eight bankers trapped, five were senior executives of BCCHK. After more than a year of investigation and trial, they were accused of being the "black line of money laundering" of Colombian drug trafficking groups, amounting to $32 million, and were convicted and imprisoned. Because it launders money for drug cartels, BCCHK is called "Cocaine Bank". Documents found from BCCHK's London branch show that BCCHK is engaged in illegal arms trading besides black market money laundering. The governor of the Bank of England also accused the bank of "worldwide fraud", including "concealing losses and falsifying accounts". In its loan books, it was also found that $4 billion was unaccounted for. The court in Luxembourg pointed out that the loss of BCCHK was 526 million yuan, while its total capital in Luxembourg was only 368 million yuan.
BCCHK was founded by Pakistani banker Aga Hassan abedi in 1972. Due to the Tampa Arrest and the admission of BCCHK Bank 1990 in May, abedi announced his retirement and bought it by the family of UAE President Zayed.
The decline of international commercial credit banks has provided people with profound lessons.