THE EDITOR, Sir:
DELOITTE & TOUCHE, liquidators of Bank of Credit and Commerce (BCCI), are suing the Bank of England for £1 billion over its supervisory role in the collapse of BCCI.
Lawyers for the liquidators accused the Bank of England of:
1. Turning a blind eye to the misdeeds at BCCI.
2. Deliberately running away from seeking to find out sufficient information about BCCI because it did not want to be drawn into the role of supervisor and
3. Being fully aware of the fact that BCCI was a disaster waiting to happen. It was the SS Titanic.
It would appear that there are many factual similarities in our failed financial institutions and BCCI, also the process of monitoring of these institutions by the Bank of Jamaica and the Ministry of Finance.
Is it legally possible for a similar action to be taken against the Bank of Jamaica, Attorney-General and the Ministry of Finance or do they have legally built-in bail-out regulations?
I am, etc.,
WAYNE COKE
purecoke@hotmail.com
6 Tortine Place
Kingston 20
