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Bcci V. Akindele Notes

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BCCI V. AKINDELE
 

FACTS
The first claimant in the action is Bank of Credit and Commerce International 
(Overseas) Ltd ("BCCI Overseas"), a company incorporated under the laws of the 
Cayman Islands and at all material times a wholly­owned subsidiary of Bank of Credit 
and Commerce International Holdings (Luxembourg) SA ("BCCI Holdings"). The 
second claimant is International Credit and Investment Co (Overseas) Ltd ("ICIC 
Overseas"), also a company incorporated under the laws of the Cayman Islands, 
whose affairs were at all material times effectively controlled by the BCCI group… 
The defendant, Chief Labode Onadimaki Akindele, is a Nigerian citizen and a highly 
prominent businessman of that country.
It was made between the defendant ("the investor") of the one part and ICIC Overseas 
("the company") of the other part. It recited, first, that the company was operating as 
an investment company, market maker and financier, secondly, that the investor was 
desirous of investing US$10m in the shares of a banking group with potential for 
growth and good return on his investments and, thirdly, that the company had offered 
to arrange for investment of the investor's funds to the extent of US$10m in the shares 
of BCCI Holdings on the terms and conditions as set out therein.
In their statement of claim the claimants alleged that both the defendant and ICIC 
Overseas intended and knew that the 1985 agreement was a sham, in that ICIC 
Overseas never intended to sell or procure the sale of any shares in BCCI Holdings to 
the defendant and that the defendant never intended to purchase any shares, the 
agreement being merely a device for ICIC Overseas to obtain the use of the US$10m 
for a minimum period of two years and for the defendant to obtain a 15% guaranteed 
return on his investment.
Employees of the claimants acted fraudulently: The judge had no difficulty in finding 
that in procuring ICIC Overseas to enter into the 1985 agreement and in procuring 
BCCI Overseas to pay the defendant the US$16.679m pursuant to the divestiture 
agreement, Mr Naqvi, Mr Hafeez and Mr Kazmi acted in fraudulent breach of 
their fiduciary duties to the claimants. 
Fraud by employees of the claimants: 
The judge had no difficulty in finding that in procuring ICIC Overseas to enter into 
the 1985 agreement and in procuring BCCI Overseas to pay the defendant the 
US$16.679m pursuant to the divestiture agreement, Mr Naqvi, Mr Hafeez and Mr 
Kazmi acted in fraudulent breach of their fiduciary duties to the claimants.
In order fraudulently to boost the amount of its capital in the eyes of the regulators, its 
depositors and the public at large, BCCI Holdings acquired parcels of its own shares 
through nominees who included ICIC Overseas and an individual called Wabel 
Pharaon. The acquisitions were funded by dummy loans made to the nominees by 
companies within the BCCI group, each of which was entered in the books of both 

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