Press release # 1 20.10.

.13 Title : BCCI creditors unhappy about the termination of the liquidation procedure Ten former creditors- amongst them Dr. Adil ELIAS, the appointed representative of the creditors - of BCCI have launched a class action in order to fight against what they qualify as unlawful reaction from the Luxembourg courts entrusted since 1992 with the administration and supervision of the winding up of the Pakistani equity bank BCCI settled down and with head office in Luxembourg, namely Bank of Credit and Commerce International. The banking supervision commission in Luxembourg was at the roots and origin for the declared bankruptcy and requested in 1992 the closing down of the banks activities worldwide. Months long discussions between the creditors representative and liquidator Mr. Delvaux could not reach out any agreement and the commercial court in Luxembourg dropped down the case finally on 5th July 2013 by declaring the collection of outstanding claims as closed, upon the request of the liquidator. Actually BCCI won a 326 million USD worth case and claim in an US Court Columbia District BCCI Holdings Luxembourg versus KHALIL, civ act n95-1252, on 23th June 1999, latter judgment got the exequatur in KSA (Saudi Arabia) and final confirmation and clearance for its execution in Riyadh. Luxembourg liquidator and court decided already in June 2012 as a matter of principle to halt the claim/debt collection procedure despite the outstanding and unsettled claim from the KHALIL judgment for 326 million USD - as too expensive in terms of running administration costs. Final decision got delayed and postponed to 5th July 2013 where the whole liquidation process was closed down leaving the 326 million USD in the fields. BCCI liquidator, declaring being already tired and abused to pursue a more than 20-years process, was not keen on learning from creditors representative Elias about crucial changes within the legal framework in KSA granting since February 2013 a very eased way and procedure for the execution of foreign judgments and titles against persons and assets located in KSA. Creditors oppose as well to the banking supervisory commission CSSF not having followed up their own public rules pertaining to the bankruptcy and winding up of bank institutions. Their main request today is the reopening of the debt collection procedure through the appointment of a new liquidator. A second law suit for engaging the liability of the banking commission and the liquidator is not excluded. The first hearing before the commercial court is scheduled obviously for the 8th November 2013. According to sources, creditors are represented through senior international finance lawyer Me Laurent Ries who gained large experienced as well around NY stock exchange and global depository activities in New York mid-end nineties.

Dr. Adil ELIAS New York, 20th October 2013