ABU DHABI, United Arab Emirates (AP) _ An appeals court Sunday ordered stiffer fines against eight former executives of the failed Bank of Credit and Commerce International but waived financial penalties against two others.
The Abu Dhabi courts in 1994 convicted 13 former BCCI executives on charges of fraud, misappropriation and criminal breach of trust. They also were ordered to pay $9.13 billion in civil damage to the bank’s majority shareholders and the Abu Dhabi government.
But the Abu Dhabi Appeals Court said Sunday that Fakhir Hussein and Nassim Hassan Sheikh, who have served out their three-year sentences, won’t have to pay civil fines.
The court also said eight others would still have to pay the combined $9.13 billion ordered by the lower court in 1994, plus an additional $8.3 million in civil damages.
Appeals Court judge Izat Abdul-Gawad said a civil court will have to decide how the defendants will repay the damages. Legal sources said those ordered to pay the fines could face additional prison sentences if they fail to come up with the money.
The defendants have 30 days to appeal to a higher court.
Once one of the world’s largest private banks, BCCI was seized by regulators worldwide on July 5, 1991, after audits revealed enormous losses, fraudulent loans and illegal insider dealings.
Of the 10 BCCI executives who were imprisoned in Abu Dhabi, eight have been released after serving three-year sentences, but they have not been allowed to leave the UAE. Two are still serving jail terms.
The three other BCCI executives convicted in Abu Dhabi are not in the country.