The Sandstorm report was the name of the secret report submitted on June 22, 1991 by financial consultants Price Waterhouse to the Bank of England, showing that the Bank of Credit and Commerce International (BCCI) had engaged in widespread fraud, and that organizations regarded as terrorist groups had maintained several accounts in BCCI in London, with the apparent knowledge of the British and American intelligence community. Sandstorm was Price Waterhouse's codename for BCCI.
As a result of the information contained in the Sandstorm report, the bank was raided and taken over by regulators in seven countries on July 5, 1991. Estimates of financial losses range from $10 billion to $17 billion, though some of it has been recovered by the banks liquidators, Deloitte & Touche.
Famous quotes containing the word report:
“We have been here over forty years, a longer period than the children of Israel wandered through the wilderness, coming to this Capitol pleading for this recognition of the principle that the Government derives its just powers from the consent of the governed. Mr. Chairman, we ask that you report our resolution favorably if you can but unfavorably if you must; that you report one way or the other, so that the Senate may have the chance to consider it.”
—Anna Howard Shaw (1847–1919)