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:
“There was never a man born so wise or good, but one or more companions came into the world with him, who delight in his faculty, and report it. I cannot see without awe, that no man thinks alone and no man acts alone, but the divine assessors who came up with him into life,—now under one disguise, now under another,—like a police in citizen’s clothes, walk with him, step for step, through all kingdoms of time.”
—Ralph Waldo Emerson (1803–1882)