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:
“Where I would like to discover facts, I find fancy. Where I would like to learn what I did, I learn only what I was thinking. They are loaded with opinion, moral thoughts, quick evaluations, youthful hopes and cares and sorrows. Occasionally, they manage to report something in exquisite honesty and accuracy. That is why I have refrained from burning them.”
—E.B. (Elwyn Brooks)