16 lines
1.4 KiB
Markdown
16 lines
1.4 KiB
Markdown
---
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tags: ["Organization", "Financial Institution", "BCCI"]
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---
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ICIC (International Credit and Investment Company Holdings) was a [[Cayman Islands]] subsidiary of the [[Bank of Credit and Commerce International|BCCI]].[^1] It served as BCCI's repository for loans to privileged insiders.[^1]
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### Role in BCCI Operations
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ICIC was incorporated in 1976 and became the primary entity through which much of BCCI's illicit financial dealings took place.[^2] It consisted of three Caymanian entities: the BCC Foundation, the ICIC Staff Benefit Trust, and ICIC Business Promotions, which collectively owned about 41 percent of BCCI itself.[^2]
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ICIC was used to conceal the bank's true ownership and financial manipulations. Billions of dollars in deposits were improperly diverted through ICIC, and it was a key mechanism for creating fictitious loans and rerouting deposits to cover losses.[^3] The worst of BCCI's account manipulation, particularly related to bad loans, was booked through ICIC.[^2]
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## Footnotes
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[^1]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 11.
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[^2]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 143.
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[^3]: Beaty, Jonathan and Gwynne, S. C. *The Outlaw Bank: A Wild Ride into the Secret Heart of BCCI*. New York: Random House, 1993, p. 83.
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