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:
“In clear weather the laziest may look across the Bay as far as Plymouth at a glance, or over the Atlantic as far as human vision reaches, merely raising his eyelids; or if he is too lazy to look after all, he can hardly help hearing the ceaseless dash and roar of the breakers. The restless ocean may at any moment cast up a whale or a wrecked vessel at your feet. All the reporters in the world, the most rapid stenographers, could not report the news it brings.”
—Henry David Thoreau (1817–1862)