Price Waterhouse reports 18 months earlier had listed BCCI's exposure on lending to governments and Central Banks as follows:
Country Nature of Loans Exposure 9/30/89
(in millions)
Nigeria Government 216.9
Philippines Central Bank 30
Zambia Central Bank 24.6
Sudan Central Bank 19.9
Iraq Unspecified 11.8
Mexico Unspecified 7.3
Cuba Unspecified 2.3
Sierra Leone Unspecified 3.3
Ivory Coast Unspecified .8
Panama Unspecified .6(11)
Many normal banks have such exposures, and apart from the situation involving Nigeria and to some extent Sudan, the exposure faced by BCCI on its lending to governments was within reasonable commercial norms. However, beneath the veneer of normal practice, the underlying manner by which BCCI developed these relationships was anything but normal. As the case histories below demonstrate, in country after country, BCCI's relationships with officials were fundamentally corrupt.
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