ACCOUNTANTS and lawyers are continuing to rake in millions in fees from the wreckage of the Bank of Credit and Commerce International (BCCI), shut down by banking regulators 12 years ago.

Deloitte & Touche, the liquidator, charged $16.9 million (£10.4 million) in UK fees last year. It has 100 full-time staff working on the case. Legal advisers, led by Lovells, charged $17 million (£10.5 million).

Fees charged by liquidators and lawyers in the UK since BCCI was closed in 1991 come to $469.4 million (£290 million). Worldwide fees amount to $1.2 billion (£741 million)

BCCI was a global operation and the liquidators continue to work in dollars. Costs last year included $71,000 paid to BCCI’s six-strong creditors committee. Most of it went on air tickets and hotel bookings for two foreign nationals, a representative of the Abu Dhabi Government and Adil Elias, a Florida property developer whose family deposited millions with BCCI. Dr Elias made 20 flights between the US and UK last year negotiating with former BCCI staff.

The British Government, too, is among the winners. To date, $60 million has been paid in irrecoverable VAT and fees to the Insolvency Service.

It emerged yesterday that BCCI depositors are to receive a fourth dividend worth $1.2 billion, meaning they will have recovered 75 per cent of their money. The payout was made possible after the liquidators agreed a settlement with former BCCI employees who had brought “stigma” claims against the bank. Working for BCCI, they said, had blighted their employment prospects.

When BCCI collapsed, creditors were told to expect recoveries of 5 per cent to 10 per cent.After costs, the liquidators have recovered $5.7 billion for creditors. Creditors include more than 20 UK local authorities which were attracted by BCCI’s high rates of interest.

The liquidators continue to press home various legal actions, including a case against the Bank of England which is due to open next January.

BCCI was shut down in July 1991 after auditors uncovered huge fraud. BCCI executives shuttled assets between countries in an effort to throw investigators off the scent. Initial debts were put at $16 billion, although the figure now stands at $8.2 billion. BCCI has about 70,000 creditors worldwide.