Bank Liquidators Allege Telecom Exec Stole $120M

Law360, New York (March 19, 2008, 12:00 AM EDT) -- A bankrupt telecommunications company may find itself at the center of the Chapter 11 case of a different company, after liquidators of Bancredit Cayman Ltd. alleged that the company may have stolen $120 million from the bank.

In documents filed Monday in the U.S. Bankruptcy Court for the Southern District of New York, Richard E. L. Fogerty and G. James Cleaver, the joint official liquidators of Cayman Islands-based Bancredit, asked the court to allow an investigation into bankrupt telecom company Tricom SA.

The liquidators renewed their...
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