THIS is with reference to the article ‘Milk and money’ (Aug 14). History by its very nature is about the past. The distance between the event and its recording gives a lavish opportunity to historians to indulge in fictionalising the event if they so desire. In doing so, what gets recorded many a time has little correlation to what may have actually happened. In any case, history written about the vanquished always tends to be lopsided in favour of the victor.

And, finally, when the ‘actors’ have faded away into oblivion, the historian receives no challenge. All these thoughts came to mind while going through the said article that, among other things, had a few things to say about the Bank of Credit and Commerce International (BCCI) and its founder, Agha Hassan Abedi.

The remark attributed to Mr Abedi during a conversation with a high-ranking official of the Abu Dhabi National Oil Company (ADNOC) — “… BCCI no longer needed ADNOC’s business” — is far-fetched and inconceivable. No banker worth his salt could say such a thing to any client, let alone ADNOC. This is a pure and simple fable; a figment of someone’s imagination.

Further, a fact that can be checked by objective historian is that when Mr Abedi had visited Abu Dhabi back in 1991, he was put up in a five-star hotel, with his wife and with due government protocol.

Sheikh Khalifa Bin Zayed, who at the time was the crown prince of Abu Dhabi and who later became the president of the United Arab Emirates (UAE), called upon him. Following this meeting, Abu Dhabi issued a guarantee in favour of the College of Regulators.

In contrast to what the said writer has asserted, there are credible reports from relevant quarters that actually in a private meeting, Sheikh Zayed told Mr Abedi: “You look after your health, we will look after the other things.”

Finally, contrary to what the article has said, the BCCI did not ‘collapse’; it was closed and shut down despite being a perfectly liquid bank.

After 1991, several global banks have been charged and penalised for the same ‘errors of judgment’ as was the case with BCCI. They were censured and penalised, but not allowed to ‘collapse’ or suffer a ‘shutdown’. A dead lion is everybody’s meal.

Sirajuddin Aziz
Karachi

Published in Dawn, August 26th, 2025