CONFIDENTIAL
FM HONG KONG
TO IMMEDIATE WELLINGTON
TELNO 27
OF 211025Z NOVEMBER 91
INFO IMMEDIATE FCO
CONFIDENTIAL
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MDHIAN 2925
22/11
WELLINGTON: PLEASE PASS GOVERNOR VISITING.
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MIPT TELNOS.
BCC HK: PRESS STATEMENT FROM ACTING FS.
BEGINS:
THE ACTING FINANCIAL SECRETARY, MR.DAVID NENDICK, TODAY (FRIDAY) WELCOMED THE NEWS THAT THE HIGH COURT HAD GIVEN APPROVAL TO A PROVISIONAL AGREEMENT FOR THE HONG KONG CHINESE BANK TO TAKE-OVER THE BUSINESS OF THE BANK OF CREDIT AND COMMERCE IN HONG KONG.
QUOTE. THIS IS NOW A MATTER FOR THE DEPOSITORS BUT WE ARE IN SIGHT OF A SOLUTION, UNQUOTE. HE SAID.
QUOTE. THERE ARE A NUMBER OF TECHNICAL ISSUES TO BE RESOLVED BUT TODAY'S DEVELOPMENTS ARE A MAJOR STEP FORWARD. UNQUOTE.
QUOTE. WE APPRECIATE THE EFFORTS OF ALL THOSE WHO HAVE WORKED LONG AND HARD TO FIND A SOLUTION TO THIS PROBLEM. THE ADMINISTRATION WILL ALSO DO ITS BEST TO ASSIST, BUT IN THE END THIS IS A MATTER FOR THE DEPOSITORS, THE EXECUTIVE COUNCIL AND THE LEGISLATURE, UNQUOTE. MR.NENDICK SAID.
FORD
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