22nd July, 1991
Ma
сак, нка
for avice, pleas
Jen Rall
All/her
Ars Led Сейвисто AN
No Shone
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2/1
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BCC Depositors Committee, c/o 61 Wyndham Street, Anson House, Mezz. Floor, Central, Hong Kong.
To Your Excellency Lord Caithness
Dear Sirs,
We are the depositors of BCCHK. We strongly protest against the handling of the BCC crisis by the Hong Kong Government. We are both shocked and angry with the decision to liquidate the BCCHK on 17th July, 1991 following the suspension of the Bank on the 8th July, 1991, shortly after issuing a statement that the bank is "SOUND & VIABLE" on the 5th July, 1991, such contradiction is not only unjust, but also misleading to the depositors, and serious loss of confidence to the whole economic and banking system of Hong Kong.
As Hong Kong citizens, we are extremely worried about the deficiency in administration of the Government in supervision of operation of the Banks. It happened to BCC today, and who can guarantee that it won't happen to other banks tomorrow!! In fact, there had been a run on two other banks with similar background to BCC but the Government decided to rescue in both instances. We felt the Government has a lot to answer for concerning the closing true? down of the BCCHK. In particular, how 1.8 billion of funds managed to be withdrawn on the Saturday, 6th July, 1991, just before the suspension of the Bank on the following Monday, 8th July, 1991.
In order to strengthen the economic and banking system in Hong Kong and retain the confidence of investors and depositors we strongly demand an immediate public enquiry so as to obtain satisfactory answers to all the outstanding questions surrounding the closure of BCCHK. And, in the meantime, the Government of Hong Kong should put additional effort to assist the depositors in the option of depositors buy-out.
Yours faithfully,
Daily
For Chairman of BCC Depositors' Committee
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