CONFIDENTIAL
7
Statement issued by Mr Noel Gleeson, the Registrar
General (Provisional Liquidator of Bank of Credit and Commerce Hong Kong Limited ("BCCHK") and BCCI Finance International
Limited ("BCCFI")) today:
"In my continuing search for an
arrangement
which would best protect the interests of creditors, including the depositors large and small, of BCCHK and BCCFI I have today obtained the approval of the High Court to a scheme under which, subject to certain pre-conditions, the banking business of BCCHK and BCCFI would be acquired by a new banking company owned as to not less than 51% by The Hongkong Chinese Bank Limited ("KKCB"), a locally incorporated member of the Lippo Group of companies.
Details of the scheme are contained in conditional
Heads of Agreement which I have signed with HKCB.
Except in two respects, the conditional Heads
of Agreement are not legally binding but are a serious expression of intent by both parties.
The conditional Heads of Agreement are legally
binding to the extent only that -
(a)
during a period of due diligence, which will not be longer than 8 weeks, HKCB will have exclusive rights to negotiate with me for the
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