Α
CONFIDENTIAL
Нив кюв
FROM:
DATE:
OFFICE
CC:
21 AUG 1991
ACKD
2
1991
M V Stone
Hong Kong Department
21 August 1991-
PS/Lord Caithness Sir I Coles Mr Burns
ERD
مام
Mr Cox
Sir J Coles
PS/Mr Hogg / Ps/MRS CRANKER. Grateful if Mrs Chalker
would action in
in
www bloggs absence please
2118
MR
LETTER FROM KEITH VAZ MP ABOUT THE BANK OF CREDIT AND
COMMERCE (HONG KONG) (BCC (HK))
Problem
Thank you
b. Duncan
1. Keith Vaz MP, who is going to Hong Kong, has written asking whether the Foreign Office is involved in the Hong Kong Government's dealings with the BCC (HK) and whether HMG has any views on the success or otherwise of a bid to buy
the Bank. How should we reply?
Recommendation
2. I recommend that we reply saying that regulation of the
Banking Industry in Hong Kong is a matter for the Hong Kong
Government: but that the Banking Commissioner has arranged
to see Mr Vaz. I submit a draft.
Background
3. When BCCI was closed here and in the US on 5 July, the
Hong Kong authorities had to make rapid decisions overnight as to whether to allow the BCC (HK) to open there on Saturday morning, 6 July. They decided to let it do so, because there was no evidence that BCC (HK), a separate legal entity
ROFATB/1
CC
CONFIDENTIAL