CONFIDENTIAL
thas (02/
1991
To HMT
19
173727
MDHIAN 8567
CONFIDENTIAL
FM HONG KONG
TO IMMEDIATE FCO
TELNO 2527
OF 120916Z AUGUST 91
AND TO IMMEDIATE HKGO LONDON
18
A
OUR TELNO 2510: BANK OF CREDIT AND COMMERCE HONG KONG LTD (BCCHK): LATEST DEVELOPMENTS.
1. UPON OUR CLARIFICATION THAT THE RUMOURS CONCERNING STANDARD CHARTERED BANK (SCB) WERE TOTALLY UNFOUNDED, WHICH WAS SUPPORTED BY A STATEMENT ISSUED BY SCB LONDON WITH THE KNOWLEDGE OF THE BANK OF ENGLAND AND LONDON STOCK EXCHANGE, AND WITH THE ISSUE HERE OF BANK OF CHINA AND HONG KONG BANK'S JOINT STATEMENT OF SUPPORT (COPY AT MY FOLLOWING FAX), THE WITHDRAWAL PRESSURE ON SCB BEGAN TO SUBSIDE OVER THE WEEKEND. BY NOON TODAY, THE SITUATION HAS RETURNED TO NORMAL AND NO OTHER BANKS HAVE BEEN AFFECTED.
2. FURTHER EVIDENCE OF THE EXISTENCE OF AN ORCHESTRATED CAMPAIGN (SEE PARA 8 OF OUR TELNO 2315 REFERS) HAVE EMERGED AND THE ACTING GOVERNOR HAS NOW ASKED THE POLICE TO LOOK INTO THE MATTER.
FORD
YYYY
MAIN
26
LIMITED
HKD
NEWS D
ADDITIONAL
HKGO LONDON
NNNN
1
DISTRIBUTION
27
PS/LORD CAITHNESS
MR BURNS
PAGE
1
CONFIDENTIAL