$
sir
REPORT BY THE
COMMISSIONER OF BANKING
TO HE THE GOVERNOR
2
1.
Bank of Credit: and Commerce Hong Kong Ltd (BCCHK)
This report describes the events leading up to the appointment of provisional liquidators to BCCHK on Wednesday, 17 July 1991.
BCCHK's place in the BCC Group
2.
The BCC Group consists of a holding company (BCC Holdings) based in Luxembourg which owns a number of banking operations around the world. Its two main subsidiaries are Bank of Credit and Commerce International EA (BCCI SA), a bank incorporated in Luxembourg, and Bank of Credit and Commerce Overseas (BCCI Overseas), a bank incorporated in the Cayman Islands. BCCHK
BCCHK is also a direct subsidiary of the Luxembourg holding company. BCCHK, in turn, has a deposit-taking subsidiary based in Hong Kong, BCCI Finance International Ltd (BCCIFI). Following losses in 1989 in parts of the BCC Group outside Hong Kong, the Abu Dhabi Government injected new capital into BCC Holdings and became the owners of 77% of its shares in early 1990. From that time, therefore, the Abu Dhabi Government was the ultimate majority shareholder of BCCHK. The structure of the BCC Group, for the purpose of this report, can therefore be summarised as follows:
Abu Dhabi Government:
BCCI Holdings SA
BCCI SA
BCCI Overseas BCCHK
branches
b::anches
BCCIFI
Other subsidiaries
..
ΣΒΗ S660 S8 258
(ESNOH INO) 301330 SWWOO
ST:8T 60-80-166T