THUASDA JULY 4, 1985
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SECTION 14(1) OF THE ORDINANCE PROVIDES THAT THE COMMISSIONER WAY REVOKE THE REGISTRATION OF A REGISTERED DTC IF THE COMPANY HAS CEASED TO CARRY ON A BUSINESS OF TAKING DEPOSITS.
PRIOR TO REVOCATION, THE COMMISSIONER CONSULTED THE BANKING AND DEPOSIT-TAKING COMPANIES ADVISORY COMMITTEES, BOTH COMMITTEES SUPPORTED THE ACTION TAKEN BY THE COMMISSIONER.
THE COMMISSIONER IS NOT ALLOWED UNDER THE LAW TO DISCLOSE THE AMOUNT OF DEPOSITS HELD BY EACH OF THE 14 COMPANIES, BUT HE HAS CONFIRMED THAT THE TOTAL WAS QUITE SMALL, AMOUNTING TO ABOUT SIX MILLION DOLLARS. IN ANY EVENT UNDER THE TERMS OF THE ORDINANCE THE COMPANIES MAY CONTINUE TO HOLD UNTIL MATURITY ANY DEPOSITS TAKE: PRIOR TO REVOCATION.
THE COMMISSIONER SAID THAT THE REVOCATION WOULD NOT HAVE ANY EFFECT WHATSOEVER ON THE OPERATION OF THE DEPOSIT-TAKING BUSINESS IN HONG KONG, HAVING PEGARD TO THE FACT THAT THE COMPANIES WHOSE REGISTRATION HAS BEEN REVOKED HAD CEASED TO CARRY ON BUSINESS.
A NOTICE OF REVOCATION WILL BE PUBLISHED IN THE GAZETTE. A SPOKESMAN SAID THAT THE COMPANIES INVOLVED ARE AS FOLLOWS:-
FOREST OCEAN FINANCE LIMITED
KIAN NAN FINANCIAL LIMITED
THE GREAT EAGLE FINANCE COMPANY LIMITED
EUROPA FINANCE (INTERNATIONAL) LIMITED
HIND FINANCE AND INDUSTRIES LIMITED
COMMERCIAL DEVELOPMENT FINANCE LIMITED
PAN SEAS FINANCE AND INVESTMENT LIMITED
MAN SUN FINANCE (INTERNATIONAL) CORPORATION LIMITED SHARIKAT SAFETY FINANCE COMPANY (HONG KONG) LIMITED
MULTI-CREDIT FINANCE COMPANY LIMITED
PHILMONT FINANCE AND INVESTMENT COMPANY LIMITED
KING CHONG (FINANCE) LIMITED
CROWN PRINCE FINANCE LIMITED
BEACONS FINANCE LIMITED
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