37
WEDNESDAY, JULY 17, 1991
LIQUIDATION HELPS TO PRESERVE BANK ASSETS
*
**
ACTUALLY HELPS TO IT IS WORTH REMEMBERING THAT A LIQUIDATION PRESERVE ASSETS, THE FINANCIAL SECRETARY, SIR
SAID PIERS JACOBS,
TONIGHT
AFTER (WEDNESDAY)
A MEETING WITH REPRESENTATIVES DEPOSITORS OF THE BANK OF CREDIT AND COMMERCE HONG KONG LIMITED.
OF
"IT'S VERY UNCOMFORTABLE. IT'S VERY WORRYING BUT WE ARE DOING AS OUR BEST TO GET MONEY INTO THE HANDS OF THE DEPOSITORS AS QUICKLY POSSIBLE. AND BY THAT I MEAN WITHIN ABOUT A WEEK, IF WE POSSIBLY CAN.
HAVE "BUT THE MOST IMPORTANT THING IS WE NOW
A SITUATION IN WHICH WE ARE SAFEGUARDING, PRESERVING ASSETS, HE SAID.
H
SIR PIERS ALSO APPEALED TO DEPOSITORS TO REMAIN CALM AS DISTURBANCES WOULD NOT HELP MATTERS.
HARD. TO TRY AND GET COULD BE PATIENT
VERY "I AND MY COLLEAGUES ARE WORKING PEOPLE SOME MONEY BACK QUICKLY SO I DO HOPE PEOPLE HOWEVER WORRIED THEY ARE.
"I HAVE JUST SEEN SOME REPRESENTATIVES OF THE DEPOSITORS, PIERS SAID.
"
SIR
"THEY HAVE BEEN VERY VERY SBALL BE KEEPING IN TOUCH WITH THEM.
VERY BELPFUL,
UNDERSTANDING.
WE
J
++
BARONESS DUNN ON BECHK
THIS
THE SENIOR MEMBER OF THE EXECUTIVE COUNCIL, BARONESS DUNN, SAID (WEDNESDAY) EVENING THAT THE DECISION TO LIQUIDATE THE BANK OF CREDIT AND COMMERCE HONG KONG LIMITED WAS THE BEST OPTION TAKEN ΤΟ SAFEGUARD THE INTEREST OF DEPOSITORS.
THE WINDING UP OF THE BANK DID NOT RULE OUT ITS POSSIBLE SHE ADDED.
SALE,
IN ORDER TO MAXIMISE THE DEPOSITORS RECOVERY WE MUST HAVE SOME TIME TO ESTABLISH THE VALUE OF THE BANK'S ASSETS AND REALISE THE VALUE OF THESE ASSETS, OR TO MAKE A SALE, SHE SAID.
"
"WHAT IS NEEDED NOW IS COOL HEADS, SHE STRESSED.
OF
SHE ADDED THAT NO BUYER WAS GOING TO COME IN IN A MATTER DAYS TO CONCLUDE A DEAL ON AN INTERNATIONAL BANK, WHICH WAS SUSPECTED TO BE INVOLVED IN MASSIVE FRAUD.
"ALL OF
+