WEDNESDAY, JULY 17, 1991
39
PROVISIONAL LIQUIDATOR OF BCCHK, BCCI FINANCE APPOINTED
THE FOLLOWING STATEMENT WAS ISSUED BY THE REGISTRAR GENERAL,
MR NOEL GLEESON, TODAY (WEDNESDAY):
"AS ANNOUNCED EARLIER BY THE FINANCIAL SECRETARY IN THE LEGISLATIVE COUNCIL, THE HIGH COURT, ON A PETITION PRESENTED BY THE FINANCIAL SECRETARY UNDER THE PROVISIONS OF THE BANKING ORDINANCE, TODAY APPOINTED
ME,
AS OFFICIAL RECEIVER, TO BE PROVISIONAL LIQUIDATOR OF BANK OF CREDIT AND COMMERCE HONG KONG LIMITED (BCCHK) AND ITS SUBSIDIARY DEPOSIT-TAKING COMPANY, BCCI FINANCE INTERNATIONAL LIMITED.
"HAVING REGARD TO THE NATURE AND SIZE OF BCCHK'S BUSINESS I WAS SATISFIED THAT THE SERVICES OF SPECIAL MANAGERS WITH EXTENSIVE LOCAL AND INTERNATIONAL RESOURCES WERE REQUIRED ΤΟ PROTECT THE INTERESTS OF CREDITORS.
"UPON MY APPLICATION THE COURT HAS THEREFORE APPOINTED MR MARVIN K.T. CHEUNG AND MR NICHOLAS P. ETCHES, BOTH OF KPMG PEAT MARWICK, TO BE SPECIAL MANAGERS OF THE COMPANY FOR THE TIME BEING UNDER THE COMPANIES ORDINANCE.
"AT THIS EARLY STAGE I CAN ONLY SAY THAT THE SPECIAL MANAGERS HAVE ALREADY MOVED TO SECURE THE ASSETS OF THE COMPANY IN ALL OF ITS 25 BRANCHES IN HONG KONG.
"THE SPECIAL MANAGERS WILL NOW CARRY OUT A THOROUGH EXAMINATION OF THE BOOKS AND ACCOUNTS OF THE COMPANY AND WILL LET ME HAVE THEIR OPINION OF ITS FINANCIAL STATE AS SOON AS POSSIBLE.
"OUR PRIME OBJECTIVES WILL BE, IF POSSIBLE,
TO SELL THE BANKING BUSINESS OF THE COMPANY AS A GOING CONCERN AND, IN ANY CASE, TO MAKE A MEANINGFUL PAYMENT то THE CREDITORS AT THE EARLIEST POSSIBLE DATE.
"THE EARLY PAYMENT WILL BE MADE IN ACCORDANCE WITH WHATEVER ARRANGEMENTS ARE AGREED WITH THE FINANCIAL SECRETARY FOLLOWING APPROVAL BY THE FINANCE COMMITTEE OF THE LEGISLATIVE COUNCIL.
"IT IS EXPECTED THAT A FURTHER STATEMENT REGARDING THE EARLY PAYMENT CAN BE MADE AT ABOUT THE END OF THIS WEEK.
"IT HAS BEEN SUGGESTED THAT I, AS PROVISIONAL LIQUIDATOR, AND THE SPECIAL MANAGERS WILL BE SUBJECT TO DIRECTION FROM THE HOLDING COMPANY IN LUXEMBURG AND REGULATORS IN VARIOUS OVERSEA JURISDICTIONS, BUT THIS IS NOT SO.
"MY POWERS AS PROVISIONAL LIQUIDATOR AND THE POWERS OF THE SPECIAL MANAGERS COME FROM THE HIGH COURT IN HONG KONG, AND OUR PRIMARY RESPONSIBILITIES ARE TO THE COURT AND THE CREDITORS, INCLUDING THE DEPOSITORS, UNDER THE WINDING-UP PROVISIONS OF THE HONG KONG COMPANIES ORDINANCE.
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