WEDNESDY, JULY 31, 1991
3 -
BANK OF CREDIT AND COMMERCE HONG KONG LIMITED
COMMENTING ON THE COMMISSIONER OF BANKING'S REPORT TO THE GOVERNOR, PUBLISHED TODAY (WEDNESDAY), ON THE EVENTS LEADING TO THE CLOSURE OF THE BANK OF CREDIT AND COMMERCE HONG KONG LIMITED, A GOVERNMENT SPOKESMAN SAID:
"THE COMMISSIONER OF BANKING'S REPORT IS A VERY FULL ACCOUNT OF WHAT HAPPENED, WHEN AND WHY, IT IS VERY CLEAR FROM THE REPORT THAT AT EACH STAGE THE COMMISSIONER TOOK THE RIGHT DECISIONS WITH THE OBJECTIVE OF PROTECTING THE INTERESTS OF DEPOSITORS AND MAINTAINING THE INTEGRITY OF THE BANKING SYSTEM, WHICH ARE HIS PRIME CONCERNS."
MEANWHILE, ARRANGEMENTS ARE BEING MADE TO PRINT SOME 40,000 COPIES OF THE COMMISSIONER OF BANKING'S REPORT FOR DISTRIBUTION TO DEPOSITORS THROUGH THE OFFICIAL RECEIVER'S OFFICE. A SEPARATE- ANNOUNCEMENT WILL BE MADE WHEN THESE COPIES ARE AVAILABLE.
SUBSCRIPTION TV REVIEW UNDERWAY
IN RESPONSE TO A NUMBER OF PRESS INQUIRIES, A SPOKESMAN FOR THE RECREATION AND CULTURE BRANCH SAID THE GOVERNMENT HAD ISSUED A SATELLITE TELEVISION UPLINK AND DOWNLINK LICENCE TO HUTCHVISION HONG KONG LIMITED ON DECEMBER 18 LAST YEAR, JUST OVER ONE MONTH AFTER THE HONG KONG CABLE COMMUNICATIONS LTD (HRCC) RESOLVED то GIVE UP THE CABLE TELEVISION PROJECT.
"THE LICENCE STIPULATES THAT THE LICENSEE SHALL NOT TRANSMIT ANY PROGRAMME IN CANTONESE LANGUAGE BEFORE OCTOBER 30, 1993, SAVE WITH THE APPROVAL OF THE LICENSING AUTHORITY WHICH MAY BE GRANTED IN SPECIFIC INSTANCES.
"THEREAFTER, THE
LICENSEE MAY BROADCAST RE-RUN CANTONESE PROGRAMMES, BUT PROGRAMMES NOT PREVIOUSLY SHOWN ON TELEVISION IN HONG WILL BE SUBJECT ΤΟ REVIEW BY THE LICENSING AUTHORITY IN CONSULTATION WITH THE BROADCASTING AUTHORITY, THE SPOKESMAN SAID.
KONG
"HOWEVER, THE LICENCE ALSO PROVIDES THAT THIS RESTRICTION MAY BE REMOVED BY THF GOVERNOR IN COUNCIL AT ANY TIME BEFORE OCTOBER 30, 1993, THE SPOKESMAN ADDED.
**
ON
THE RESTRICTION ON CANTONESE LANGUAGE PROGRAMMING IMPOSED HUTCHVISION IS BASED ON ONE OF THE BASIC PRINCIPLES UNDERLYING THE SATELLITE TELEVISION REGULATORY FRAMEWORK AS LAID DOWN BY THE GOVERNOR IN COUNCIL LAST YEAR.
/THIS PRINCIPLE