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2
FRIDAY, NOVEMBER 22, 1991
IN AN INTERVIEW ON AUCKLAND'S "RADIO CHINESE", SIR DAVID URGED
CHINESE COMMUNITY NEW ZEALAND'S
TO KEEP IN TOUCH WITH WHAT IS
HAPPENING IN HONG KONG,
HE ALSO SUGGESTED THAT THOSE WHO HAD COME FROM HONG
RETAIN SINCE BECOME NEW ZEALAND CITIZENS, SHOULD
THE OLD BUILD UP ECONOMIC AND TRADE CONNECTIONS.
"IN THAT WAY THE OVERSEAS CHINESE
BE WILL PLAY A ROLE WHICH WILL
BENEFICIAL COUNTRY BUT TO HONG KONG AS WELL. IN OTHER NEW ZEALAND AND HONG KONG."
KONG AND LINKS
TO
COMMUNITY HERE NOT ONLY TO WORDS A BRIDGE BETWEEN
(AUCKLAND)
THEIR NEW
SIR DAVID AND LADY WILSON WILL RETURN (SATURDAY) EVENING.
TO HONG KONG
TOMORROW
RG ON BCCHK AND BCCFI
REGISTRAR
THE
GENERAL, AS PROVISIONAL LIQUIDATOR OF BANK OF CREDIT AND COMMERCE HONG KONG LIMITED ("BCCHK"} AND BCCI FINANCE INTERNATIONAL LIMITED ("BCCFI"), ANNOUNCED TODAY (FRIDAY) THAT WITH THE APPROVAL OF THE HIGH COURT HE HAD ENTERED INTO A PROVISIONAL AGREEMENT FOR THE TRANSFER OF THE ASSETS AND RECORDED LIABILITIES OF THE TWO COMPANIES TO A NEW BANK TO BE FORMED AND OWNED AS TO NOT LESS THAN 51% BY THE HONG KONG CHINESE BANK LIMITED ("HKCB").
REACHED
THIS DOCUMENT SETS OUT THE MAIN TERMS OF THE AGREEMENT PROVISIONALLY BETWEEN THE PARTIES AFTER EXTENSIVE NEGOTIATIONS AND THE RESOLUTION OF A NUMBER OF DIFFICULT PROBLEMS.
HE STRESSED THAT THE AGREEMENT IS SUBJECT, AMONGST OTHER
THINGS, TO
(1)
(2)
(3)
(4)
THE
-
APPROPRIATE SCHEMES OF ARRANGEMENT BEING APPROVED BY THE DEPOSITORS AND THE HIGH COURT,
THE GRANT OF A BANKING LICENCE TO THE NEW BANK UNDER THE PROVISIONS OF THE BANKING ORDINANCE,
THE ENACTMENT OF THE NECESSARY LEGISLATION TO TRANSFER THE ASSETS AND LIABILITIES TO THE NEW BANK, AND
AGREEMENT BETWEEN THE PROVISIONAL LIQUIDATOR AND HKCB ON THE TERMS OF THE EXCLUSION OF UNRECORDED LIABILITIES AND THE SCOPE OF THE GUARANTEE TO BE PROVIDED BY THE ABU DHABI GOVERNMENT TO COVER THEM.
MAIN TERMS OF THE DEPOSITORS ARE AS FOLLOWS:
PROVISIONAL
AGREEMENT AS RESPECTS
/A. DEPOSITORS