FRIDAY, JANUARY 31, 1992
PROVISIONAL LIQUIDATOR MR NOEL GLEESON ON BCCHK
AND
NORL
AFTER SPEAKING WITH DEPOSITORS OF THE BANK OF CREDIT COMMERCE HONO KONG AGAIN TODAY, THE PROVISIONAL LIQUIDATOR, MR GLEESON, SAID ADDITIONAL PROPOSALS HAD BEEN PUT TO AND DISCUSSED THE HONG KONG CHINESE BANK WITH A VIEW TO DEALING WITH THE BCCI RELATED CLAIMS AND OTHER PROBLEMS WHICH HAD APPEARED IN RECENT WEEKS.
WITH
THESE PROBLEMS INCLUDED THE FAILURE 80 FAR ΤΟ OBTAIN A GUARANTEE IN A SATISFACTORY FORM WHICH WAS PREVIOUSLY EXPECTED FROM THE ABU DHABI GOVERNMENT.
MR GLEESON WAS, HOWEVER, OPTIMISTIC THAT ARRANGEMENTS COULD BE NEGOTIATED WHICH WOULD ENABLE THE SCHEME OF ARRANGEMENT TO BE PUT ΤΟ THE COURT IN DUE COURSE.
HOWEVER, BECAUSE OF THE NATURE OF THE BANK'S BUSINESS, PARTICULARLY ITS OVERSEAS INTER-BANK AND TRADE FINANCE RELATIONSHIPS, THIS WAS A HIGHLY TECHNICAL AND COMPLEX SITUATION, BOTH FINANCIALLY AND LEGALLY, AND SOME FURTHER TIME WOULD BE REQUIRED TO REVISE THE DOCUMENTATION AND PREPARE THE SCHEME FOR CIRCULATION TO THE DEPOSITORS.
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MR GLEESON'S MAIN CONCERN NOW WAS THE DELAY THAT HAD ALREADY BEEN CAUSED BY THESE CLAIMS AND OTHER PROBLEMS AND FINDING A SOLUTION TO THEM AND THE FURTHER DELAY THAT WAS INEVITABLE IN COMPLETING ALL THE STEPS THAT WOULD BE NECESSARY BEFORE THE NEW BANK COULD OPEN.
ON THE SUBJECT OF TIMING HE WAS HOPEFUL THAT THE SCHEME DOCUMENT COULD BE CIRCULATED TO DEPOSITORS BY ABOUT THE END OF MARCH OR EARLY APRIL, BUT DID NOT EXPECT THAT THE NEW BANK COULD OPEN MUCH BEFORE THE BEGINNING OF JULY,
MR GLEESON EXPECTED TO HAVE A MEETING WITH AS MANY AS POSSIBLE OF THE DEPOSITORS AFTER THE CHINESE NEW YEAR AT WHICH TIME HE WOULD EXPLAIN TO THEM THE DETAILS OF THE CLAIMS AND THE PROBLEMS WHICH HAVE RECENTLY ARISEN.
HE STRESSED, HOWEVER, THAT THE NEGOTIATIONS WITH THE HONG KONG CHINESE BANK WERE VERY MUCH ALIVE AND BOTH PARTIES WERE STILL ON COURSE FOR THE OPENING OF THE NEW BANK.
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