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WEDNESDAY, FEBRUARY 19, 1992
GOVERNOR TO VISIT GUANGDONG
A
GOVERNMENT SPOKESMAN ANNOUNCED TODAY (FEBRUARY 19) THAT THE GOVERNOR, LORD WILSON OF TILLYORN, WILL VISIT GUANGDONG ON FEBRUARY 26 AND 27.
THE GOVERNOR WILL MEET THE GOVERNOR OF GUANGDONG, MR ZHU SENLIN, AND OTHER SENIOR GOVERNMENT OFFICIALS IN GUANGZHOU, DONGGUAN AND SHENZHEN AS WELL AS VISITING HONG KONG ENTERPRISES OPERATING IN
GUANGDONG.
THE PURPOSE OF THE VISIT IS TO STRENGTHEN TIES BETWEEN HONG KONG AND GUANGDONG AND TO ALLOW THE GOVERNOR TO SEE AT FIRST HAND THE PACE OF ECONOMIC DEVELOPMENT IN GUANGDONG.
THE GOVERNOR WILL BE ACCOMPANIED BY THE POLITICAL ADVISER, MR WILLIAM EHRMAN, AND THE SECRETARY FOR TRADE AND INDUSTRY MR CHAU TAK HAY.
STATEMENT ON BCCHK
THE PROVISIONAL LIQUIDATOR OF THE BANK OF CREDIT AND COMMERCE HONG KONG (BCCHK), MR NOEL GLEESON, ANNOUNCED TODAY THAT NEGOTIATIONS FOR THE SALE OF BCCHK TO THE HONG KONG CHINESE BANK (KCB) HAVE BEEN ENDED BY MUTUAL AGREEMENT.
HE SAID: "OUR EFFORTS TO NEGOTIATE A TAKEOVER HAVE BEEN FRUSTRATED BY THE LATE EMERGENCE OF LARGE CLAIMS FROM THE LIQUIDATORS OF BCC OPERATIONS ELSEWHERE IN THE WORLD.
SECURE THE MAXIMUM NEW CLAIMS IN
"THE PRIMARY AIM THROUGHOUT HAS BEEN TO PAYOUT FOR THE DEPOSITORS. UNTIL THE EMERGENCE OF RECENT WEEKS, A TAKEOVER OFFERED THE BEST PROSPECTS.
"THE SITUATION HAS NOW CHANGED. MAJOR NEW CLAIMS, AND THE RELUCTANCE OF THE ABU DHABI SHAREHOLDERS TO GIVE A FULL GUARANTEE AGAINST SUCH LIABILITIES, HAVE SHIFTED THE BALANCE IN FAVOUR OF A LIQUIDATION.
"IN JULY LAST YEAR MOST DEPOSITORS RECEIVED A FIRST PAYMENT OF 25 PER CENT. I HOPE THAT WITH LIQUIDATION ALL DEPOSITORS WILL RECEIVE AN INTERIM PAYOUT OF 35 TO 40 PER CENT, WHICH WOULD INCLUDE THE INTERIM RELIEF ALREADY PAID. IN THE LONGER TERM,
IT IS UNREASONABLE TO EXPECT A TOTAL PAYOUT IN THE RANGE OF 70 CENT. THIS IS FAR BETTER THAN DEPOSITORS ELSEWHERE IN THE WORLD EXPECT.
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