WEDNESDAY, MARCH 11, 1992
20
STATEMENT OF FS ON CAC'S REPORT
THE FINANCIAL SECRETARY, MR HAMISH MACLEOD, SAID TODAY 'WEDNESDAY) THAT THE GOVERNMENT HAD TAKEN NOTE OF THE FINDINGS OF THE COMMISSIONER FOR ADMINISTRATIVE COMPLAINTS (CAC) IN TWO CASES CONCERNING THE CLOSURE OF THE BANK OF CREDIT AND COMMERCE (HONG KONG) IN JULY 1991. MR MACLEOD WAS COMMENTING FOLLOWING THE PRESENTATION OF THE CAC'S REPORTS TO THE TWO COMPLAINANTS AND TO THE SECRETARY GENERAL OF OMELCO.
COMPLAINTS AGAINST THE OFFICE OF THE COMMISSIONER OF BANKING
MR MACLEOD SAID:
"THE CAC HAS FOUND THAT THE COMMISSIONER OF BANKING ACTED WITH GOOD INTENTIONS AND WITH THE BEST INTERESTS OF DEPOSITORS IN MIND. HE TOOK EXPERT ADVICE AND MOVED QUICKLY TO IMPLEMENT MEASURES TO MINIMISE THE IMPACT ON BCCHK OF THE COLLAPSE OF BCCI OPERATIONS ELSEWHERE. THESE MEASURES INCLUDED THE APPOINTMENT OF A TEAM OF BANK EXAMINERS, APPOINTING ADVISERS AND ATTEMPTING TO RING-FENCE BCCHK'S ASSETS.
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"I NOTE THE CAC'S CONCLUSION THAT THE COMMISSIONER OF BANKING'S STATEMENT ON JULY 5 WAS A GENERALLY CORRECT DESCRIPTION OF THE SITUATION; AND THAT THE COMMISSIONER OF BANKING DID NOT DELIBERATELY MISLEAD THE PUBLIC AS ALLEGED BY THE COMPLAINANT.“
"I ALSO NOTE THAT, ALTHOUGH THE CAC CONSIDERED THAT THE
COMMISSIONER OF BANKING TOOK ADVICE AND GATHERED INFORMATION WHICH, ON THE BALANCE OF PROBABILITY, SUPPORTED HIS VIEW THAT THE ABU DHABI GOVERNMENT WOULD CONTINUE TO SUPPORT BCCHK, HE CONCLUDES THAT THE COMPLAINT HAS BEEN PARTIALLY SUBSTANTIATED.'
MR MACLEOD SAID:
"I SHOULD LIKE TO MAKE IT CLEAR THAT THE COMMISSIONER OF BANKING HAS MY FULL SUPPORT AND CONFIDENCE. HE HAS DISCHARGED HIS DUTIES WITH INTEGRITY AND SKILL IN VERY DIFFICULT CIRCUMSTANCES. THE CAC'S REPORT AMOUNTS TO A SUBSTANTIAL VINDICATION OF HIS ACTIONS DESPITE THE PARTIAL SUBSTANTIATION OF SOME ELEMENTS OF THE COMPLAINT.
/COMPLAINTS AGAINST