THURSDAY, JULY 28, 1994
BCCHK ANNOUNCES SIXTH DIVIDEND TO CREDITORS
THE OFFICIAL RECEIVER AND LIQUIDATOR OF BANK OF CREDIT AND COMMERCE HONG KONG LIMITED (IN LIQUIDATION), MR ROBIN HEARDER, TODAY (THURSDAY) ANNOUNCED A SIXTH DIVIDEND TO CREDITORS OF THREE PER CENT OF THEIR ADMITTED CLAIMS.
THE THREE PER CENT ANNOUNCED TODAY IS THE SIXTH DIVIDEND CREDITORS OWED MORE THAN $100,000 AND BRINGS DIVIDENDS DECLARED TO PER CENT. CREDITORS OWED $100,000 OR LESS HAVE BEEN PAID IN FOLLOWING A SCHEME OF ARRANGEMENT APPROVED IN SEPTEMBER, 1992.
TO
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FULL
CHEQUES WILL BE DESPATCHED FROM TOMORROW (JULY 291 AND ALL SHOULD HAVE BEEN BE SENT BY AUGUST 5.
THIS WILL BE THE FOURTH DIVIDEND PAYMENT OVER THE PERIOD OF THE LAST NINE MONTHS. THIS 15 IN ACCORDANCE WITH MR HEARDER'S ESTIMATED TIMETABLE OF DIVIDEND PAYMENTS EVERY THREE MONTHS, SUBJECT ΤΟ THE TIMING OF ASSET REALISATIONS AND THE RESOLUTION OF SIGNIFICANT CLAIMS.
IN THE PERIOD SINCE THE LAST DIVIDEND PAYMENT IN APRIL THIS YEAR, THE JOINT SPECIAL MANAGERS HAVE BEEN SUCCESSFUL IN DEFENDING A NUMBER OF MAJOR CLAIMS MADE BY CREDITORS, IN PARTICULAR:
* A MAJOR CREDITOR HAS WITHDRAWN ITS CLAIM THAT A U.S. $10 MILLION DEPOSIT HELD BY BCCHE WAS HELD ON TRUST. AS A RESULT OF THE CREDITOR ACCEPTING ITS POSITION AS AN UNSECURED CREDITOR, BCCHK WAS ABLE TO RELEASE THE PROVISION RELATING TO THE CLAIM.
*
IN WINNING TWO COURT OF APPEAL ACTIONS IN WHICH THE APPELLANT CREDITOR SOUGHT TO ESTABLISH THE RIGHT OF SET-OFF OF DEPOSITS HELD BY BCCHK IN THE NAME OF ONE ENTITY ΚΙΤΗ MONIES OWED BY A SEPARATE BUT RELATED ENTITY. THE COURTS RULED THAT THE CLAIMANTS HAD NO RIGHT OF SET-OFF. THE CLAIMANTS HAVE INDICATED THAT THEY MAY APPEAL TO THE PRIVY COUNCIL IN WHICH CASE IT IS EXPECTED THAT THE MATTER WILL NOT BE FINALISED UNTIL THE MIDDLE OF NEXT YEAR.
THE
RECOVERIES IN THE PERIOD WERE HEALTHY CASH RECEIPTS FOR THREE-MONTH PERIOD ENDED JUNE 30, 1994 TOTALLED $196 MILLION. MAJOR RECOVERIES IN THE PERIOD INCLUDED THE FIRST INTERIM DIVIDEND OF 35 PER CNET RECEIVED FROM BCCI FINANCE INTERNATIONAL LIMITED ($51 MILLION) AND MAJOR SETTLEMENTS FROM TWO DEBTOR BANKS IN BANGLADESH
$66 MILLION.
TOTALLING
FOR FURTHER INFORMATION PLEASE CONTACT:
MR AR HEARDER
867 2426
MR N P ETCHES
826 7236
MR G C K TAM
826 7259
JOINT SPECIAL MANAGERS
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