XN000022-1987-07-24 — Page 9

FRIDAY, JULY 24, 1987

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NO COMPENSATION FOR OTB SHAREHOLDERS

THE OVERSEAS TRUST BANK COMPENSATION TRIBUNAL DETERMINED UNANIMOUSLY ON JULY 3, 1987 THAT NO COMPENSATION WAS PAYABLE TO THE REGISTERED HOLDERS OF SHARES BECAUSE THE VALUE OF A SINGLE SHARE OF THE OVERSEAS TRUST BANK ON THE DAY PRIOR TO ACQUISITION BY GOVERNMENT WAS NIL. THE DETERMINATION WAS PUBLISHED IN THE GOVERNMENT GAZETTE TODAY (FRIDAY).

THE TRIBUNAL WAS ESTABLISHED PURSUANT TO SECTION 3 OF THE OVERSEAS TRUST BANK (COMPENSATION OF REGISTERED HOLDERS OF SHARES) REGULATIONS 1986. IT COMPRISES MR JUSTICE MORTIMER AS CHAIRMAN AND MR KIM CHAM YAU-SUM AND MR NIGEL MELVILLE AS MEMBERS.

THE FUNCTION OF THE TRIBUNAL IS TO DETERMINE THE AMOUNT OF COMPENSATION, IF ANY, TO WHICH ANY REGISTERED HOLDER OF SHARES OF THE OVERSEAS TRUST BANK IS ENTITLED, BASED ON THE VALUE OF A SINGLE SHARE ON THE DAY PRIOR TO THE COMMENCEMENT OF THE OVERSEAS TRUST BANK (ACQUISITION) ORDINANCE, THAT IS JUNE 7 1985, MULTIPLIED BY THE NUMBER OF SHARES HELD BY THAT SHAREHOLDER TOGETHER WITH INTEREST FROM THE DATE OF COMMENCEMENT TO THE DATE OF PAYMENT,

·

IN THE COURSE OF REACHING ITS DECISION, THE TRIBUNAL CONDUCTED 12 DAYS OF HEARING AND HEARD REPRESENTATIONS BY COUNSEL FOR THE FINANCIAL SECRETARY INCORPORATED AND THE LEGAL REPRESENTATIVES OF THE REGISTERED HOLDERS OF SHARES.

EMPLOYERS URGED TO MAKE TYPHOON ARRANGEMENTS

EMPLOYERS ARE TODAY (FRIDAY) URGED TO MAKE PRIOR AGREEMENT WITH THEIR EMPLOYEES ON WORKING ARRANGEMENTS DURING TYPHOON.

SUCH AGREEMENT SHOULD INCLUDE RULES FOR REPORTING TO WORK AND

METHOD RELEASING EMPLOYERS FROM WORK, AND THE

OF CALCULATING WAGES UNDER VARIOUS CIRCUMSTANCES.

A SPOKESMAN FOR THE LABOUR DEPARTMENT SAID ALTHOUGH THE LAW DID NOT LAY DOWN ANY PARTICULAR PROVISIONS, IT WOULD BE MUTUALLY BENEFICIAL FOR AGREEMENTS TO BE REACHED.

HE SAID EMPLOYERS SHOULD GIVE PRIOR WORKERS' SAFETY, BOTH AT THE WORKPLACE AND FROM HOME DURING A TYPHOON.

WHILE

CONSIDERATION TO THEIR TRAVELLING TO AND

"NORMALLY, EMPLOYERS