XN000022-1988-11-01 — Page 18

TUESDAY, NOVEMBER 1, 1988

17

FIRST DIVIDEND PAYMENT TO ORDINARY CREDITORS OF CUL

NOEL GLEESON, FIRST DIVIDEND ΤΟ THE AND GENERAL INSURANCE

THE REGISTRAR GENERAL AND OFFICIAL RECEIVER, MR

A OF TODAY (TUESDAY) ANNOUNCED THE PAYMENT ORDINARY CREDITORS OF CHINA UNDERWRITERS LIFE COMPANY LIMITED (IN LIQUIDATION) ("CUL").

THE DIVIDEND, WHICH WILL BE PAYABLE

21.3 PER CENT OF ADMITTED DEBTS.

ON NOVEMBER 8, WILL BE

ALL

CREDITORS 2,896 SEPARATE NOTICES HAVE BEEN SENT TO PARTICULARS OF THEIR DIVIDEND AND ARRANGEMENTS FOR PAYMENT.

WITH

A DISTRIBUTION OF THE FIRST DIVIDEND REPRESENTS

$25,000,000

BEEN HAVE WHICH

REALISED BY THE OFFICIAL FROM THE ASSETS OF CUL RECEIVER.

A

FURTHER

DIVIDEND IS

LIKELY

IN THE OF A

MR GLEESON SAID THAT FUTURE BUT IT IS NOT YET POSSIBLE TO STATE THE AMOUNT OR TIMING FURTHER DIVIDEND.

A

SUBSTANTIAL

RESERVE

BY HAS BEEN RETAINED

THE IN WHICH RECEIVER TO MEET POSSIBLE EXPENSES OF LITIGATION

ABOUT $400 MILLION INVOLVED, INCLUDING ONE LARGE CLAIM FOR BBMB FINANCE (HONG KONG) LIMITED (FORMERLY BUMIPUTRA MALAYSIA LIMITED).

OFFICIAL CUL IS AGAINST FINANCE

THAT CLAIM, WHICH IS EXPECTED TO BE HEARD IN THE SUPREME OF HONG KONG NEXT YEAR, ARISES OUT OF THE INVOLVEMENT OF BBMB PURCHASE OF CUL BY CARRIAN INVESTMENTS.

COURT

IN THE

PETITION 1984. THE

CUL WAS ORDERED TO BE WOUND UP BY COURT ORDER, ON THE

MAY OF THE REGISTRAR GENERAL (AS INSURANCE AUTHORITY), IN COMPANY HAD BEEN ACQUIRED BY CARRIAN INVESTMENTS LIMITED IN 1981.

THE WINDING UP PETITION FOLLOWED AN INVESTIGATION IN 1983 THE CUL'S FINANCIAL POSITION.

RECEIVER

THE LIQUIDATION OF CUL BY THE OFFICIAL THE LIQUIDATION OF A NUMBER OF SUBSIDIARY COMPANIES AND ASSETS IN HONG KONG, SINGAPORE, THAILAND AND AUSTRALIA.

INTO

HAS INVOLVED THE SALE OF

A DIVIDEND OF 100 PER CENT WAS PAID TO OF CUL IN NOVEMBER 1984.

PREFERENTIAL

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CREDITORS