XN000022-1991-07-17 — Page 40

38

WEDNESDAY, JULY 17, 1991

"ALL OF THIS TAKES TIME AND WE THINK THAT THE BEST COURSE IS FOR THE LIQUIDATOR TO GO IN AND ALL HE DOES IS TO FREEZE THE POSITION, AND HE'LL HAVE TIME TO STUDY THE ASSETS AND THE ACCOUNTS CAREFULLY, AND THIS DOESN'T PRECLUDE A SALE.

"AT RELIEF

THE SAME TIME WE REALISE THAT WE MUST PROVIDE SOME SHORT- TERM

TO DEPOSITORS AND SO A SCHEME WAS DEVISED WITH A GOVERNMENT GUARANTEE TO ALLOW DEPOSITORS TO DRAW UP TO 25 PER CENT OF STILL THEIR DEPOSITS WITH A CEILING, WHAT THAT CEILING IS 1 THINK IS BEING CONSIDERED, SHE SAID.

"

BARONESS DUNN ADDED THAT TWO HONG KONG BANKS, WHICH WERE THE SUBJECT OF SOME CONCERN AMONG A NUMBER OF DEPOSITORS

WERE TODAY, TOTALLY UNRELATED TO THE BOCL.

MAJOR

SHE STRESSED THAT THE TWO BANKS WERE COMPLETELY VIABLE AND THAT SHAREHOLDERS HAVE REAFFIRMED THEIR FULL SUPPORT FOR THEIR

OPERATIONS.

PROVIDE LIQUIDITY

THE OFFIE OF THE EXCHANGE FUND HAS AGREED TO SUPPORT OF THE TWO BANGS ON NORMAL COMMERCIAL TERMS, SHE ADDED.

0

WINDING UP IS BEST SOLUTION FOR BCCHK

TO COMMENTING ON THE DECISION

WINDING UP THE BANK OF CREDIT WILLIAN

CHAIRMAN PURVES,

CORPORATION, SAID THIS

SOLUTION IN THE PRESENT CIRCUMSTANCES.

AND OF THE (WEDNESDAY)

PETITION THE COMMERCE HONG

HONGKONG AND SHANGHAI BANKING PVENING THAT IT WAS THE BEST

ELEGA KONG

COURT LIMITED,

FOR

MR

REGULATORS ELSEWHERE HAD CLAIMED

THE BANK AND 11AD

MOVED

ΤΟ

POINTED OUT THAT MR PURVES

IN SIGNIFICANT FRAUD

THAT THERE WAS

LIQUIDATE IT.

OR

IN THESE CIRCUMSTANCES, THERE WAS GREAT UNCERTAINTY WHETHER

PROBLEMS AND THEREFORE NOT THE SUBSIDIARIES HERE MIGHT HAVE SIMILAR PEOPLE DID NOT KNOW FOR SURF WHAT THE POSITION WAS, HE SAID.

THE AUTHORITIES HERE "IN THESE CIRCUMSTANCES, APPOINT A LIQUIDATOR, AND THE LIQUIDATOR WILL FIND THE POSITION IS," HE ADDED.

HAVE MOVED ΤΟ OUT EXACTLY WHAT

/39

Page 40Page 41