XN000022-1991-07-20 — Page 2

SATURDAY, JULY 20, 1991

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EARLY PARTIAL PAYMENTS TO BCCHK CREDITORS/DEPOSITORS

THE FOLLOWING STATEMENT WAS MADE BY THE REGISTRAR GENERAL, MR NOEL GLEESON, TODAY (SATURDAY):

"THE HIGH COURT HAS TODAY EMPOWERED MB, AS PROVISIONAL LIQUIDATOR, AND THE SPECIAL MANAGERS TO MAKE AN EARLY PARTIAL PAYMENT TO THE CREDITORS, INCLUDING THE DEPOSITORS, OF BANK OF CREDIT AND COMMERCE HONG KONG LIMITED.

"THE EARLY PARTIAL PAYMENTS WILL BE MADE OUT OF THE ASSETS OF THE COMPANY.

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"THE GOVERNMENT, WITH THE APPROVAL OF THE FINANCE COMMITTEË THE LEGISLATIVE COUNCIL, WILL INDEMNIFY THE PROVISIONAL LIQUIDATOR AND THE SPECIAL MANAGERS IN RESPECT OF THE EARLY PAYMENTS.

"THE PAYMENTS WILL BE IN AMOUNTS EQUAL то 25 PER CENT OF CLAIMS SUBJECT TO AN UPPER LIMIT OF $500,000 IN INDIVIDUAL CASES.

"DEPOSITORS WILL RECEIVE THEIR EARLY PAYMENTS IN ACCORDANCE WITH THEIR NET POSITIONS AS SHOWN ON THE BOOKS OF THE COMPANY AND WILL NOT BE REQUIRED TO PRODUCE DOCUMENTARY EVIDENCE OF THEIR CLAIMS AT THIS STAGE.

"DEPOSITORS WITH BALANCES WHICH ARE SUBJECT TO ANY CHARGE OR LIEN WILL BE ELIGIBLE FOR EARLY PARTIAL PAYMENT ONLY AFTER THE RELEVANT SET-OFFS HAVE BEEN EFFECTED.

"OTHER CREDITORS WILL BE REQUIRED TO PRODUCE SATISFACTORY EVIDENCE OF THEIR CLAIMS BEFORE THE PARTIAL PAYMENT CAN BE MADE.

COMPANY

"A SIMILAR SCHRMB HAS BEEN APPROVED FOR BCCI FINANCE INTERNATIONAL LIMITED. HOWEVER, THE ASSET SITUATION OF THIS IS STILL UNDER EXAMINATION BY THE SPECIAL MANAGERS, AND A STATEMENT REGARDING THE POSSIBILITY OF AN EARLY PAYMENT CREDITORS WILL BE MADE AT A LATER DATE.

FURTHER

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"CREDITORS ASSOCIATED WITH THE TWO COMPANIES WILL NOT BENEFIT

UNDER THE EARLY PARTIAL PAYMENT SCHEME.

"PARTIAL PAYMENTS ARE BEING MADE TO DEPOSITORS AT THIS EARLY STAGE TO ALLEVIATE HARDSHIP AND ARE NOT AN ADMISSION OF ANY CLAIM TO PROOF IN THE LIQUIDATION OF THE TWO COMPANIES.

"ARRANGEMENTS TO MAKE THE EARLY PARTIAL PAYMENTS ARE NOW BEING MADE BY THE SPECIAL MANAGERS AND IT IS EXPECTED THAT PAYMENTS TO DEPOSITORS OF BANK OF CREDIT AND COMMERCE LIMITED WILL COMMENCE THROUGH THE MAIL ON THURSDAY THE 25TH JULY 1991."

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