XN000022-1992-08-10 — Page 3

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MONDAY, AUGUST 10, 1992

BCCHK HAD BEEN WOUND UP ON THE PETITION OF THE FINANCIAL SECRETARY IN THE PUBLIC INTEREST DUE TO THE PROBLEMS OF THE WORLDWIDE BCCI GROUP UNDER THE PROVISIONS OF THE BANKING ORDINANCE AND NOT BY AN INDIVIDUAL CREDITOR; THE GROSS REALISATIONS OF BCCHK TODATE ARE APPROXIMATELY HK$5 BILLION; THE MAJORITY OF CREDITORS WERE INDIVIDUALS AND SMALL COMPANIES USING ITS TRADE FINANCING FACILITIES AND NOT OTHER BANKS OR FINANCIAL INSTITUTIONS; AND THAT SPECIAL MANAGERS HAD BEEN APPOINTED BY THE COURT TO CARRY OUT THE OPERATIONAL CONDUCT OF THE ADMINISTRATION TO ASSIST THE LIQUIDATOR.

MR HEARDER SAID THE DECISION OF THE FINANCIAL SECRETARY WOULD BE OF CONSIDERABLE BENEFIT TO ALL CREDITORS BY REDUCING THE COSTS OF THE LIQUIDATION AND THEREBY INCREASING THE ASSETS AVAILABLE TO PAY THE FIRST DIVIDEND IN LATE SEPTEMBER 1992.

IT WOULD PARTICULARLY ASSIST THE LARGE CREDITORS (OWED OVER $100,000) WHO HAVE TO VOTE ON THE PROPOSED SCHEME OF ARRANGEMENT ON SEPTEMBER 1, 1992, WHEREBY ALL THE SMALL CREDITORS OF UNDER $100,000, REPRESENTING 85% OF CREDITORS AND TOTALLING SOME 30,000 IN NUMBER, WOULD BE PAID IN FULL, IF THE SCHEME WAS APPROVED.

THREE CANDIDATES STAND FOR LEGCO BY-ELECTION

A TOTAL OF THREE NOMINATIONS ARE RECEIVED FOR THE LEGISLATIVE COUNCIL BY-ELECTION IN THE NEW TERRITORIES WEST CONSTITUENCY WHEN THE NOMINATION PERIOD CLOSES TODAY (MONDAY).

THE BY-ELECTION WILL BE HELD ON AUGUST 30. THE NOMINATION

STARTED ON JULY 27.

PARTICULARS OF THE CANDIDATES ARE:

NAME-

SEX AGE

OCCUPATION

MR HO CHUN-YAN

M

40

SOLICITOR

CONTACT TEL. NO.

522 7721

858 8785 OR 94869719

DR TANG SIU-TONG

M

49

MEDICAL PRACTITIONER

443 2033

459 7667

MR SUI SEE-CHUN

M

43

BARRISTER

0

510 0183

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