XN000022-1994-01-26 — Page 5

WEDNESDAY, JANUARY 26, 1994

DESIGNATED BY THE

"THE GOVERNOR AND BRANCH SECRETARIES GOVERNOR TO ATTEND SITTINGS OF LEGCO AND ITS COMMITTEES USED TO ENJOY SUCH IMMUNITIES WHEN THEY WERE LEGCO MEMBERS.

"ALTHOUGH THEY ARE NO LONGER MEMBERS OF LEGCO, THEY STILL NEED TO ATTEND SITTINGS OF LEGCO AND ITS COMMITTEES TO TRANSACT GOVERNMENT BUSINESS.

GOVERNOR AND THE WITH THE SAME

"IT IS CONSIDERED APPROPRIATE THAT THE DESIGNATED PUBLIC OFFICERS SHOULD BR ACCORDED PRIVILEGES AND IMMUNITIES WHEN THEY ATTEND BEFORE A SITTING OR A COMMITTEE," THE SPOKESMAN SAID.

OF LEGCO

THE BILL IS SCHEDULED TO BE COUNCIL ON FEBRUARY 2.

INTRODUCED INTO THE

LEGISLATIVE

BCCHK ANNOUNCES FOURTH DIVIDEND TO CREDITORS

THE OFFICIAL

RECEIVER AND LIQUIDATOR OF BANK OF CREDIT AND COMMERCE HONG KONG LIMITED (IN LIQUIDATION) TODAY {WEDNESDAY) ANNOUNCED AN INTENTION TO DECLARE A FOURTH INTERIM DIVIDEND PAYMENT TO CREDITORS OF 6 PER CENT OF THEIR ADMITTED CLAIMS.

THE DIVIDEND WILL BE DATED JANUARY 28, 1994 AND THE DESPATCH OF DIVIDEND CHEQUES WILL COMMENCE ON THAT DATE.

IT IS EXPECTED THAT THE CHEQUE DESPATCH PROCESS WILL BE COMPLETED BY FEBRUARY 4, 1994.

CREDITORS ARE REQUESTED TO WAIT UNTIL FEBRUARY 15, 1994 BEFORE CONTACTING THE SPECIAL MANAGERS AS NOT ALL CHEQUES DESPATCHED WILL HAVE BEEN RECEIVED UNTIL ABOUT THAT DATE.

THE 6 PER CENT ANNOUNCED TODAY IS THE FOURTH DIVIDEND ΤΟ CREDITORS OWED MORE THAN HK$100,000, MAKING THE TOTAL PAYMENT TO SUCH LARGE CREDITORS TO DATE TO 64 PER CENT.

BCCHK HAS DESPATCHED ABOUT HK$4.7 BILLION BY WAY OF DIVIDENDS то ITS CREDITORS TO DATE. THE LATEST DIVIDEND WILL TAKE TOTAL DISTRIBUTIONS TO ABOUT HK$5.2 BILLION.

AFTER THE PAYMENT OF THE FOURTH DIVIDEND AND THE DEDUCTION OF EXPENSES WHICH INCLUDE LEGAL AND PROFESSIONAL FEES, BCCHK IS LEFT WITH CASH IN HAND TOTALLING ABOUT HK$2.7 BILLION,

THIS SUM IS HELD FOR POTENTIAL DIVIDENDS TO KNOWN DEPOSITORS AND TO OTHER CREDITORS AND POTENTIAL CLAIMANTS, PENDING REMAINING TRUST CLAIMS, ADJUDICATION OF PROOFS OF DEBT AND FUTURE EXPENDITURE.

A SUBSTANTIAL NUMBER OF CREDITORS HAVE NOT YET RECEIVED OR BEEN PAID THEIR DIVIDEND ENTITLEMENTS TO DATE AS BCCHK HAS BEEN UNABLE TO CONTACT THEM DUE TO INSUFFICIENT OR OUT OF DATE ADDRESS DETAILS.

/UNTIL SOCH