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HK branch of Baring Brothers & Co Ltd closes for business
The Bank of England has announced that Baring Brothers & Co Ltd ("Barings"), a UK bank, has been the victim of losses caused by massive, unauthorised dealings by one of its traders in Southeast Asia. The amount of these losses is estimated to be in excess of 500 million pound sterling. As a result, Barings cannot continue trading and is applying for administration.
In view of this announcement, the Monetary Authority announced today (Monday) that, after consultation with the Financial Secretary, he has instructed the Hong Kong branch of Barings, which is a restricted licence bank, to close for normal business until further notice and to take additional measures designed to safeguard the assets of the institution in Hong Kong.
This is intended to maintain the position of the institution in Hong Kong pending the outcome of the application for administration.
The problems identified in Barings, which are unique to that company, relate to its activities outside Hong Kong. The Monetary Authority is continuing to monitor closely the situation.
End/Monday, February 27, 1995
General Teaching Council Working Group members named
Speaking after the 176th meeting of the Education Commission today (Monday), the Chairman, Professor Rosie Young, announced the membership of the Commission's Working Group on a General Teaching Council, as follows:
Chairman:
Members:
Secretary:
Mr Andrew Leung Professor Young, Dr Cheng Kai-ming
Mrs Angela Cheung
Hon Cheung Man-kwong
Dr Tam Man-kwan
Mr Norman Yuen
Mr Irving Koo (representing the Advisory Committee on Teacher
Education and Qualifications)(ACTEQ)
Mr Tse Kum-shing (representing Director of Education)
A lawyer (to be named later)
Mr Chris Godwin
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