TNAG-1269-FCO40-1619-Banking-situation-in-Hong-Kong-1983 — Page 101

證券監理專員辦事處

香港土諾道中康樂人區

PY * 14

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RAMM YOUR REF

TEL 5-259361

CONFIDENTIAL

Indan

OFFICE OF THE COMMISSIONER

FOR SECURITIES

2404, CONNAUGHT CENTRE. CONNAUGHT ROAD CENTRAL. HONG KONG.

26th September, 1983.

Mr. George Tan,

Group Chairman,

Carrian Holdings Ltd.,

23rd Floor, Carrian Centre,

151 Gloucester Road,

Hong Kong.

Dear Sir,

་

:.

You will be aware of my concern about the lack of any reconciliation of the figures I put to the Company and its advisers on Saturday, 10th September, which suggested a major discrepancy between the published figures of total Carrian debt and what had now emerged as an apparent major indebtedness to BMFL. Since that time I have provided your advisers and the Company with further information which has been brought to my notice from the continuing investigation by the Inspectors and their staff. will appreciate that their final appraisal which, of course, will eventually be a public document, will take time to complete. However, it is clear that the work during the last two weeks has seemed to underline my unease rather than to remove it.

You

If the Securities Commission is to continue to consider the listing proposals contained in the reconstruction programme, I do need to be able to put to them urgently the reactions of the Company to the apparent picture which has been under review since 10th September. Unless there is clearance of the points made, I cannot believe a listing is at all feasible.

I understand that you are holding a Board meeting on this subject tomorrow, Tuesday, 27th September. I must ask you to let me have your reactions in writing in the course of tomorrow to enable me to put the facts to the Securities Commission on Wednesday, 28th September.

c.c.

Mr. Wardley Ltd.

Marshall

Hambro Pacific Ltd.

V

Yours faithfully

(Robert Fen)

Bell.

Commissioner for Securities

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