TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 105

CONFIDENTIAL

7

Statement issued by Mr Noel Gleeson, the Registrar

General (Provisional Liquidator of Bank of Credit and Commerce Hong Kong Limited ("BCCHK") and BCCI Finance International

Limited ("BCCFI")) today:

"In my continuing search for an

arrangement

which would best protect the interests of creditors, including the depositors large and small, of BCCHK and BCCFI I have today obtained the approval of the High Court to a scheme under which, subject to certain pre-conditions, the banking business of BCCHK and BCCFI would be acquired by a new banking company owned as to not less than 51% by The Hongkong Chinese Bank Limited ("KKCB"), a locally incorporated member of the Lippo Group of companies.

Details of the scheme are contained in conditional

Heads of Agreement which I have signed with HKCB.

Except in two respects, the conditional Heads

of Agreement are not legally binding but are a serious expression of intent by both parties.

The conditional Heads of Agreement are legally

binding to the extent only that -

(a)

during a period of due diligence, which will not be longer than 8 weeks, HKCB will have exclusive rights to negotiate with me for the

80'd

1290 698 258+

1830 5,7HYBNO MUYLS1939

1661 -338-20

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