TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 12

UUU

VERNMENT HUUSE

HUNG KUNG

91

21 11:51

-

2

PHGE 04

particular to Paragraph 4 thereof in which it was reported

that on 17th October 1991 a Memorandum of its proposals

for the transfer of certain assets and liabilities of

BCCHK and BCCFI to a new company to be formed for the purpose nad been received from The Hongkong Chinese Bank

Limited ("HKCB").

2.

Careful evaluation of the HKCB proposals by the Special Managers and by

by the Official Receiver and his professional advisers, including his financial advisers Jardine Fleming Securities Limited, and on-going. and

intensive discussions with representatives of HKCB and

the Lippo Group of Companies and their professional and

Linancial advisers has resulted in the latter putting forward â set of revised proposals at a meeting held on

11th November 1991. These proposals are now embodied Further Heads of Agreement document a copy of which, marked "1", is annexed hereto. The original, document, which has been signed, is held in escrow subject to the sanction of this Honourable Court.

in a

3.

It is the view of the Official Receiver, on the basis of preliminary advice received from his financial

advisers and the Special Managers, that the proposals

contained in the Further Heads of Agreement have sufficient

merit to warrant their being placed before the depositors for their consideration as a scheme of arrangement, under section 166 of the Companies Ordinance.