TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 148

CONFIDENTIAL

FM FCO

TO DESKBY 21003OZ HONG KONG

TELNO 1512

OF 20170OZ AUG 91

CONFIDENTIAL

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24

this 102/3 07367

I

1991

TOP COPY Q DIST?

MDHOAN 8978

FOR SECRETARY FOR MONETARY AFFAIRS

BCC (HONG KONG): VISIT BY KEITH VAZ MP

1.

KEITH VAZ HAS WRITTEN TO THE SECRETARY OF STATE STATING THAT HE WILL BE LEADING A SMALL DELEGATION OF BCCI STAFF AND DEPOSITORS TO TALK TO BCC (HONG KONG) DEPOSITORS, ARRIVING IN HONG KONG ON FRIDAY 23 AUGUST. HE HAS ASKED WHETHER THE FCO IS INVOLVED AND WHETHER HMG HAS VIEWS ON THE POSSIBLE SALE OF BCC CHONG KONG) TO A CONSORTIUM OF BUSINESS PEOPLE. WE ARE FAXING A COPY OF HIS LETTER TO SMA.

2.

WE PROPOSE TO REPLY TO THE EFFECT THAT REGULATION OF THE BANKING INDUSTRY IN HONG KONG IS A MATTER FOR THE HONG KONG GOVERNMENT. WE WOULD ADD THAT WE UNDERSTAND SEVERAL GROUPS HAVE EXPRESSED INTEREST IN TAKING OVER THE BANK AND THAT YOU ARE CONSIDERING WHETHER ANY OF THESE REPRESENT VIABLE AND ACCEPTABLE PROPOSALS.

3. AS YOU MAY KNOW, MR VAZ HAS BEEN HEAVILY INVOLVED IN CHAMPIONING THE BCCI DEPOSITORS' CAUSE HERE. WE THEREFORE THINK IT WOULD BE HELPFUL IF WE COULD ALSO SAY THAT SOMEONE IN HONG KONG GOVERNMENT WOULD BE WILLING TO SEE MR VAZ BUT NOT A BIG

IF HE WISHES. WOULD THIS BE POSSIBLE?

IF SO,

DELEGATION

-

WHO?

4. GRATEFUL FOR A REPLY AND CONTACT NUMBER FOR MR VAZ IF YOU AGREE DESKBY 21093OZ.

CHALKER

YYYY

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