TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 17

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1

yog` GOVERNMENT HUUSE HUNG KUNG

31 11-21 11:54

21-NOV-11 17:40

SECRETARIAT PRESS OFFICE

DRAFT

PRESS

RELEASE

PHGE ØY

+ 852 908 5212

F.02

·02/9

The Registrar General,

Mr Noel Gleeson,

as

PROVAS1onal Liquidator of BCCHK, announced today that

With the approval Or the High Court he had entered into

Further. Heads of Agreement for the transfer of the assets

liabilities of Bank of Credit and Commerce Hong Kong

Limitea {"BUCAK" } and BCCI Finance International Limited

{"BUURT } to

new bank to be formed by The Hongkong

uninese Bank Limited ("HKCB") and other interests.

and

This document sets out the main terms of the

agreement reached between the parties after intense

Meyotiations and the resolution of a number of difficult

PLODJAME.

пе sala that a further more detailed document,

the form ΟΙ a Provisional Agreement which would be

legally binding on the Provisional

Provisional Liquidator and HKCB,

woula De put to the High Court for approval as soon as

Certain otner steps had been taken to implement the

Fylcument.

Mr Gleeson outlined the main terms of the Further

meads of Agrcoment as folLOWS

(1)

trade creditors to be paid in full as soon as practicable after the opening of the new bank,