TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 175

Press Statement on

Bank of Credit and Commerce Hong Kong Limited

Commenting cn the Commissioner of Banking's report

tc the Governor, published today, on the events leading to the closure of the Bank of Credit and Commerce Hong Kong Limited, a Government spokesman said:

full account of

clear from the

"The Commissioner for Banking's report is a very what happened, when and why. It is very report that at each stage the Commisioner decisions with the objective of protecting the interests of depositors and maintaining the integrity of the banking system, which are his prime concerns."

took the right

In answer to questions on a Commission of Inquiry:

"The

Government does not plan to appoint Commission of Inquiry at this stage. The Commissioner's report sets out very clearly what happened and why. In the light of the report,

the report, the Government does not consider that any purpose would be served by appointing a Commission of Incuiry simply to investigate events over that weekend.

The Governmert does not, however, rule out the possibility of

wider enquiry at some later date. In addition to the liquidation proceedings started in Hong Kong, a number of other investigations into the Bank of Credit and Commerce are underway across the world. If in anything comes to light which merits of the bank's activities in Hong

the course

further

of these

investigation

Kong, the Government would consider what further action was

necessary."

Note: copies of the ColB's report will be made available to depositors through the liquidator's office.

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