TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 240

Assistants in: WED

NENAD

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WAD

SED

CSAD

SAD

SEAD SPD

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MED

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BCCI

1.

On 25 July, Mr Max Madden MP (Labour Member for Bradford West) put down the following Question for written answer:-

2.

"What reports has the Secretary of State received from the UK's overseas posts concerning the administration and activities of any branch of BCCI; and if he will make a statement?"

We have no central record of any such reports and had insufficient time to approach Departments so the following Reply was given:

3.

"All overseas posts were informed of the action on 5 July by the regulatory authorities in a number of jurisdictions to secure control of the assets of banks in the BCC Group. A number of Posts have subsequently reported on developments in individual countries. We had reports last year of the indictment of BCCI in Florida on charges of Money Laundering. We are checking whether we have had reports from Posts about other banks in the BCC Group prior to 5 July and I will write to the Hon Member".

In the light of this exchange, and bearing in mind that this is the sort of question that the Inquiry, announced by the Chancellor, might wish to pursue, I would be grateful if you could check in your respective files for any reports from Posts concerning the BCCI, in the year up to 5 July and let me know by Friday 2 August. I attach a list of the countries in which the BCC Group has branches.

tervillett

J C Millett

Economic Relations Department WH418 270-2680

29 July 1991

CODE 18-77

263kboj

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