TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 249

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074031 MDHOAN 7196

REC.

1991

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FM FCO

TO IMMEDIATE GUIDANCE

TELNO GUIDANCE 26

OF 160653Z JULY 91

AND TO IMMEDIATE ISLAMIC POSTS, OECD POSTS, OAS POSTS, OAU POSTS AND TO IMMEDIATE EAST EUROPEAN POSTS, BTC HONG KONG PLUS HKGOV AND TO IMMEDIATE PEKING, NICOSIA, PRETORIA, SINGAPORE, SEOUL AND TO IMMEDIATE BANGKOK UKMIS NEW YORK, BIS NEW YORK, HOLY SEE AND TO IMMEDIATE MANILA, WINDHOEK, HANOI, KATHMANDU, RANGOON AND TO IMMEDIATE VALLETTA, UKDEL NATO, UKMIS GENEVA AND TO IMMEDIATE UKDIS GENEVA UKMIS VIENNA, KUWAIT AND TO IMMEDIATE UKDEL STRASBOURG, BELMOPAN, GEORGETOWN AND TO IMMEDIATE KINGSTON, NASSAU, ANGUILLA, ANTIGUA AND TO IMMEDIATE ASCENSION ISLAND, CAPE TOWN, CASTRIES

AND TO IMMEDIATE GRAND CAYMAN, GRAND TURK, HAMILTON, HONIARA AND TO IMMEDIATE MONTSERRAT, NUKU'ALOFA, PORT MORESBY

AND TO IMMEDIATE ST GEORGE'S, ST HELENA, ST VINCENT, TORTOLA AND TO IMMEDIATE TRISTAN DA CUNA, ULAN BATOR, VILA

AND TO IMMEDIATE PORT STANLEY, MANAGUA, SAN SALVADOR, SUVA AND TO IMMEDIATE TARAWA

BANK OF CREDIT AND COMMERCE INTERNATIONAL (BCCI)

INTRODUCTION

1. THE AUTHORITIES IN A NUMBER OF JURISDICTIONS

TOOK ACTION ON 5 JULY TO SECURE CONTROL OF THE ASSETS OF BANKS IN THE BCC GROUP. THE DIRECTORATE OF THE LUXEMBOURG MONETARY INSTITUTE TOOK ACTION UNDER LUXEMBOURG LAW TO SECURE CONTROL OF THE ASSETS OF BCCI SA, A LUXEMBOURG-INCORPORATED BANK WHICH HAS A NUMBER OF BRANCHES IN THE UNITED KINGDOM. THE INSPECTOR OF BANKS AND TRUST COMPANIES IN THE CAYMAN ISLANDS TOOK SIMILAR ACTION WITH RESPECT TO BCCI OVERSEAS LTD AND CERTAIN OTHER ENTITIES CLOSELY RELATED TO THE BCC GROUP. IN BOTH CASES TOUCHE ROSS (OR THEIR ASSOCIATES) HAVE BEEN APPOINTED TO OVERSEE THE ARRANGEMENTS. THESE ACTIONS HAVE BEEN TAKEN IN CONSULTATION WITH THE PRINCIPAL REGULATORY AUTHORITIES CONCERNED, WHO WILL BE TAKING APPROPRIATE ACTION AGAINST OTHER SUBSIDIARIES AND OPERATIONS OF THE BCC GROUP. THE AUTHORITIES IN ALL OTHER COUNTRIES IN WHICH THE BCC GROUP OPERATIONS HAVE BEEN INFORMED AND INVITED TO CONSIDER THE NEED FOR ACTION IN THEIR JURISDICTIONS. IN THE UK, FOLLOWING A PETITION MADE BY THE BANK OF ENGLAND, THE COURTS HAVE APPOINTED TOUCHE ROSS AS PROVISIONAL

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