TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 6

CONFIDENTIAL

FM HONG KONG

TO IMMEDIATE WELLINGTON

TELNO 27

OF 211025Z NOVEMBER 91

INFO IMMEDIATE FCO

CONFIDENTIAL

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cc Hak

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MDHIAN 2925

22/11

WELLINGTON: PLEASE PASS GOVERNOR VISITING.

78

MIPT TELNOS.

BCC HK: PRESS STATEMENT FROM ACTING FS.

BEGINS:

THE ACTING FINANCIAL SECRETARY, MR.DAVID NENDICK, TODAY (FRIDAY) WELCOMED THE NEWS THAT THE HIGH COURT HAD GIVEN APPROVAL TO A PROVISIONAL AGREEMENT FOR THE HONG KONG CHINESE BANK TO TAKE-OVER THE BUSINESS OF THE BANK OF CREDIT AND COMMERCE IN HONG KONG.

QUOTE. THIS IS NOW A MATTER FOR THE DEPOSITORS BUT WE ARE IN SIGHT OF A SOLUTION, UNQUOTE. HE SAID.

QUOTE. THERE ARE A NUMBER OF TECHNICAL ISSUES TO BE RESOLVED BUT TODAY'S DEVELOPMENTS ARE A MAJOR STEP FORWARD. UNQUOTE.

QUOTE. WE APPRECIATE THE EFFORTS OF ALL THOSE WHO HAVE WORKED LONG AND HARD TO FIND A SOLUTION TO THIS PROBLEM. THE ADMINISTRATION WILL ALSO DO ITS BEST TO ASSIST, BUT IN THE END THIS IS A MATTER FOR THE DEPOSITORS, THE EXECUTIVE COUNCIL AND THE LEGISLATURE, UNQUOTE. MR.NENDICK SAID.

FORD

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