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Background
BCC (HONG KONG)
1. Mr Keith Vaz MP wrote to the Secretary of State on 18 August explaining that he would be going to Hong Kong to talk to BCC (HK) depositers. Mrs Chalker replied on 21 August and Mr Vaz has recently written appreciatively to
follow this correspondence up.
vociferous
2. BCC (HK) depositers have been perseverus in their
complaints about the Hong Kong authorities handling of the
closure of BCC (HK). Their main complaint centres around
the Banking Commissioner's decision to allow BCC (HK) to
open on 6 July and his statement that "the operations of BCC
(HK) remain sound and viable." Two days later, the Hong Kong
Authorities were forced to close the bank. The Governor of
at Hong Kong has accepted that all stages the Banking
Authorities acted with the best interests of depositers in mind and there is no reason to suspect that the incident was technically mismanaged. However, the public presentation possibly left something to be desired.
3.
Efforts to find a buyer for the bank are looking more
hopeful. The Hong Kong Chinese Bank (part of the Indonesian Lippo Group) have now signed a conditional agreement with the provisional liquidator giving them exclusive rights to negotiate to buy the bank (for eight weeks, The success of this very much hinges on whether the Abu Dhabi Authorities
are prepared to provide a satisfactory indemnity against any unrecoreded liabilities. Current indications are good but the Hong Kong Government still only put the chances of an
eventual successful conclusion at "somewhat better than
fifty-fifty."
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JIFAAZ/2
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