BANKING & FINANCE - July 18, 1991

BCCI Troubles Spark Hong Kong Protest: Hong Kong’s government moved to liquidate the local subsidiary of Bank of Credit & Commerce International as the lingering effects of BCCI’s shutdown sparked a demonstration. Financial Secretary Sir Piers Jacobs said the government would seek High Court approval to close Bank of Credit & Commerce Hong Kong and its subsidiaries. In London, meanwhile, the court-appointed administrator of BCCI said it may never reopen and that four years or more may be needed before BCCI’s tangled affairs in 60 countries are finally settled. Hong Kong shut the local unit only after the Abu Dhabi owner refused to support the operation.