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  • Dec 22, 2014
  • Updated: 2:21am

TURBULENT TIMES

PUBLISHED : Saturday, 17 March, 2007, 12:00am
UPDATED : Saturday, 17 March, 2007, 12:00am
 

September 2005 The US Treasury Department accuses Banco Delta Asia of being 'a willing pawn for the North Korean government to engage in corrupt financial activities through Macau, a region that needs significant improvement in its money laundering controls'


September 16 and 17 Hundreds of nervous customers swarm its branches, withdrawing more than HK$300 million - 10 per cent - of its capital. Macau Chief Executive Edmund Ho Hau-wah appoints two representatives to the bank's management


September 28 Macau government takes over its management


February16, 2006 The bank announces it has ended its business links with North Korean customers in an effort to clear its name


July 7 North Korea demands access to its US$24 million frozen in Banco Delta Asia before it agrees to return to six-nation nuclear talks


February 13, 2007 North Korea agrees to shut down its main nuclear reactor and eventually dismantle its atomic weapons programme. The US agrees to resolve the issue of the frozen cash


March 12 US diplomats indicate there is a high possibility Macau authorities will liquidate the bank and return all US$24 million to Pyongyang


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