CREDITORS of the defunct Bank of Credit and Commerce Hongkong are to receive a second dividend out of liquidation, it was announced yesterday.
Large depositors who had already got back 41 per cent of their savings will receive another four or five per cent at the end of next month.
Mr Nicholas Etches, special manager of the BCC in liquidation, said $600 million cash would be needed to pay a dividend of five per cent.
''We have paid out over $2 billion by dividends and collected $1.4 billion by way of loans. We have built up enough surplus now that we think we can declare another dividend,'' Mr Etches said.
''We hope to declare at least one more dividend between May and December this year, but the timing and amount will depend on future collections from loans and properties and the resolution of outstanding claims.'' Mr Mohan Chugani, a member of the inspection committee overseeing the liquidation, said he was satisfied with the second dividend although he had expected a higher percentage.
He will ask the special manager at a meeting to set a timetable for future dividends.