Liquidation of BCCIHK to reach end

The seven-year-long liquidation of Bank of Credit and Commerce International Hong Kong (BCCIHK) will hopefully reach its end early next year, according to the special manager of BCCIHK's liquidation.

KPMG Peat Marwick partner Nick Etches, who was yesterday appointed a provisional liquidator of Ming Fung Group, said Ming Fung was much smaller than BCCIHK and he believed its liquidation would end before that of BCCIHK.

He said all of BCCIHK's depositors had got their money back. He is now working on interest payments so that depositors might be able to receive interest of 15 to 20 per cent on top of their deposits.

He said the collapsed bank had continued to receive repayments from some trade finance clients and now had $800 million which should be sufficient to make interest payments.

However he said there were two claims against the bank which could result in the liquidators having to pay out some of that money and which could affect the amount of funds available to pay interest to the depositors.ENOCH YIU