The Hong Kong Monetary Authority yesterday appointed an accountant to conserve the assets of a deposit-taking company in the city that is owned by Banco Delta Asia.
The authority has acted to provide protection to depositors after the bank was accused by the US Department of the Treasury of engaging in money laundering. Paul Jeremy Brough, of the international accounting firm KPMG had been appointed as manager for the time being of Delta Asia Credit, a subsidiary of Banco Delta Asia in Macau.
The authority's main direction to the manager is to conserve the assets of the deposit-taking company and restrict any increase in its liabilities pending the outcome of investigations or other actions being carried out by the authorities in Macau.
A spokesman for the authority said it had been closely monitoring the activities of Delta Asia Credit for some time and was now taking a series of supervisory measures designed to protect the company's assets. A financial statement for Delta Asia Credit released last December showed that the deposit-taking company had accepted about $317 million in deposits in Hong Kong.
