Monetary Authority revokes the appointment of the Manager of Delta Asia Credit Limited

The Hong Kong Monetary Authority (HKMA) announced today (Friday) that the Monetary Authority (MA), after consultation with the Financial Secretary (FS), has exercised his powers under section 53F(1) of the Banking Ordinance ("Ordinance") to revoke the appointment of Mr Paul Jeremy Brough of KPMG as the Manager of Delta Asia Credit Limited (DAC)*, a deposit-taking company in Hong Kong authorized under the Ordinance, and a subsidiary of Banco Delta Asia S.A.R.L. (BDA) in Macau. The revocation of the Manager's appointment shall take effect from today.

In addition, the HKMA announces that the MA, after consultation with the FS, has exercised his powers under section 22(1) of the Ordinance today to propose the revocation of DAC's authorization as a deposit-taking company because the MA is satisfied that certain grounds for revocation as set out in the Eighth Schedule to the Ordinance have been met. Under section 132A of the Ordinance, DAC may appeal to the Chief Executive in Council against the MA's proposed revocation of its authorization. In the meantime, DAC remains a deposit-taking company authorized under the Ordinance but it is subject to certain restrictions imposed on it by the MA under section 52(1)(A) of the Ordinance, including the prohibition from taking any deposits.

For further enquiries, please contact:
Peggy Lo, Manager (Press), at 2878 1687 or
Hing-fung Wong, Manager (Press), at 2878 1802

Hong Kong Monetary Authority
24 October 2008

* Note: Mr Paul Jeremy Brough has been appointed as the Manager of DAC under section 52(1)(C) of the Ordinance since 16 September 2005