The Hong Kong Monetary Authority (HKMA) announced today (Friday) that the Monetary Authority, on the advice of the Financial Secretary, has, under section 52(1)(C) of the Banking Ordinance, appointed Mr Paul Jeremy Brough of KPMG to be the Manager for the time being of Delta Asia Credit Limited, a deposit-taking company in Hong Kong authorized under the Banking Ordinance, and a subsidiary of Banco Delta Asia S.A.R.L. in Macau. The appointment takes immediate effect. The Monetary Authority's primary direction to the Manager is to conserve the assets of Delta Asia Credit Limited and restrict any increase in its liabilities pending the outcome of investigations or other actions being carried out by the Macau authorities.
An HKMA spokesperson said that the HKMA had for some time been closely monitoring the activities of Delta Asia Credit Limited. In the light of investigations by the US Department of the Treasury into the affairs of its parent company in Macau, Banco Delta Asia S.A.R.L., the HKMA had taken a series of supervisory measures designed to ring-fence Delta Asia Credit Limited's assets. "The appointment today of a Manager to manage Delta Asia Credit Limited's affairs represents a progression of these measures in the light of the announcements by the US Department of the Treasury and the Macau authorities late last night and early this morning (Hong Kong time). This action will help to provide a measure of protection to depositors with the institution and to safeguard the integrity of the wider banking system," the spokesperson said. "The HKMA will continue to monitor the situation closely," the spokesperson added.
Depositors and creditors of the institution should contact Delta Asia Credit Limited by telephone at 2533 0873 in case they have any enquiries.
For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Hing-Fung Wong, Resource Co-ordinator, at 2878 1802
Hong Kong Monetary Authority
16 September 2005