The Hong Kong Monetary Authority (HKMA) announced today (Thursday) that the Monetary Authority, after consultation with the Financial Secretary, has, under section 52(1)(C) of the Banking Ordinance, appointed Mr Lai Kar Yan Derek of Deloitte Touche Tohmatsu to be the Manager for the time being of Indover bank (Asia) Limited (IBHK). IBHK is a restricted licence bank incorporated in Hong Kong and authorized under the Banking Ordinance and a wholly owned subsidiary of De Indonesische Overzeese Bank N.V. (IOB) in Amsterdam in the Netherlands.
The District Court of Amsterdam declared emergency regulations on IBHK's parent bank IOB and appointed Administrators for IOB on 6 October 2008. In the light of the administratorship of IOB, the HKMA has taken a series of supervisory measures designed to ring-fence IBHK's assets. "The appointment of a Manager today to manage the affairs of IBHK represents a progression and an enhancement of these measures," the spokesperson said. "The HKMA will continue to monitor the situation closely," the spokesperson added.
The appointment of the Manager takes immediate effect. One of the primary objectives of the Manager is to take all steps necessary or expedient to take into custody or under control all the assets to which IBHK is or appears to be entitled, safeguard and conserve such assets and protect the interests of its depositors.
Depositors and creditors of the institution should contact IBHK by telephone at 2528 5300 in case they have any enquiries.
For further enquiries, please contact:
Thomas Chan, Communications Chief, at 2878 1480 or
Hing-fung Wong, Manager (Communications), at 2878 1802
Hong Kong Monetary Authority
13 November 2008