Hong Kong finance firm CA Pacific Securities liquidated
AFP
HONG KONG, January 20: Liquidators have been appointed to troubled Hong Kong finance firm CA Pacific Securities Limited, the Securities and Futures Commission said on Tuesday. ``The action followed receipt of information that the company would default to the Central Clearing and Settlement System in the sum of HK$ 39 million (US$ 5 million) and was taken to further protect the interest of investors,'' the commission said in a statement.The collapse follows the appointment of liquidators to investment bank Peregrine last week, with both companies stung by Asia's deepening financial crisis. Daehan Investment Banking takes control of Dongbang Peregrine Securities :Daehan Investment Banking Corporation, the majority shareholder of Dongbang Peregrine Securities Company Limited, said on Tuesday it has taken over management of the Seoul-based joint venture brokerage. The Korean company said members of Dongbang's executive boards delivered their resignations over the weekend to the Sungwon Group, Daehan's
parent. Daehan said Dongbang Peregrine's management board stated it could no longer control the company with its major shareholder, Hong Kong-based Peregrine Investments Holdings Company Limited, in the process of liquidation. Daehan acquired a 52 per cent stake in Dongbang on September 2 last year, but had failed to exercise control over the joint-venture securities house, due to opposition from Peregrine Investment Holdings. Daehan said it will complete negotiations on taking over the 44 per cent stake held by Peregrine Investments Holdings as soon as possible. BNP eyeing failed Peregrine divisions : Banque Nationale de Paris (BNP) is interested in snapping up divisions of the failed Hong Kong investment bank Peregrine Investments Holdings Ltd, a BNP official said on Monday. ``We are looking at several divisions but we have not committed to anything yet,'' Didier Balme, the French bank's director general for China, told AFP. He said BNP, which last year bought the independent Asian broker Prime East,
was looking at Peregrine's securities and venture capital operations in greater China (the mainland, Hong Kong and Taiwan), as well as Peregrine Assets Management (PAM). He said these activities would ``complement'' BNP Prime East's operations in Southeast Asia. Balme added that PAM would reinforce the operations of BNP Asset Management Asia, set up last year. PAM tops the list of attractive Peregrine units, as unlike some other divisions here it has been allowed by authorities to continue its business of running US$ 50 million in investment funds. PAM director George Chan has said 10 potential buyers have been identified and that a decision is imminent. Among other buyers looking at Peregrine divisions are Bank of China, Bankers Trust, Canadian Imperial Bank of Commerce, Banco Santander and Banco Bilbao of Spain and Donaldson Lufkin and Jenrette, the Wall Street investment bank controlled by French insurance group Axa.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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