Sale of Overseas Trust Bank

HAVING highlighted the ridiculous secrecy surrounding the Government's sale of the Overseas Trust Bank in the last Unfinished Business column, it was somewhat reassuring to note the quick response from Financial Services Secretary Michael Cartland. He hasnow revealed that the total cost of rescuing the bank totalled $4 billion, double the amount previously disclosed.

Having stepped timidly into the arena of public accountability, Mr Cartland was suddenly gripped by an attack of traditional Government reticence and wheeled out the old canard of commercial confidentiality to deny the owners of the bank, the Hong Kong taxpayers, further information, including some indication of how much the bank was to be sold for and what criteria applied for making the sale to the Guoco Group.

However, progress is progress. Unfinished Business will be watching carefully to see whether the Government honours its promise to reveal all at a later stage.