MSAR takes over bank to stabilise financial system

The Secretary for Economy and Finance, Mr Francis Tam, said today the appointment of a new management committee for Banco Delta Asia is positive to the stabilisation of Macao’s financial system and the benefit of the bank’s clients. The Chief Executive, Mr Ho Hau Wah, appointed a new management committee for Banco Delta Asia two days ago. “The takeover of the bank’s management by the Government will help fortify its operation and development,” Said Mr Tam. He said the new management committee would appoint the consultant firm Ernst and Young to conduct an independent investigation on the incident, in addition to the investigation being carried out by the Macao SAR Monetary Authority. He said according to the law, the new management committee would summit a report to the Government within 45 days and the consultant would submit their report to the committee before then.