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For
immediate
release
May
The Federal
of ap. Order
to Cease
assistant
loan
Hang
Bank,
New
Seng
York,
lending
Board
and Desist
officer
and
today
against
Kwai
of Marine
the
Por Au,
institution-affiliated
iJ.S.A., Division
Au. without
issuance
admitting
Midland
issuance
a former
party
of the
Bank,
of the Order
based
to any allegations,
on his
activities.
A copy
Attachment
announced
New York.
Mr.
to the
Reserve
16, 1997
of the Order
is attached.
alleged
consented
improper
UNITED
BEFORE
THE
BOARD
OF
OF
STATES
GOVERNORS
AMERICA
OF THE
WASHINGTON,
FEDERAL
RESERVE
SYSTEM
D.C.
x
In the Matter
KWAI
Docket
of
;
)
)
POR AU
A ?ormer Officer and InsitutionAffiliated
Party of
HANG SENG BANK, U.S.A.,
DIVISION
OF MARINE MIDLAND
New York, New York
Federal
Deposit
(12 U.S.C.
Federal
Order
§§ 1818(b)
Reserve
to Cease
former
of sang
New
lending
Sank,
York
WHEREAS,
to the
Governors,
this
Order,
U.S.A.,
("Hang
activities;
consented
1
x
to Sections
Act,
6(b)
as amended
(i) (3)), the
and
(the
Board
(i) (3) of the
"FDI Act")
of Governors
against
issues
Kwai
Division
(12 U.S.C.
of Marine
based
on Au's
this
a
party,
§ 1813(u!),
Midland
alleged
of the
Por Au,
institution-affiliated
of the FDI Act
Seng"),
and
of Governors")
(the "Order")
loan officer
3!u)
Order to Cease and
Desist Issued
,Consent Pursuant
to the Federal
Upon
Deposit Insurance Act,
As Amended
i
)
)
(the "Board
and Desist
in Section
Seng
and
System
assistant
as defined
York,
Insurance
97-011-B-I
BANK
pursuant
WHEREAS,
No.
Bank,
New
improper
and
by affixing
issuance
has agreed
of this
to comply
and has waived
his signature
Order
with
any and
hereunder,
by the Board
each
and
all rights
every
Au has
of
provision
he might
of
otherwise
have
to 12 U.S.C.
pursuant
otherwise
(a) to the
issuance
(b! to a hearing
iearing;
respect
to any matter
obtainjudicial
review
(d) to challenge
effectiveness
provision
hereof.
NOW,
adjudication
forth
implied
or enforceability
of or finding
and
by Au of any
allegation
Governors
in connection
herewith,
settlement
of this
matter,
made
and
without
evidence
Order;
of this
Order
or any
or law
or
implied
or
an
by the
Board
for the purpose
protracted
and
testimony
constituting
solely
cc; to
issuance,
of any
or implied
with
hereof;
the basis,
of fact
this Order
admission
in this
or
and of
cf taking
to the taking
on any issue
without
263,
or any provision
in any manner
prior
Part
of charges
or set forth
of this Order
THEREFORE,
herein,
of a notice
for the purpose
or contest
validity,
set
§ 1818 or 12 C.F.R.
of
of
or extended
proceedings:
1,
25
2,
IT IS HEREBY
ORDERED,
the FD; Act,
that:
1.
any
Upon
institution
or agency
FDI Act
(12 U.S.C.
to, any
insured
company,
take
such
or U.S.
actions
responsibilities,
becoming
pursuant
to Sections
an institution-affiliated
specified
in Section
§ 1818(e) (71 (A)), including,
depository
agency
institution,
or branch
bank
consistent
that he will
2
and
party
of
8(e) (7) (A) of the
but
not
or thrift
of a foreign
as are necessary,
to ensure
8(b)
bank,
with
(a) comply
limited
holding
Au
shall
his
with
all
po:icies
and
ool~cies
ar.d procedures
(b; engage
with
his
of his
procedures
ir. lending
fiduciary
and
practices,
employer,
pertaining
activities
duties
(c) comply
to the lendins
safe
with
those
f~z.ztisn,
in a mar.ner ta-_
and with
fully
carzicxlarly
is consistent
and sound
baE:king
all applicable
laws
and
regulations
~11
2.
addressed
communications
(a)
Mr. Donald T. Vangel
Senior Vice President
The Federal Reserve Bank
of New York
59 Maiden Lane, 10th Floor
10045
New York, NY
(b)
Mr. Kwai Por Au
69 71st Street
Brooklyn,
NY 11209
The provisions
or otherwise
prevent
state
or department
agency
Seng,
party
Au,
of Hang
4.
is and
this
Order
shall
be
to:
3.
Hang
regarding
shall
of this
the Board
or any
of Governors
from
current
Order
taking
or former
shall
not
or any
any other
bar,
federal
action
estop,
or
affecting
institution-affiliated
Seng
This
remain
Order,
fully
and each
effective
3
and evex-y provision
and enforceable
hereof,
until
expressly
stayed,
modified,
t-e 3card
of C-c?~ernors.
By order
this
/qt;)ay
of
terminated
of the Board
or suspended
of Governors
,
in writing
effective
1997.
BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM
C./&T-hy:tiZY4 dQ-William W. Wiles
Secretary
of the Board
by