Attempt to rescue Mount under way
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.AN attempt is under way to revive Mount Banking Corporation, the Asian-owned bank that went into administration last year after being closed down by the Bank of England, writes Peter Rodgers.
But the move is threatened by restrictions imposed by the Bank on the way Mount will operate, including a ban on the return of some of the former management.
The Bank has agreed that with the restrictions Mount can continue to hold its banking licence, which has not been cancelled despite the closure last October. The Bank made clear at the time that the provisions of the Banking Act under which it closed Mount related to the fitness and properness of those in charge.
As a prelude to relaunching Mount Banking, creditors have agreed to a proposal by the administrators, Peat Marwick, to move from administration into a corporate voluntary arrangement. This arrangement gives more freedom to prepare the business for rescue.
If the appeal against Bank restrictions fails, other options include new top people to run the bank - 'ring fenced' from the former management, a sale of the bank or a winding down.
The attempt to revive Mount comes against a background of concern among Asians that of four small banks that serve their communities, three - Mount, Roxburghe and Equatorial - have stopped business recently.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments