PRIORITY
CYPHER/CAT A
FM HONG KONG 892723Z
CONFIDENTIAL
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CONFIDENTIAL
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TO FRIORITY F C O TELNO 399 OF 9TH MAY 1972.
YOUR TELEGRAM NUMBER 360.
Y.K. PAO.
FOLLOWING IS DRAFT BRIEF :
RECEIVED IN
REGN:.51 10 MAY 1972
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BACKGROUND,
REF.
HE
Y.K. PAO WAS BORN IN CHEXIANG PROVINCE IN CHINA IN 1920. WAS EDUCATED IN SHANGHAI AND ENGAGED IN BANKING IN CENTRAL CHINA AND SHANGHAI UNTIL THE COMMUNIST TAKE-OVER IN 1949 WHEN HE CARE TO HONG KONG. IN HONG KONG HE AT FIRST ENTERED THE IMPORT-EXPORT FUSINESS, BUT STARTED IN SHIPPING IN 1955 WHEN HE BOUGHT A SECOND- HAND 8,000 TON CARGO VESSEL. KIS REAL EXPANSION BEGAN IN THE EARLY SIXTIES, WHEN HE ENTERED INTO PARTNERSHIP WITH WHEELOCK MARDEM
AND CO. LTD. AND THE HONG KONG AND SHANGHAI BANKING CORPORATION, HE
IS NOW CHAIRMAN AND GOVERNING DIRECTOR OF WORLD-WIDE (SHIPPING)
LTD. AND A DIRECTOR OF THE HONG KONG BANK AS WELL AS BEING A MEMBER
OF THE COMMITTED OF LLOYDS OF LONDON, HIS COMPANY'S FLEET AT PRESENT TOTALS SOME 4.5 MILLION TONS OF SHIPPING (MAINLY LARCE OIL TANKERS)
AND IT IS EXPECTED TO EXPAND TO ABOUT 10 MILLION TONS BY 1975,
COMPRISING 125 VESSELS. MR. PAO IS THUS ALREADY ONE OF THE
PIGGEST SHIPOWNERS IN THE WORLD AND HIS EXPANSION PLANS
IF AND WHEN FULFILLED, SHOULD CARRY HIM WELL BEYOND ONASSIS
AND NIARCHOS COMBINED.
2. HE IS A SYMPATHETIC PERSON AND IS ALREADY PLAYING A HELPFUL PART IN HONG KONG. HIS ENGLISH THOUGH A LITTLE UNUSUAL
IS INTELLICIBLE.
MR. PAO'S INTERESTS
3. MR. PAC WILL NO DOUBT WANT TO DISCUSS HIS VIEWS AND CONCERNS
OVER CERTAIN ASPECTS OF SHIFZRIS, HOST OF HIS SHIPS ARE AT
PRESENT REGISTERED UNDER FLAGS OF CONVENIENCE'' (LIBERIA,
CONFIDENTIAL
/PANAMA,