'
UNCLASSIFIED
111627 MDADAN 0788
UNCLASSIFIED
FM HONG KONG
TO DESKBY 020700Z FCO
TELNO 0014
OF 020530Z JANUARY 87
INFO DESKBY 04010OZ PEKING
ADO BONDAGE
MY THIRD IPT: STOCK EXCHANGE:
INVESTIGATION BY ICAC
1. TEXT OF GOVERNMENT PRESS RELEASE IS AS FOLLOWS:
1. IN THE LIGHT OF DEVELOPMENTS THIS MORNING, THE GOVERNMENT HAS PROPOSED TO THE COMMITTEE OF THE STOCK EXCHANGE THAT CERTAIN MEMBERS OF THE COMMITTEE SHOULD DISTANCE THEMSELVES FROM THE MANAGEMENT OF THE STOCK EXCHANGE UNTIL SUCH TIME AS THE ICAC'S INVESTIGATIONS
HAVE BEEN COMPLETED.
2.
THE COMMITTEE OF THE STOCK EXCHANGE AT A MEETING HELD THIS MORNING VESTED ITS POWERS UNTIL FURTHER NOTICE IN A MANAGEMENT COMMITTEE OF THE EXCHANGE, WITH MR ROBERT FELL EXERCISING THE POWERS OF CHIEF EXECUTIVE UNDER THE CONSTITUTION OF THE EXCHANGE.
THE SECURITIES COMMISSION MET AT 11.15 THIS MORNING AND SUPPORTS THE ACTION TAKEN BY THE STOCK EXCHANGE COMMITTEE.
3.
EXCO MET THIS MORNING AND IS SATISFIED WITH THE ACTION TAKEN.
4.
THE MARKET WILL BE OPEN FOR BUSINESS AS USUAL ON MONDAY
5.
MORNING.
WILSON
YYYY
ADVANCE
HD/HKD
N N N N
Al
2
DISTRIBUTION
2
RESIDENT CLERK
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UNCLASSIFIED