ROM BAR IN GS HK
(MON)
8.13.'90 16:27 NO.2081210918 PAGE 2
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Baring International Asset Administration Limited
1901 Edobords Power, 15 Queen's Road Central, Hong Kong Telephone. 841 1411. Telex 53489 BUHK HN. Resimle. 545 9050
August 8, 1990
The Secretary for Monetary Affairs
Monetary Affairs Branch
Hong Kong Government
24th Floor
Tower Two
Admiralty Centre
18 Harcourt Road
Hong Kong
Dear Sir,
Re:
Discretionary Investment Management Agreement
Kuwait Investment Authority (1) and Baring International Asset Administration Limited (2)
and the Hong Kong (Control of Gold, Securities, Payments and Credits: Kuwait and Republic of Iraq) Order 1990
We are appointed under a written contract dated 20th August, 1987 and made between Kuwait Investment Authority of Ministries Complex, Block No. 12, First Floor, P.O. Box 64, Safat, Abdullah Al Salem, Kuwait of the one part and Baring International Asset Administration Limited of 1901 Edinburgh Tower, 15 Queen's Road Central Hong Kong of the other part to discretionary manage a portfolio of certain monies and assets of the Kuwait Investment Authority,
Custody of all assets and monies for this account are held by Citibank, Citicorp Centre, 18 Whitfield Road, Causeway Bay, Hong Kong and their appointed sub-custodians. Investment for the assets is confined to Korea, Taiwan, Singapore, The Philippines, Hong Kong, Australia and Malaysia. Investment is in instruments or securities within the definitions set out in Clause 2(2)(a), (b), (c), (e), and (g) in the Hong Kong (Control of Gold, Securities, Payments and Credits: Kuwait and Republic of Iraq) Order 1990.
In view of the passing of this order, we write to seek consent to enable our company to continue to manage the monies and securities subject to the Investment Management Contract, pursuant to the terms and conditions of that Contract.
Presumably any such consent may be subject to conditions in the light of terms of the Order,
We would seek consent that our company and the custodian may be permitted to accept monies into the account, and to continue to effect investments and sell securities in accordance with the contractual mandate provided no monies, securities, dividends or interest are paid away from the custodian's account to the client or any other body or agency purporting to act by or on behalf of the client.