1990-08-07 18:43 G.I.S
Possible Questions and Answers
P.06
Q 1.
A 1.
Q 2.
A A.
0
A 3.
Under what circumstances will exemptions be granted ?
This has yet to be decided. It will take a few days to determine ground rules. Nevertheless applications can be made as indicated to the Monetary Affairs Branch.
Does this Order need to be gazetted in Hong Kong ?
it will be gazetted for information.
le Is this the first time that Hong Kong Government has imposed an order freezing the assets of a foreign Government ?
No. Iran assets were frozen in 1979 in a similar manner.
2.4.
4.
Are there any penalties for contravention of the Order 7
Yes. See Order.
Q 5.
A 5.
Q 6.
A 6.
07.
A 7.
Is there any legal backing for this Order in Council to be applied to Hong Kong ?
Yes. This is an exercise of the Royal Prerogative as it applies to Hong Kong.
Does the Order in Council require any further legislation in Hong Kong in order to put this into effect ?
NO.
With the freezing order in place, what effect does it have on the substantial shares in Dao Heng Bank owned by the Kuwait Investment Office ? Does it mean a complete ban on the of those shares ?
trading
Shures held by Kuwaiti interests are subject to the terms of the Order but not other shares.
Q 8.
Does
the Government know how many Kuwaiti companies and Kuwaiti controlled companies are there in Hong Kong ?
A 8.
No.