17-12-1992
17 DEC 192, 12:35 M. & CO 3 LOMBARDUST 071 495 5033
P.2/2
44 71 495 5033 ?
MENGATURANHIESA, E, Raketirana. 224%) BADKONTATZEA ORLANDO A
A commentary entitled "Let's see the real face of a British firm" issued by Xinhua News Agency criticised a "long-established British firm" on one hand making money in HK and China and on the other hand trying its best to disturb the stability and prosperity of HK during the transition in order to achieve a secret political goal.
The commentary said the firm started its business by selling opium and had become a hugh firm based in HK after half a century's development. Although its business covered more than 20 countries, two third of its profito came from HK. This firm should have treasured its relationship with Chima and had great responsibility towards maintaining K's prosperity and stability. However, since HK moved into its transition period, the firm had done the opposite. In 1984, it became the first big company moving its base overseas. In 1987, it started the B-share controversy. In 1990,
In 1990, it formulated the incident of buying ita Own shazeg in 1991. it asked to be waived from HK's aecurities regulations. Although these moves were condemned by the public, the company whill went on its own way or seeking privileges and damaging
of
others.
T
The firm had also been actively involved in helping anti-Chinese powers which adopted a hostile attitude towards China and damaged K's smooth transition. It had also been actively involved in front of and behind the scenes in HK and UK in the process of getting Chris Patten as Governor of HK and promoting Chris Patten's political reform blueprint after he became the HK Governor. A legco member had pointeci out recently that the aim of this company in the coming four and a half year was to "achieve democracy and abandon convergence".
Recently, share prices of this company dropped by a big margin which reflected the wishes of the public. If the company continued its acts, the public would definitely give up supporting this company. Its share prices would definitely continue to drop.
"What is this firm trying to do? What is its next move? Is it going to follow Mr Patten wholeheartedly to cycle to the pier or the airport ro 'go back to the west' (note: the term in Chinese also means going Le heaven or diel? Lets wait and see, the commentary concluded.
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Са
Com
This translation is
ins
by Duty Efficer.
G's.
T'he medhin in HC has asked for Governant
Comment to which IC has déclinand with a "Ajo Comment":"
EE SAC (L)
17/10
TOTAL P.83