For decision on
27 April 1993
CONFIDENTIALs this
"/ PA
Яди.
(3)
"BP BIS
Mr Bantent!
XCC(93)55 Copy No. 1
MEMORANDUM FOR EXECUTIVE COUNCIL
Nancaties
HKC 385/1
RESE
..AY 1993
LX
PA
OTRY
Drug Trafficking (Recovery of Proceeds) Ordinance
(Chapter 405)
PROPOSALS ON THE SHARING OF ASSETS CONFISCATED FROM DRUG TRAFFICKERS
REGISTRY Action Taken
THE PROBLEM
Hong Kong has to respond to a request from the United States authorities for a share of the assets confiscated in Hong Kong in a drug case resulting from mutual assistance provided under the terms of the Hong Kong-United States bilateral drug agreement.
RECOMMENDATION AND ADVICE SOUGHT
2
It is recommended that the following policy and other proposals be implemented -
(a) the request from the United States, for a share of the assets confiscated by the Hong Kong Government in the LAW Kin-man case be accepted on the basis of a 50:50 share of the net confiscated assets (i.e. a 40:60 share of the gross assets confiscated in Hong Kong) less 40% of the gross assets confiscated in the United States in their LAW Kin-man case;
(b) subject to the court ruling upholding the confiscation of LAW Kin-man's assets in Hong Kong, a submission should be made to the Finance Committee to appropriate the amount to be given to the United States, expected to be HK$48.6 million (40% of HK$134.5 million less 40% of US$1.67 million);
Executive Council