WEDNESDAY, DECEMBER 12, 1984
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TURNING TO QUESTIONS CONCERNING THE COMMISSIONER'S POWERS TO ARREST OR MANIPULATE THE OVERSEAS DEPOSITS IN PRECIOUS METALS AND CURRENCY OF DEAK-PERERA FAR EAST LIMITED, MR FELL NOTED THAT HIS TEAM OF EXAMINERS HAD IN FACT GONE DOWN TO THE SHELL HOUSE OFFICE OF THE DTC TO LOOK AT THINGS LONG BEFORE ITS SUSPENSION.
+WE WERE FIRST INTERESTED IN HOW WAS THE DTC, THAT WAS OUR PRIME CONCERN, OPERATING, THEN WE WERE CONCERNED ABOUT THE GOLD DEPOSITS WHICH HAVE BEEN SUPERVISED BY THE SECURITIES COMMISSION, AND THEN WE WERE CONCERNED IN THE GENERALITY.
+ACTION WAS TAKEN IMMEDIATELY TO FIND OUT WHERE THE GOLD WAS AND TO MAKE CERTAIN THAT IT HAD BEEN HELD IN SAFE-KEEPING. THAT WAS TAKEN VERY, VERY QUICKLY INDEED.
+WE HAD ALL THE ASSURANCES FROM THE MANAGEMENT THAT THAT WAS VERY SECURE. THE DIFFICULTY INVOLVES MONEY THAT HAD GONE OFF-SHORE ALREADY AND QUITE CLEARLY THAT IS OUTSIDE OUR JURISDICTION ALTOGETHER, HE SAID.
ASKED BY RTHK'S FINANCIAL EDITOR, MR ALAN HARGREAVES, AS TO WHAT A LOCAL DEPOSITOR SHOULD DO IF HIS FUNDS HAD BEEN TRANSFERRED IN THE NORMAL COURSE OF BUSINESS, TO INSTITUTIONS IN THE DEAK EMPIRE IN THE UNITED STATES, MR FELL GAVE HIS PERSONAL ADVICE:
+THIS IS AN INDIVIDUAL LEGAL QUESTION, BUT IT HINGES ON WHERE HE HAS MADE HIS DEPOSITS, AND THE FORM OF ADVICE THAT HE HAS GIVEN TO THE DEAK-PERERA GROUP AS TO WHAT THEY SHOULD DO WITH HIS MONEY.
EMPHASISING THAT THIS WAS NOT OFFICIAL ADVICE, AS ONE HAD TO MAKE UP HIS OWN MIND AND SEE THE LEGALITY OF HIS OWN POSITION. MR FELL NONETHELESS NOTED THAT AS A MATTER OF PRUDENCE, A DEPOSITOR SHOULD MAKE HIS CLAIM ACCORDING TO THE ADDRESSES ON HIS RECEIPTS, AND MAKE ABSOLUTELY CERTAIN THAT THE CLAIM WAS REGISTERED.
HE ADDED THAT THE MATTER WAS STILL BEING SORTED OUT, BUT THE MANAGERS OF THE COMPANY IN HONG KONG HAD BEEN WORKING HARD TO TRY TO GET THE POSITION CLEAR.
+I WOULD HAVE THOUGHT THAT, HOPEFULLY, BY THE END OF THE WEEK WE SHOULD BE IN A MUCH CLEARER POSITION, WHAT WE HAVEN'T GOT YET IS THE UNITED STATES POSITION,+ MR FELL SAID.
AS A GENERAL PIECE OF ADVICE, MR FELL URGED MEMBERS OF THE PUBLIC WHO HAD ANY DOUBTS OF WHETHER THEY WERE WORKING WITH A REGISTERED OR LICENSED DTC, TO CHECK AGAINST A PUBLIC REGISTER PLACED AT HIS OFFICE.
+A LITTLE WALK UP TO OUR OFFICE MIGHT SAVE THEM A LOT OF MONEY IN THE LONG RUN, HE SAID.
+
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