FRIDAY, JUNE 22, 1990
7
OFFICIAL RECEIVER SELLS HK BRANCH OF NEM' INSURANCE CO. LTD
THE REGISTRAR GENERAL, MR NOEL GLEESON, AND PROVISIONAL LIQUIDATOR
AS OFFICIAL RECEIVER OF THE HONG KONG BRANCH OF NATIONAL EMPLOYERS MUTUAL GENERAL INSURANCE ASSOCIATION LTD, A UK COMPANY,' TODAY (FRIDAY) ANNOUNCED HE HAD SOLD THE HONG KONG BUSINESS OF THE COMPANY AS A GOING CONCERN TO NATIONAL EMPLOYERS GENERAL INSURANCE Co. LTD, WHICH HAD AGREED TO ASSUME ALL LIABILITIES UNDER THE POLICIES INSURANCE, AND TAKE OVER ALL THE ASSETS OF THE BRANCH.
THE SALE HAD BEEN APPROVED BY THE HIGH COURT.
THE NEW COMPANY IS INCORPORATED IN HONG KONG
SHARE CAPITAL OF HK$21 MILLION, AND IS A
INSURANCE CO. NATIONAL EMPLOYERS GENERAL
PAID UP INCORPORATED IN SINGAPORE WITH A (APPROXIMATELY HK$83 MILLION).
OF
WITH A PAID UP WHOLLY-OWNED SUBSIDIARY OF PTE. LIMITED, A COMPANY CAPITAL OF 8$20 MILLION
THE NEW COMPANY HAD ALSO AGREED TO EMPLOY ALL THE STAFF OF FORMER BRANCH IN HONG KONG.
THE
THE RESULT,
MR GLEESON SAID THAT THE SALE WAS IN THE BEST INTERESTS OF HONG KONG POLICY HOLDERS AND OTHER CREDITORS WHO WOULD, AS A REMAIN FULLY PROTECTED.
FINDINGS OF STUDY ON FLOOD CONTROL STRATEGY ANNOUNCED
* * *
SHOWN
A RECENTLY COMPLETED STUDY ON FLOOD CONTROL STRATEGY HAS THAT HUMAN ACTIVITIES, APART FROM NATURAL CAUSES, HAVE IN RECENT YEARS
INCREASINGLY
AGGRAVATED
THE FLOODING
PROBLEM
IN THE
RURAL NEW
TERRITORIES.
THE ACTING
DRAINAGE
SERVICES DIRECTOR OF THE ASSISTANT
AT (FRIDAY)
A SAID THIS TODAY
PRESS DEPARTMENT, MR DONALD MUDD,
THE PHASE I STUDY ON CONFERENCE HELD TO ANNOUNCE THE FINDINGS OF TERRITORIAL LAND DRAINAGE AND FLOOD CONTROL STRATEGY.
INCLUDED LAND MR MUDD SAID EXAMPLES OF THESE HUMAN ACTIVITIES
AND USE CHANGES IN THE FLOOD PLAINS, SUCH AS FILLING UP OF FISH PONDS
IN FLOOD WATER FARM LAND FOR OPEN STORAGE, RESULTING IN AN INCREASE RUN-OFF AND DEPLETION OF FLOOD STORAGE AREA.
TO
BETWEEN 1982 AND 1988 HE QUOTED THE FINDINGS AS SAYING THAT ABOUT 10 PER CENT OF THE FLOOD PLAINS AND FISH PONDS HAD BEEN LOST SUCH SPONTANEOUS DEVELOPMENTS.
THERE WAS A CONTINUING RISING TREND OF SUCH DEVELOPMENTS FOUND AROUND THE URBAN FRINGES AND ALONG THE TRANSPORT CORRIDORS, NOTED.
BEING
HE
/MR MUDD