MONDAY, SEPTEMBER 17, 1990
OTHER
THE HRIEC MANAGES TWO INDUSTRIAL ESTATES, ONE AT TAI PO AND THE IN YUEN LONG. LORD CAITHNESS WAS INFORMED THAT A THIRD INDUSTRIAL ESTATE WAS BEING PLANNED FOR TSEUNG KWAN 0.
AMERICA, EUROPE, AUSTRALIA,
NEW
THE MINISTER ALSO VISITED A MANUFACTURING COMPANY THAT PRODUCES MICROMOTORS FOR EXPORT TO NORTH ZEALAND AND CHINA.
AMENDMENTS TO FREEZE ORDER ON IRAQI AND KUWAITI ASSETS
THE GOVERNMENT TODAY (MONDAY) PUBLISHED SUPPLEMENTS TO ITS TWO NOTICES ISSUED ON AUGUST 13 WHICH GAVE DETAILED GUIDANCE ON THE OPERATION OF THE FREEZE ORDER ON IRAQI AND KUWAITI ASSETS IN HONG KONG.
"THE SUPPLEMENTS WITHDRAW THE AUTHORITY TO MAKE PAYMENT INTO FROZEN IRAQI AND KUWAITI ACCOUNTS, SPOKESMAN SAID.
TWO TYPES OF A GOVERNMENT
ONE OF THESE IS CALLS UNDER CONTRACT BONDS. THIS PROTECTS HONG KONG EXPORTERS WHO WOULD OTHERWISE BE OUT OF FUNDS IF AN IRAQI OR KUWAITI IMPORTER MADE A CALL ON A CONTRACT OR PERFORMANCE BOND GIVEN BY THE EXPORTER'S BANK ON FRUSTRATED CONTRACTS.
"THE OTHER WITHDRAWAL OF PERMISSION IS FOR PAYMENTS IN RESPECT OF CONTRACTS OF INSURANCE (INCLUDING REINSURANCE) INTO FROZEN IRAQI OR KUWAITI ACCOUNTS.
"INSURANCE CAN FACILITATE THE EXPORTATION OF GOODS FROM IRAQ OR KUWAIT OR THE SUPPLY OF GOODS TO IRAQ OR KUWAIT CONTRARY TO THE UNITED NATIONS SANCTIONS, THE SPOKESMAN SAID.
"TO ENABLE GREATER SCRUTINY OF PAYMENTS IN RESPECT OF INSURANCE POLICIES, PAYMENTS BENEFITTING ANY PERSON OR COMPANY RESIDENT IN IRAQ OR KUWAIT ARE BEING PROHIBITED EXCEPT WITH THE PERMISSION OF THE FINANCIAL SECRETARY, HE SAID.
THE SUPPLEMENT ON KUWAIT ALSO INTRODUCES MEASURES TO ENABLE THE ACTIVE MANAGEMENT OF KUWAITI ASSETS WITHOUT MISAPPROPRIATION.
"PERMISSION WILL NORMALLY BE GIVEN FOR ASSETS TO BE TRANSFERRED FROM KUWAITI ACCOUNTS IN HONG KONG то AN OVERSEAS JURISDICTION WHERE THE FINANCIAL SECRETARY IS SATISFIED THAT THE JURISDICTION OPERATES A SYSTEM OF CONTROL IN RELATION ΤΟ KUWAITI ASSETS SIMILAR TO AND NO LESS EFFECTIVE THAN THAT OPERATED IN HONG KONG," THE SPOKESMAN SAID.
CONTINUED BEHALF OF
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"PERMISSION IS ALSO BEING GIVEN FOR THE DISCRETIONARY MANAGEMENT OF PORTFOLIOS OF SECURITIES ON RESIDENTS OF KUWAIT SUBJECT TO CERTAIN SAFEGUARDS BEING OBSERVED," ADDED.
/"APPLICATIONS TO