4
FRIDAY, JULY 17, 1992
13
ADVISERS SOUGHT ON DISPOSAL OF GOVT INTERESTS IN OTB
A GOVERNMENT SPOKESMAN SAID TODAY (FRIDAY) THAT STEPS WERE BEING TAKEN TO APPOINT FINANCIAL ADVISERS TO ADVISE ON THE OPTIONS AVAILABLE FOR THE DISPOSAL OF GOVERNMENT'S INTERESTS IN THE OVERSEAS TRUST BANK LIMITED (OTB), INCLUDING AMONG OTHERS, THE POSSIBILITY OF PUTTING THE BANK UP FOR SALE.
"THE TIME IS CONSIDERED RIPE TO RETURN THE BANK ΤΟ PRIVATE OWNERSHIP AS IT HAS BEEN RESTORED TO HEALTH AND SHOULD
BE ABLE ΤΟ PERFORM WITH RESULTS COMPARABLE TO OTHER BANKS OF ITS SIZE, THE SPOKESMAN SAID.
**
"A MAJOR CONCERN IN THE EXERCISE WOULD BE TO ENSURE THAT THE INTERESTS OF THE BANK'S STAFF ARE BEING ADEQUATELY TAKEN CARE OF.
"IT WILL BE BORNE FIRMLY IN MIND THAT THE BANK'S STAFF AND MANAGEMENT ARE AMONG ITS MOST VALUABLE ASSETS." HE ADDED.
AMENDED LAW ON INSURANCE COMPANIES TAKES EFFECT
THE INSURANCE COMPANIES (AMENDMENT) ORDINANCE EXCEPTION OF THOSE PROVISIONS RELATING TO SECTION INSURANCE COMPANIES (AMENDMENT) (NO. 21 ORDINANCE OPERATION TODAY (FRIDAY), A GOVERNMENT SPOKESMAN SAID.
1992 (WITH
THE
13(1)) AND THE 1992 COME INTO
THE PROVISIONS IN RELATION TO SECTION 13(1) OF THE INSURANCE COMPANIES (AMENDMENT) ORDINANCE 1992 ON STREAMLINING THE PROCEDURES FOR THE PRESCRIPTION OF FEES WILL BE BROUGHT INTO EFFECT DATE. THE SPOKESMAN SAID.
AT A LATER
THE INSURANCE COMPANIES (AMENDMENT) ORDINANCE 1992 EXTENDS GROUNDS FOR THE EXERCISE OF THE POWERS BY THE INSURANCE AUTHORITY REMOVES THE LIMITED EXEMPTION GIVEN TO INSURERS AUTHORISED IN UNITED KINGDOM.
THE
AND
THE
UNDER THE ORDINANCE, AN INSURER IS NO LONGER REQUIRED ΤΟ DEPOSIT A COPY OF ITS HONG KONG BUSINESS RETURNS WITH THE REGISTRAR OF COMPANIES.
THE SPOKESMAN EXPLAINED THAT THE PURPOSE OF THE ABOVE AMENDMENTS WAS TO REFINE EXISTING PROVISIONS IN THE INSURANCE COMPANIES ORDINANCE IN THE LIGHT OF REGULATORY EXPERIENCE.
"WE CONSIDER THAT THE INFORMATION CONTAINED IN THE HONG KONG BUSINESS RETURNS IS REQUIRED PRIMARILY FOR REGULATORY PURPOSES AND IT IS THEREFORE UNNECESSARY FOR IT TO BE MADE PUBLIC, THE SPOKESMAN SAID.
/"THE ORDINANCE