XN000022-1985-09-05 — Page 10

THURSDAY, SEPTEMBER 5, 1985

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SOUTH AFRICA CONTINUES PAYMENTS FOR IMPORTS

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THE HONG KONG EXPORT CREDIT INSURANCE CORPORATION (ECIC) HAS LEARNT FROM RELIABLE SOURCES THAT PAYMENTS FOR IMPORTS INTO SOUTH AFRICA WILL CONTINUE TO BE REMITTED, DESPITE THE RECENTLY IMPOSED MORATORIUM ON OUTFLOWS OF FOREIGN EXCHANGE.

THE ECIC HAS ADVISED ITS POLICYHOLDERS WHO EXPORT ACTIVELY TO THIS MARKET THAT THE SOUTH AFRICAN MORATORIUM DOES NOT AFFECT PAYMENT FOR DEBTS OWING TO HONG KONG EXPORTERS BY THAT COUNTRY'S IMPORTERS OF GOODS AND SERVICES.

THE MORATORIUM DOES NOT AFFECT AGREEMENTS ENTERED INTO BY IMPORTERS FOR THE IMPORTATION OF GOODS AND SERVICES INCLUDING PAYMENTS FOR FREIGHT, INSURANCE AND OTHER COSTS RELATING TO SUCH IMPORTS+.

THIS ADVICE WAS GIVEN TO POLICYHOLDERS IN CASE THEIR SOUTH AFRICAN BUYERS SHOULD TRY TO TAKE THE OPPORTUNITY TO DEFAULT ON PAYMENTS OWING.

ONE OF THE MANY RISKS THAT THE GOVERNMENT-OWNED ECIC PROTECTS HONG KONG EXPORTERS AND MANUFACTURERS FROM IS THE BLOCKAGE OF FOREIGN EXCHANGE TRANSFERS.

THE ECIC HAS A TOTAL CONTINGENT EXPOSURE OF HK$37 MILLION IN THE SOUTH AFRICAN MARKET. THE ECIC WILL CONTINUE TO MAINTAIN ITS PRESENT COVER, UNLESS THE POLITICAL-ECONOMIC SITUATION IN SOUTH AFRICA WORSENS.

PRECIOUS METAL CERTIFICATE SCHEME

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IN A STATEMENT ISSUED TODAY THE REGISTRAR GENERAL, MR NOEL GLEESON, SAID THAT DURING THE COURSE OF THE NEXT WEEK THE OFFICIAL RECEIVER'S OFFICE WILL WRITE INDIVIDUALLY TO ALL FORMER CUSTOMERS OF DEAK PERERA FAR EAST LIMITED'S PRECIOUS METAL CERTIFICATE SCHEME INFORMING THEM OF THE AGENCY ARRANGEMENTS THAT HAVE BEEN MADE FOR THEM TO REDEEM THE IR PRECIOUS METAL CERTIFICATES.

LARK INTERNATIONAL FINANCE LIMITED HAS BEEN APPOINTED TO ACT AS THE OFFICIAL RECEIVER'S AGENT TO PROVIDE FACILITIES FOR REDEMPTION AND WILL ACCEPT AND COMMENCE TO CARRY OUT INSTRUCTIONS FROM CUSTOMERS AS FROM SEPTEMBER 16.

HE DID NOT REVEAL WHAT THE PRECISE NATURE OF THE AGENCY ARRANGEMENTS WERE BUT SAID THEY WOULD BE DESCRIBED IN DETAIL IN THE LETTERS WHICH WERE BEING SENT TO ALL FORMER PRECIOUS METAL CUSTOMERS.

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