XN000022-1993-06-16 — Page 4

WEDNESDAY, JUNE 16, 1993

ONE NOMINATION FOR LEGCO BY-ELECTION

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ELECTORAL

THE GOVERNMENT HAS RECEIVED ONE NOMINATION FOR THE LEGISLATIVE COUNCIL BY-ELECTION IN RESPECT OF THE FIRST INDUSTRIAL DIVISION TODAY (WEDNESDAY).

THE PERSONAL PARTICULARS OF THE CANDIDATE ARE:

NAME

AGE

OCCUPATION

TELEPHONE

MR JAMES TIEN PEI-CHUN 46

MANAGING DIRECTOR

424 6021 338 1481

WILL

NOMINATIONS ARE OPEN FROM JUNE 11 TO 25. THE BY-ELECTION BE HELD ON JULY 15 TO FILL THE VACANCY LEFT BY THE LATE STEPHEN CHEONG.

EXCHANGES (SPECIAL LEVY) (AMENDMENT) BILL 1993

3,

1993, THE SAID TODAY

THE EXCHANGES (SPECIAL LEVY) (AMENDMENT} BILL 1993, WHICH PROVIDES FOR AN ORDERLY WINDING DOWN OF THE SPECIAL LEVY, WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON JULY SECRETARY FOR FINANCIAL SERVICES, MR MICHAEL CARTLAND, (WEDNESDAY).

THE SPECIAL LEVY WAS INTRODUCED IN 1987 TO REPAY PART OF THE LIFEBOAT LOAN MADE ΤΟ ENABLE THE HONG KONG FUTURES GUARANTEE CORPORATION TO MEET ITS OBLIGATIONS IN THE MARKET CRASH.

IN THE

THE LOAN IS ALSO REPAID BY RECOVERIES FROM DEFAULTERS HANG SENG INDEX FUTURES MARKET IN THE CRASH, IN PARTICULAR FROM A MAJOR DEFAULTER WHO HAD ENTERED INTO A SETTLEMENT AGREEMENT PROVIDING FOR QUARTERLY REPAYMENTS UP TO FEBRUARY 1996.

IN VIEW OF THE HIGH MARKET TURNOVER RECENTLY, IT IS PRESENTLY ESTIMATED THAT THE AMOUNT OF THE LOAN TO BE RECOVERED FROM THE SPECIAL LEVY MAY BE FULLY REPAID LATER THIS YEAR.

**IF THE LEVY IS ALLOWED TO CONTINUE AT ITS PRESENT RATES BEYOND THAT TIME, A SIGNIFICANT AND UNNECESSARY SURPLUS IN THE SPECIAL LEVY FUND WILL BE GENERATED BY THE END OF THE YEAR.

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"THIS WOULD BE AN UNFAIR BURDEN ON INVESTORS IN HONG KONG, MR CARTLAND SAID.

/THE LAW