XN000022-1996-11-14 — Page 11

-

10 -

Garment exporter fined for furnishing false statement

A garment exporter cum manufacturer, Hermes Textile Industry (HK) Limited today (Thursday) pleaded guilty to five counts of furnishing false statement in export licence applications and one count of importing textile products not under and in accordance with a valid import licence at the Tsuen Wan Magistracy.

It was fined a total of $365,000 by the magistrate, Mr H M Sinclair.

The court heard that officers of the Customs and Excise Department conducted an investigation and found that the defendant had exported 15,517 pieces China-origin cotton woven shorts/trousers/anoraks to Denmark but falsely declared on five export licence applications that the goods were made by its factory in Hong Kong.

Investigation also revealed that the defendant had imported from China 18,242 pieces of garments without a valid import licence.

End

Hong Kong Monetary Authority money market operations

Cumulative

Time

change

Smillion

(hours)

($million)

Opening balance in the account

2,451

0930

+448

Closing balance in the account

2,309

1000

+448

Change attributable to:

1100

+448

Money market activity

+448

1200

+448

LAF today

- 590

1500

+448

1600

+448

LAF rate 4.00% bid/6.00% offer TWI 124.4 *+0.0* 14.11.96