CONFIDENTIAL
(A) RETENTION OF THE PRINCIPAL PLACE OF BUSINESS REQUIREMENT WOULD DEBAR ALL FUTURE REGISTRATIONS FROM COMPANIES WHOSE
PRINCIPAL PLACE OF BUSINESS WAS NOT ACTUALLY LOCATED IN HONG KONG
FROM REGISTERING SHIPS. THIS WOULD INCLUDE SHIPS BENEFICIALLY OWNED
FROM HONG KONG IF THE OWNING COMPANY CHOSE, FOR WHATEVER REASON,
NOT TO ESTABLISH ITS PRINCIPAL PLACE OF BUSINESS IN HONG KONG.
THE EFFECTIVE WITHDRAWAL OF SHIPS OWNED BY HIGHLY RESPECTED
COMPANIES COULD LEAD TO A LOSS IN THE STATUS OF THE PEGISTER
AND BE INTERPRETED AS A LOSS IN BUSINESS CONFIDENCE IN HONG
KONG. IN ADDITION, THE NARROW DOMESTIC BASE MIGHT NOT PROVE
SUFFICIENT TO CONTINUE TO ATTRACT SHIP MANAGERS AND ASSOCIATED
SERVICE PROFESSIONS.
(B) WE HAVE CONFIRMED THE POSITION WITH THE INLAND REVENUE
DEPARTMENT. THE MANAGEMENT AND CONTROL WOULD BE OF THE SHIP NOT THE
COMPANY OWNING THE SHIP.
(C) MANAGEMENT AND CONTROL WOULD WIDEN THE DOMESTIC BASE SUFFICIENTLY TO SUSTAIN AND ENCOURAGE SHIP MANAGEMENT AND ASSOCIATED SERVICE PROFESSIONS. PRINCIPAL PLACE OF BUSINESS REQUIREMENTS
COULD REDUCE THE BASE AND POSSIBLE HAVE THE REVERSE EFFECT.
YOUDE
MINIMAL
ИКО
MAED
CONFIDENTIAL
COPIES TO-
MR WHORMERLY/LEGAL
MRO'SHEA D1 TP
ROVS
SUNLEY HOUSE
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