CONFIDENTIAL
FM HONG KONG
TO PRIORITY
FCO
TELNO 898
OF 02064OZ MARCH 88
INFO PRIORITY PEKING
CONFIDENTIAL
TOP COPY Q DIST 7
4
145614
MDLIAN 4175
HKB aol,
FOLLOWING PERSONAL FOR HUM, HKD, FROM GOVERNOR
STANDARD CHARTERED BANK :
SIR Y K PAO
1. DURING THE COURSE OF A DISCUSSION TODAY WITH SIR Y K PAO ON OTHER MATTERS, I ASKED HIM HOW HIS DEALINGS WITH THE STANDARD CHARTERED BANK WERE GOING. HE SAID HE HAD ORIGINALLY THOUGHT HE WOULD INCREASE HIS HOLDINGS IN ORDER TO GET A CONTROLLING SHARE. HE NO LONGER THOUGHT THIS RIGHT. A COMBINATION OF THE STOCK MARKET CRASH: LATIN AMERICAN BAD DEBTS: AND THE IMPOSSIBILITY OF HIM SPENDING MUCH TIME IN THE UK MEANT THAT HE WOULD NOT (NOT) NOW WISH TO INCREASE HIS SHARES. INDEED, IF THERE WERE A BUYER, AT THE RIGHT PRICE, HE WOULD BE PREPARED TO SELL HIS SHAREHOLDING. HE WAS DUE TO TALK ON THE TELEPHONE THIS AFTERNOON TO THE GOVERNOR OF THE BANK OF ENGLAND, AT THE LATTER'S REQUEST AND WOULD BE MAKING THESE POINTS. HE ALSO SAID THAT, ALTHOUGH HE HAD BEEN TOLD BY ''A MEMBER OF THE CABINET AND INDEED THE PRIME MINISTER HERSELF' THAT THERE WOULD BE NO OBJECTION TO HIM OBTAINING A GRATER INTEREST, HE THOUGHT THE BANK OF ENGLAND WAS RELUCTANT TO SEE THIS HAPPEN.
WILSON
/
YYYY
DISTRIBUTION
29
ΜΑΙΝ
27
LIMITED
PS/PUS
HKD
MR GILLMORE
PS
MR MCLAREN
PS/LORD GLENARTHUR
ADDITIONAL
2
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