TNAG-2028-FCO40-2890-Hong-Kong-freezing-of-Kuwaiti-and-Iraqi-assets-1990 — Page 127

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companies are prohibited by law from buying their own shares although I understand that these restrictions will

be relaxed once certain safeguards have been formulated

and legislation introduced. I am advised that the Stock Exchange will be amending their listing rules in line with the new buy-back provisions as and when these are finalised and thus the relaxation and safeguards will be

applied to both locally and overseas registered

companies.

As you can imagine this has been a difficult time

for market regulators and nstitutions to know exactly

what to do and where they stand. Indeed I believe that the portfolio management arm of Jardine Matheson Group which manages a portfolio for the Kuwait Investment Authority was buying and selling stocks in Hong Kong for

the portfolio in the week beginning 6 August.

DOUGLAS HURD