TNAG-2028-FCO40-2890-Hong-Kong-freezing-of-Kuwaiti-and-Iraqi-assets-1990 — Page 145

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Introduction

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On 6 August 1990 at 17.32 hours GMT Her Majesty issued an Order in Council containing directions which have the effect of freezing certain Kuwaiti Iraqı assets. The directions came into effect in Hong Kong at 1.32 am on 7 August 1990. Ail references to the 7 August 1990 herein are references to the period commencing at 1.32 am Hong Kong tine on that date.

The directions are contained in The Hong Kong

(Control of Gold, Securities, Payments and Credins Kuwait and Republic of Iraq) Order 1990. (the "Order").

Section 2 of the Order reads as follows: "Except with permission granted by or on behalf of the Financial Secretary of Hong Kong, no direction given by or on behalf of the Government of Kuwait or the Government of the Republic of Iraq, or by or on behalf of any person resident in Kuwait or the Republic of Iraq at the time of the commencement of this Order or at any lacer time while this Order is in force shall be carried out insofar as the direction -

(i) requires the person so whom the direction is

given to make any payment or to part with any gold or securities; or

(ii) requires any change to be made in the persons to

whose credit any sum is to stand or to whose order any gold or security is to be held."

The Order applies to all persons (including bodies corporate) in Hong Kong.

Resident of Kuwait

For the purposes of the Order, resident of Kuwait is any person, including any body corporate, normally resident in that country on 7 August 1990 or at any

er time. A branch in Kuwait of any business is treated as if the branch were a pody corporate resident in Kuwait. Directions given by

branches outside Kuwait of any body corporate residenE In Kuwait or by branches of any business whose head office is in Kuwair are given on behalf OE persons resident in Kuwait, irrespective of 16 location of such branches. Persons resident Br

becoming resident in Kuwalt should not subsequently be treated

resident elsewhere without prior

reference to the Financial Secretary.

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