TNAG-2028-FCO40-2890-Hong-Kong-freezing-of-Kuwaiti-and-Iraqi-assets-1990 — Page 146

6.

7.

$.

9.

Bodies incorporated in Hong Kong whose day-to-day control and management are established in Hong Kong are to be treated for the purposes of this Notice AU resident in Hong Kong unless a controlling interest is held by the government of Kuwait.

Residential

to the facts.

status should be determined by reference

Overseas Branches of Hong Kong companies and businesses

Branches outside Hong Kong of companies incorporated in Hong Kong and of businesses whose head offices are in Hong Kong may continue to comply with directions. from persons who are resident in Kuwait but permissions will not normally be given to enable directions received by persons subject to the Order from persons resident in Kuwait to be transferred to and executed by branches outside Hong Kong,

Kuwaiti Accounts

The Hong Kong Dollar, foreign currency and gold bullion accounts of persons resident in Kuwait held in Hong Kong with institutions authorised under the Banking Ordinance 1986 ("authorized institutions") should be designated and are referred to below ee "Kuwaiti Accounts". Funds held by solicitors, accountants, stockbrokers etc. on behalf of Kuwaiti residents should be placed in a separate account.

Payments ordered by or on behalf of residents of Kuwait

10. Any payment required by a direction given by or

behalf of the government of Kuwait or a resident DE Kuwait to a person subject to the Order (see paragraph 41 is prohibited except with permission. Permission is hereby given for any such payment whether in Hong Kong Dollars or in foreign currency to be made to a Kuwaiti Account Permis

11

not normally be given for any such payment 10 ANY account held outside Hong Kong.

Balances on "Kuwaiti Accounts"

hange

11. Permission will not normally be given for any

to be made in the persons to whose credit any bum held on "Kuwaiti Account" is to stend.