TNAG-2028-FCO40-2890-Hong-Kong-freezing-of-Kuwaiti-and-Iraqi-assets-1990 — Page 167

1996-08-07 18:38 G.I.S

ZCZC

GIS 8

P.02

TUESDAY, AUGUST 7, 1990

PREEZING OF IRAQI AND KU VAITI ASSETS IN HONG KONG

*

PERSONS

IN

HONG

AN ORDER HAS COME INTO OPERATION PROHIBITING KONG FROM GIVING EFFECT TO ANY DIRECTIONS TO MAKE PAYMENTS DR PART WITH ANY GOLD OR SECURITIES IF THE DIRECTIONS ARE GIVEN BY OR ON BEHALF OF THE GOVERNMENTS OF KUWAIT OR THE REPUBLIC OF IRAQ OR BY OR ON BEHALF OF ANY PERSONS RESIDENT IN THOSE COUNTRIES.

THE ORDER ALSO COVERS DIRECTIONS TO MAKE ANY

ANY CHANGE IN THE PERSONS TO WHOSE CREDIT ANY SUM IS TO STAND OR TO WHOSE ORDER ANY GOLD OR SECURITIES IS TO BE HELD. THE ONLY

ONLY EXCEPTION TO THE PROHIBITION IS WHERE THE TRANSACTION IS PERMITTED BY THE FINANCIAL

SECRETARY.

A GOVERNMENT SPOKESMAN SAID TODAY (TUESDAY) THAT ACCORDING TO INFORMATION RECEIVED FROM THE FOREIGN AND COMMONWEALTH OFFICE THE ORDER IN COUNCIL HAD BEEN MADE ON AUGUST 6 AND CAME INTO OPERATION FORTHWITH.

"THE TERMS OF THE ORDER ARE SIMILAR TO THOSE ALREADY MADE FOR THE UNITED KINGDOM ITSELF AND ENSURE THAT THE FREEZING OF KUWAITI AND IRAQI ASSETS IS MATCHED IN HONG KONG, HE SAID,

APPLICATIONS FOR PERMISSION ΤΟ

BE EXEMPTED FROM THE PROHIBITIONS CONTAINED IN THE ORDER MAY BE MADE TO THE MONETARY AFFAIRS BRANCH, 24TH FLOOR, TOWER 2, ADMIRALTY CENTRE, 18 HARCOURT ROAD, HONG KONG. FACSIMILE MESSAGES MAY BE SENT ΤΟ 865 6146. TELEPHONE ENQUIRIES ABOUT THE APPLICATION PROCEDURE MAY BE MADE TO THE DEPUTY SECRETARY FOR MONETARY AFFAIRS ON TEL. 529 0021,

"IT SHOULD HOWEVER BE RECOGNISED THAT IT MAY TAKE A FEW DAYS BEFORE ANY EXEMPTIONS CAN BE GRANTED AS IT WILL BE NECESSARY TO ENSURE THAT THESE ARE MADE ON A CONSISTENT BASIS. THE SPOKESMAN SAID.

11

ATTENTION NEWS EDITORS:

THE FULL TEXT OF THE HONG KONG (CONTROL OF GOLD, SECURITIES, PAYMENTS AND CREDITS: KUWAIT AND REPUBLIC OF IRAQ) ORDER 1990 WILL FAXED AND BOXED,

BE

TIME:

11:29:14