TNAG-2028-FCO40-2890-Hong-Kong-freezing-of-Kuwaiti-and-Iraqi-assets-1990 — Page 57

CONFIDENTIAL

D

buy-back of shares, which they consider could be open to serious abuse. (See article in Far Eastern Economic Review

of 16 August). However, they have now decided in principle to allow buy-backs subject to specific safeguards which are still being formulated. Legislation is expected to be enacted by the end of the year. The new rules will apply to both locally and overseas registered companies.

Rosalind Hard

R M Marsden

BUSAHL/5

CONFIDENTIAL