TNAG-2029-FCO40-2891-Hong-Kong-freezing-of-Kuwaiti-and-Iraqi-assets-1990 — Page 230

GE A Kentfield

Deputy Chief of the Banking Department

and Deputy Chief Cashier

071-601 4284

Sheikh Fahad Mohammed Al-Sabah

Chairman

Kuwait Investment Office

St Vedast House

150 Cheapside

London

EC2V 6ET

¡

BANK OF ENGLAND

LONDON EC2R 8AH

17 August 1990

HKB

020126

RECEIVED INDE

1 SEP 1990

S

Dear Sheilch Fahad,

EMERGENCY LAWS (RE-ENACTMENTS AND REPEALS) ACT 1964

I refer to conversations between the Bank and representatives of your Office concerning the establishment of guidelines and the giving of appropriate permissions under the above Act which would be intended, consistent with the legislation, to allow the Kuwait Investment Office (KIO) to carry out sterling transactions in the London Financial Markets in the same manner as prior to the introduction of the above restrictions. Specific details are set

out below by type of investment.

Transactions in Equities

Purchases by KIO

Brokers may effect purchase transactions in equities on behalf of the KIO. Settlement of such transactions may be effected only through the Bank of England Securities Office or National Bank of Kuwait, London Branch who will be given permission to effect settlement by debit of a Kuwaiti Account provided that the stock/contract note indicates that the purchaser is either

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