TELEGRAPHIC ADDRESS:
MATHESON LONDONEC 3 FACSIMILE: 01-623 5024 TELEX: 8953378 MANDCO
TELEPHONE: 01-528 4000
PRIVATE & CONFIDENTIAL
Dear Prime Minister
Matheson & Co., Ltd
3 Lombard Street
London EC3V 9AQ
1st May, 1990
من
JARDINE FLEMING
HONG KONG BANKING LICENCE
-
In its booklet "Hongkong its Value to Britain" (produced to influence the Right of Abode Debate), the Hong Kong Government claims that it is "one of the world's freest economies". Yet its record in the area of
financial services licencing is sadly almost as chauvinistic as Japan's.
I am writing to ask for your help in obtaining a full local banking licence for Jardine Fleming. This British-controlled merchant bank in Hong Kong has been applying for a licence to the Hong Kong Government for eight years. They have now been told that a ruling has again been deferred, but will not be "lost sight of".
These repeated deferrals are based on the argument that Jardine Fleming is "not predominantly owned by Hong Kong interests". Whether it would stand up to judicial review to discriminate against British interests in a British Colony in this way is perhaps uncertain, but if possible we would very much wish to avoid pursuing our application along constitutional legal lines.
Jardine Fleming is one of the leading merchant banks in the Asia Pacific region. Since its founding twenty years ago it has been a major force in developing Hong Kong as an international financial centre. It was also the first foreign house to obtain a seat on the Tokyo Stock Exchange.
Cont/.
•
REGISTERED OFFICE 3 LOMBARD STREET LONDON EC3V 9AQ REGISTERED NUMBER 100295 ENGLAND
No comments yet.
Private notes are available after approval.