CONFIDENTIAL
UK COMMS ONLY
FM GIBRALTAR
CONFIDENTIAL UK COMMS ONLY
HKO 34D
+
REGISTRY
20 OCT 1990
135735 MDHIAN 3963
TOP COPY Q DIST?
RECEIVED
HONG KONG
DASK OFFICER
REGISTRY
INDEX
PA
Action Taken
392
TO IMMEDIATE FCO
TELNO 321
OF 121705Z OCT 90
INFO IMMEDIATE
SIC
38
380
YOUR TELNO 1880: ALLEGED ASSEST TRANSFER
MHONG KONG TO UK
1. MCFALL ESTABLISHED THE MORTGAGE BUREAU HERE A FEW MONTHS AGO. THE FINANCIAL AND DEVELOPEMENT SECRETARY IS STILL CLARIFYING ITS ACTIVITIES WHICH SEEM TO CONSIST OF ACTING AS AGENT FOR UK BUILDING SOCIETIES IN PLACING MORTGAGES AND IN SOME CASES FUNDING MORTGAGES FROM RESOURCES WHICH THE BANKING SUPERVISER WAS TOLD CAME FROM WEALTHY INDIVIDUALS OUTSIDE GIBRALTAR BUT WITHIN EUROPE. IT REMAINS TO BE SEEN IF THESE ACTIVITIES FALL WITHIN THE SCOPE OF OUR BANK OR BUILDING SOCIETY LICENCING ARRANGEMENTS AND, IF NOT, HOW THEY SHOULD BE REGULATED.
2. I DO NOT KNOW MCFALL PERSONALLY, BUT HE IS DESCRIBED AS A ROUGH DIAMOND. ANYTHING APPROACHING THE SCALE OF THE PROPOSAL IN TUR WOULD BE TOTALLY OUT OF HIS LEAGUE.
3. ELLUL IS A WELL-KNOWN LOCAL FIGURE, APPARENTLY WHOLLY RESPECTABLE BUT NOT IN THE TOP RANK OF GIBRALTARIAN LAWYERS. HE PLAYED A PROMINENT PART IN THE REFORM OF GIBRALTARIAN DIVORCE LAW AND MOST
OF HIS BUSINESS HAS BEEN IN THAT FIELD. HE IS CHAIRMAN OF THE
GIBRALTAR BROADCASTING CORPARATION REGULATORY BOARD (WHICH IS NOT PARTICULARY EFFECTIVE). THE PROPOSAL DOES NOT SEEM TO BE UP HIS
STREET EITHER, UNLESS HE IS BEING USED.
REFFELL
BT
YYYY
PAGE
CONFIDENTIAL UK
1
COMMS ONLY
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