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Comments regarding foreign investment in Australia



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PRIME MINISTER 73/93

STATEMENT BY THE PRIME MINISTER, THE HON. P.J. KEATING, MP

COMMENTS REGARDING FOREIGN INVESTMENT IN AUSTRALIA

I have received the attached letter from the President and Chief Executive Officer of American Express Company, Mr Harvey Golub. American Express owns the financial firm, Lehman Brothers. American Express has also informed me that it is content to have this letter made public.

CANBERRA, JUNE 28, 1993

COMMONWEALTH PARLUAMEN1'ARY LIBRARY MICAH

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June 24, 1993

The Hon. Mr. Paul Ko Prime Minister Parliament House CANBERRA ACT 26C

Dear Prime Minister:

I am writing about a on national television analyst. Mr. Davies regarding the Mabo A foreign Investment In

way.

AMQAICAN NX MSs COMPANY • YONIIN.1MCAl0 PINANC+A . I$?. N" Yom NY 1CIN4 C0

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sent reported In the Daily Telegraph Mirror and uted to Rob Davies, A Lehman Brothers used the opinion that the High Court decision nal land ma tt er would be a deterrent to

ails, and he clearly did so In an Inappropriate

I want you to know t at such personal remarks, which were made by an investment analyst In one of our subsidiaries, do not represent the viewpoint of either A4nertoan Express or Lehman Brothers. I would like to emphasize that It i outside our normal practice to make remarks other than those which rel a to specific investment products or companies.

As I read the ar ticle, t reinforced my belief that sometimes supposedly smart people say ve stupid things. When they do so In private, It can be ignored; when th® do so in public, apologies are in order. I do so apologize on behalf o my Company.

Yours sincerely,