[Federal Register Volume 62, Number 238 (Thursday, December 11, 1997)]
[Notices]
[Pages 65245-65246]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-32429]


-----------------------------------------------------------------------

DEPARTMENT OF COMMERCE

International Trade Administration


Export Trade Certificate of Review

AGENCY: International Trade Administration, Commerce

ACTION: Notice of revocation of Export Trade Certificate of Review No. 
92-00005.

-----------------------------------------------------------------------

SUMMARY: The Secretary of Commerce issued an export trade certificate 
of review to World International Investments Corp. Because this 
certificate holder has failed to file an annual report as required by 
law, the Secretary is revoking the certificate. This notice summarizes 
the notification letter sent to World International Investments Corp.

FOR FURTHER INFORMATION CONTACT: Morton Schnabel, Acting Director, 
Office of Export Trading Company Affairs, International Trade 
Administration, 202/482-5131. This is not a toll-free number.

SUPPLEMENTARY INFORMATION: Title III of the Export Trading Company Act 
of 1982 (``the Act'') (Pub. L. 97-290, 15 U.S.C. 4011-21) authorizes 
the Secretary of Commerce to issue export trade certificates of review. 
The regulations implementing Title III (``the

[[Page 65246]]

Regulations'') are found at 15 CFR part 325 (1997). Pursuant to this 
authority, a certificate of review was issued on June 5, 1992 to World 
International Investments Corp.
    A certificate holder is required by law to submit to the Department 
of Commerce annual reports that update financial and other information 
relating to business activities covered by its certificate (Section 308 
of the Act, 15 U.S.C. 4018, Section 325.14 (a) of the Regulations, 15 
CFR 325.14 (a)). The annual report is due within 45 days after the 
anniversary date of the issuance of the certificate of review 
(Sec. 325.14 (b) of the Regulations, 15 CFR 325.14 (b)). Failure to 
submit a complete annual report may be the basis for revocation 
(Secs. 325.10(a) and 325.14(c) of the Regulations, 15 CFR 325.10(a) (3) 
and 325.14(c)).
    On May 23, 1997, the Department of Commerce sent to World 
International Investments Corp. a letter containing annual report 
questions with a reminder that its annual report was due on July 20, 
1997. Additional reminders were sent on August 7, 1997 and on September 
12, 1997. The Department has received no written response from World 
International Investments Corp. to any of these letters.
    On November 3, 1997, and in accordance with Section 325.10 (c) (1) 
of the Regulations, (15 CFR 325.10 (c) (1)), the Department of Commerce 
sent a letter by certified mail to notify World International 
Investments Corp. that the Department was formally initiating the 
process to revoke its certificate for failure to file an annual report. 
In addition, a summary of this letter allowing World International 
Investments Corp. thirty days to respond was published in the Federal 
Register on November 7, 1997 at 62 FR 60232. Pursuant to 325.10(c) (2) 
of the Regulations (15 CFR 325.10(c) (2)), the Department considers the 
failure of World International Investments Corp. to respond to be an 
admission of the statements contained in the notification letter.
    The Department has determined to revoke the certificate issued to 
World International Investments Corp. for its failure to file an annual 
report. The Department has sent a letter, dated December 8, 1997, to 
notify World International Investments Corp. of its determination. The 
revocation is effective thirty (30) days from the date of publication 
of this notice. Any person aggrieved by this decision may appeal to an 
appropriate U.S. district court within 30 days from the date on which 
this notice is published in the Federal Register (325.10(c) (4) and 
325.11 of the Regulations, 15 CFR 324.10(c) (4) and 325.11 of the 
Regulations, 15 CFR 325.10(c) (4) and 325.11).

    Dated: December 8, 1997.
Morton Schnabel,
Acting Director, Office of Export Trading Company Affairs.
[FR Doc. 97-32429 Filed 12-10-97; 8:45 am]
BILLING CODE 3510-DR-P