Britain's North Sea oil is the main reason for the surge in overseas assets.

Two years later, its owner was being questioned under oath at a creditors' committee meeting about the company's overseas assets.

"Other Indian companies will be encouraged to step out and hunt for overseas assets."

He did not rule out selling bonds or overseas assets.

Indeed, few major Chinese companies have even managed to acquire large overseas assets.

Income on any overseas assets backing this policy may be subject to a local withholding tax.

"PetroChina does not have any overseas assets and operations," he said.

The total value of Iraq's frozen overseas assets has been estimated unofficially at up to $4 billion.

Steps should be taken immediately to freeze their overseas assets and to impose a travel ban.

By 1913 Britain's overseas assets totaled about four billion pounds.