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<SEC-DOCUMENT>0000950136-03-000388.txt : 20030221
<SEC-HEADER>0000950136-03-000388.hdr.sgml : 20030221
<ACCEPTANCE-DATETIME>20030221162425
ACCESSION NUMBER:		0000950136-03-000388
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20030221

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANKGESELLSCHAFT BERLIN AG
		CENTRAL INDEX KEY:			0001038872

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		ALEXANDERPLATZ 2
		CITY:			10178 BERLIN GERMANY

	MAIL ADDRESS:	
		STREET 1:		ALEXANDERPLATZ 2
		CITY:			10178 BERLIN GERMANY

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ABERDEEN AUSTRALIA EQUITY FUND INC
		CENTRAL INDEX KEY:			0000779336
		IRS NUMBER:				133304681
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-46244
		FILM NUMBER:		03576241

	BUSINESS ADDRESS:	
		STREET 1:		100 MUDBERRY STREET
		CITY:			NEW YORK
		STATE:			NJ
		ZIP:			07102-4077
		BUSINESS PHONE:		2122141250

	MAIL ADDRESS:	
		STREET 1:		100 MUDBERRY STREET
		CITY:			NEWARK
		STATE:			NJ
		ZIP:			07102-4077

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST AUSTRALIA FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>file001.txt
<DESCRIPTION>SCHEDULE 13D/A
<TEXT>
<PAGE>




                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                  SCHEDULE 13D
                    Under the Securities Exchange Act of 1934

                                (Amendment No. 3)



           INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
      RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)

                      Aberdeen Australia Equity Fund, Inc.
- --------------------------------------------------------------------------------
                                (Name of Issuer)

                     Common Stock, par value $.01 per share
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    318652104
- --------------------------------------------------------------------------------
                                 (CUSIP Number)

                                   Moritz Sell
                           Bankgesellschaft Berlin AG
                                Alexanderplatz 2
                                 D-10178 Berlin
                                     Germany
                                +44.20.7572.6200
- --------------------------------------------------------------------------------
                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                February 21, 2003
- --------------------------------------------------------------------------------
                          (Date of Event which Requires
                            Filing of this Statement)


If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box. [ ]



                               Page 1 of 5 Pages

<PAGE>

<TABLE>
<CAPTION>
<S>     <C>                      <C>                                                                       <C>

- ----------------------------------------                                        --------------------------------------
         CUSIP No.: 465395101                             13D                             Page 2 of 5 Pages
- ----------------------------------------                                        --------------------------------------


- ----------------------------------------------------------------------------------------------------------------------
   1     NAME OF REPORTING PERSON
         S.S. OR I.R.S. ID NO. OF ABOVE PERSON

                  Bankgesellschaft Berlin AG
- ----------------------------------------------------------------------------------------------------------------------
   2     CHECK THE APPROPRIATE BOX IF A MEMBER  OF A GROUP                                                  (a) [  ]
                                                                                                            (b) [  ]
- ----------------------------------------------------------------------------------------------------------------------
   3     SEC USE ONLY

- ----------------------------------------------------------------------------------------------------------------------
   4     SOURCE OF FUNDS                                                                                          WC
- ----------------------------------------------------------------------------------------------------------------------

   5     CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT                                      [  ]
         TO ITEM 2(d) OR 2(e)
- ----------------------------------------------------------------------------------------------------------------------
   6     CITIZENSHIP OR PLACE OF ORGANIZATION

                  Federal Republic of Germany
- ----------------------------------------------------------------------------------------------------------------------
        NUMBER OF                SOLE VOTING POWER                                                         5,374,949
         SHARES
- ----------------------------------------------------------------------------------------------------------------------
      BENEFICIALLY               SHARED VOTING POWER
          OWNED
- ----------------------------------------------------------------------------------------------------------------------
         BY EACH                 SOLE DISPOSITIVE POWER                                                    5,374,949
        REPORTING
- ----------------------------------------------------------------------------------------------------------------------
         PERSON                  SHARED DISPOSITIVE POWER
          WITH
- ----------------------------------------------------------------------------------------------------------------------
   11    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON                                      5,374,949

- ----------------------------------------------------------------------------------------------------------------------
   12    CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES                                      [  ]
- ----------------------------------------------------------------------------------------------------------------------
   13    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)                                                    31.4%

- ----------------------------------------------------------------------------------------------------------------------
   14    TYPE OF REPORTING PERSON                                                                                BK
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>













                               Page 2 of 5 Pages


<PAGE>



         This Amendment No. 3 amends and supplements Items 4 and 7 of the
Statement on Schedule 13D of Bankgesellschaft Berlin AG (the "Bank") with
respect to the shares of Common Stock, par value $.01 per share (the "Common
Stock"), of the Aberdeen Australia Equity Fund, Inc. (the "Fund"). Annex A sets
forth the name, address and principal occupation of each director and executive
officer of the Bank and the name, address, jurisdiction of incorporation and
principal business of each shareholder of the Bank who may be deemed to be in
control of the Bank. All of the individuals listed on Annex A are citizens of
the Federal Republic of Germany, except Zoe Shaw, who is a citizen of Great
Britain. Items not included in this amendment are not amended and remain as
previously reported.

ITEM 4.           PURPOSE OF TRANSACTION

         In Amendment 2 to the Bank's Statement on Schedule 13D with respect to
the Fund, the Bank reported that it had notified the Fund that the Bank proposed
to nominate four nominees of the Bank for election to the Fund's board of
directors at the Annual Meeting of the Fund in 2003 and, in connection
therewith, had delivered to the Fund written notice of such nominations and of
proposals, to be submitted for a vote at that annual meeting, to terminate the
investment management and advisory agreements of the Fund and to urge the board
of directors of the Fund to change the name of the Fund to omit the name
"Aberdeen."

         On February 19, 2003, the Fund issued a press release stating its
intention to make an in-kind tender offer for 40% of its outstanding shares of
Common Stock at a price equal to 90% of the net asset value of such shares.

         In a letter dated February 21, 2003, from the Bank to the Fund, the
Bank applauded the decision by the Fund's board of directors to engage in such
tender offer and stated that, in light that decision, the Bank had decided to
withdraw its director nominations and other proposals to be submitted to the
Fund's 2003 annual meeting of stockholders. A copy of the Bank's letter to the
Fund is attached hereto as Exhibit A. The Bank believes that the in-kind tender
offer is in the best interests of the Fund's stockholders and intends to
participate in it. For the Bank's participation to be permissible, the Bank must
receive exemptive relief from the Securities and Exchange Commission, pursuant
to subsection 17(b) of the Investment Company Act of 1940, from certain
prohibitions set forth in subsection 17(a) of the Investment Company Act. The
Bank intends to initiate the process of obtaining such relief promptly.

         The Bank also anticipates that it will support the Fund's director
nominees and the other actions for the which the Fund seeks approval at the 2003
annual meeting, which include authorization of the issuance of preferred stock
and debt within limits established by the Investment Company Act and related
amendments to the Fund's management and investment advisory agreements.






                               Page 3 of 5 Pages

<PAGE>


         Except as set forth herein and in the Schedule 13D and amendments
thereto previously filed by the Bank, the Bank has not formulated any plans or
proposals which relate to or would result in any of the transactions described
in paragraphs (a) through (j) of Item 4.



ITEM 7.           MATERIAL TO BE FILED AS EXHIBITS.

         Exhibit A.    Letter from the Bank to the Fund





















                               Page 4 of 5 Pages


<PAGE>



                                    SIGNATURE

                  After reasonable inquiry and to the best of our knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.


Date: February 21, 2003


                                          BANKGESELLSCHAFT BERLIN AG


                                          By:         /s/ Dirk Kipp
                                              --------------------------------
                                              Name:  Dirk Kipp
                                              Title: Managing Director


                                          By:         /s/ Moritz Sell
                                              --------------------------------
                                              Name:  Moritz Sell
                                              Title: Director




















                               Page 5 of 5 Pages


<PAGE>

                                                                         ANNEX A

                                                                         ANNEX A
                                                                         -------

Unless otherwise indicated, the business address for all individuals listed in
this Annex A is Bankgesellschaft Berlin AG, Alexanderplatz 2, 10178 Berlin,
Federal Republic of Germany.

<TABLE>
<CAPTION>

                         Members of the Managing Board

NAME AND ADDRESS                                        PRINCIPAL OCCUPATION
<S>                                                     <C>
Hans-Joerg Vetter                                       Chairman of the Managing Board of Bankgesellschaft Berlin AG

Serge Demoliere                                         Member of the Managing Board of Bankgesellschaft  Berlin AG

Dr. Johannes Evers                                      Member of the Managing Board of Bankgesellschaft Berlin AG

Norbert Pawlowski                                       Member of the Managing Board of Bankgesellschaft Berlin AG

Hubert Piel                                             Member of the Managing Board of Bankgesellschaft Berlin AG

Dr. Thomas Veit                                         Member of the Managing Board of Bankgesellschaft Berlin AG

</TABLE>
















<PAGE>


<TABLE>
<CAPTION>

                  Executive Officers

NAME AND ADDRESS                                        PRINCIPAL OCCUPATION
<S>                                                     <C>
Dariush Ghassemi-Moghadam                               Managing Director of Bankgesellschaft Berlin AG
Konzernentwicklung/Zentralsekretariat/
Unternehmenskommunikation


Klaus Spicker                                           Managing Director of Bankgesellschaft Berlin AG
Recht


Jochen W. Sawahn                                        Managing Director of Bankgesellschaft Berlin AG
Personal


Ralf Wehner
(provisional by March 31, 2003)
Dr. Uwe-Jens Siegert (from April 1, 2003)               Managing Director of Bankgesellschaft Berlin AG
Bankgesellschaft Berlin AG
Revision
Hardenbergstrasse 32
D-10623 Berlin


Martin Mueller                                          Managing Director of Bankgesellschaft Berlin AG
Treasury


Dirk Kipp                                               Managing Director of Bankgesellschaft Berlin AG
Eigenhandel


Uwe Papesch                                             Managing Director of Bankgesellschaft Berlin AG
Equities


Bartho Schroeder                                        Managing Director of Bankgesellschaft Berlin AG
Business Management


Ludwig Reinhardt                                        Managing Director of Bankgesellschaft Berlin AG
Zins-/Kreditprodukte


Zoe Shaw                                                Managing Director of Bankgesellschaft Berlin AG and General
Bankgesellschaft Berlin AG                              Manager of Bankgesellschaft Berlin AG
Debt Finance                                            London Branch
London Branch
1 Crown Court
Cheapside
GB-London EC2V 6JP


<PAGE>




Frank-Michael Boenke                                    General Manager of Bankgesellschaft Berlin AG
Bankgesellschaft Berlin AG                              London Branch
London Branch
1 Crown Court
Cheapside
GB-London EC2V 6JP


Gerhard Roller                                          Managing Director of Bankgesellschaft Berlin AG
Bankgesellschaft Berlin AG
Internationales Geschaft
Hardenbergstra(beta)e 20
D-10623 Berlin


Dr. Christian Engell                                    Managing Director of Bankgesellschaft Berlin AG
Bankgesellschaft Berlin AG
Firmenkunden
Prinzregentenstrasse 25
D-10715 Berlin


Beate Brummel                                           Managing Director of Bankgesellschaft Berlin AG
Kreditbereich Kapitalmarktgeschaft


Ronald Berentin                                         Managing Director of Bankgesellschaft Berlin AG
Bankgesellschaft Berlin AG
Kredit Firmenkunden und Privatkunden
Hardenbergstrasse 21
D-10623 Berlin


















<PAGE>



Dr. Georg Reutter                                       Managing Director of Bankgesellschaft Berlin AG
Bankgesellschaft Berlin AG
Kredit Immobilien BG
Corneliusstr, 7
D-10787 Berlin


Axel Lange                                              Managing Director of Bankgesellschaft Berlin AG
Bankgesellschaft Berlin AG
Kreditbereich IBAG/IBG
Corneliusstr, 7
D-10787 Berlin


Helmut Ramthun                                          Managing Director of Bankgesellschaft Berlin AG
Bankgesellschaft Berlin AG
Compliance
Brunnenstrasse 111
D-13355 Berlin


Dr. Karl-Friedrich Hirschhaeuser                        Managing Director of Bankgesellschaft Berlin AG
Risikocontrolling


Willi Boehmer                                           Managing Director of Bankgesellschaft Berlin AG
Bankgesellschaft Berlin AG
Konzern-Finanzen
Brunnenstrasse 111
D-13355 Berlin


Dr. Christian Burmester                                 Managing Director of Bankgesellschaft Berlin AG
Bankgesellschaft Berlin AG
Kreditsekretariat
Brunnenstrasse 111
D-13355 Berlin


Siegfried Schoelper                                     Managing Director of Bankgesellschaft Berlin AG
Bankgesellschaft Berlin AG
Controlling
Brunnenstrasse 111
D-13355 Berlin











<PAGE>




Stefan Traegler                                         Managing Director of Bankgesellschaft Berlin AG
Bankgesellschaft Berlin AG
Konzern-Organisation
Brunnenstrasse 111
13355 Berlin


Michael Wenzel                                          Managing Director of Bankgesellschaft Berlin AG
Bankgesellschaft Berlin AG
Risikobetreuung
Firmenkunden u. Privatkunden
Hardenbergstrasse 32
D-10623 Berlin


Hans-Werner Wilms                                       General Manager of Bankgesellschaft Berlin Invest GmbH
Bankgesellschaft Berlin Investment GmbH
Kurfurstendamm 201
10719 Berlin


Guenter Laubner                                         General Manager of Bankgesellschaft Berlin Invest GmbH
Bankgesellschaft Berlin Investment GmbH
Kurfurstendamm 201
10719 Berlin
</TABLE>




















<PAGE>



               SHAREHOLDERS WHO MAY BE DEEMED TO CONTROL THE BANK
               --------------------------------------------------

                  The following shareholders of the Bank may be deemed to
control the Bank:


The City of Berlin

Norddeutsche Landesbank Girozentrale NORD/LB, a bank formed under the laws of
Germany, whose principal address is Georgplatz 1, D-30159, Hannover, Germany.





























</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>3
<FILENAME>file002.txt
<DESCRIPTION>LETTER FROM THE BANK TO THE FUND
<TEXT>


<PAGE>



                                   EXHIBIT A.
                                   ----------


                   [Letterhead of Bankgesellschaft Berlin AG]


                                           February 21, 2003


The Board of Directors
Aberdeen Australia Equity Fund, Inc.
Gateway Center 3
100 Mulberry Street
Newark, New Jersey 07102


Gentlemen:


         We applaud your decision, announced in the Fund's press release of
February 19, 2003, to engage in an in-kind tender offer for 40% of the Fund's
outstanding shares at a discount to the shares' net asset value of 10%. We
believe that such an offer is in the best interests of the Fund's stockholders
and intend to participate in it. As you know, in order for such participation to
be permissible, we must receive exemptive relief from the Securities and
Exchange Commission, pursuant to subsection 17(b) of the Investment Company Act
of 1940, from the prohibitions set forth in subsection 17(a) of the Investment
Company Act, and we anticipate initiating the process of obtaining such relief
in the near future. We appreciate your stated intention to coordinate the timing
of the offer to enable all stockholders to participate in it.

         In light of your decision to make the offer, we hereby withdraw our
notice, delivered to the Fund on December 20, 2002, of the nomination of an
opposing slate of directors for election at the Fund's 2003 annual meeting of
stockholders and of our intention to submit proposals at that meeting to
terminate the Fund's management and investment advisory agreements with
subsidiaries of Aberdeen Investment Management, PLC and to delete the word
"Aberdeen" from the Fund's name.

                                            Very truly yours,

                                            BANKGESELLSCHAFT BERLIN
                                            Aktiengesellschaft

                                            By:           /s/ Dirk Kipp
                                                --------------------------------
                                                Name:  Dirk Kipp
                                                       -------------------------
                                                Title: Managing Director
                                                       -------------------------

                                            By:          /s/ Moritz Sell
                                                --------------------------------
                                                Name:  Moritz Sell
                                                       -------------------------
                                                Title: Director
                                                       -------------------------






















</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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