CONFIDENTIAL
2
(c)
(d)
(e)
In an opinion received by the BMFL about the status of "various types of securities held by it in respect of loans made to Carrian Investments Ltd. ("CIL") and its subsidiaries, Carrian Holdings Ltd. ("CHL") and its subsidiaries, and other corporate bodies introduced by the Carrian Group" as at 30th April, 1983, the securities are listed and divided into 5 categories, viz. (i) legal charges
(ii) title deeds deposited between February and March, 1983 by CIL and CHL, (iii) share certificateş which CHL and CIL "procured the deposit" as well as transfers in blank between February and March, 1983. in companies which appear to be property holding subsidiaries of CHL, and CIL, e.g. Balachey Estates Ltd., (iv) personal guarantees of George Tan Soon Gin, (v) deed of charge over US property owning companies. Clearly the position may well have changed since 30th April, but I must presume that the same list and with any subsequent changes will be known to the Chairman of the Board of the Company.
There is a "Letter of Guarantee for Carrian Group of Companies" dated 18th August, 1982, signed by Mr. Tan. Again the status of this letter may well have changed but Mr. Tan and the Board should be able to clarify the existing position.
There is a document which suggests that the debt position as recorded at 31st December, 1982, i.e. before any movement of recorded debt between companies was reported to the Malaysian Banking authorities.
I have made you aware of the interim results of the Inspectors' inquiries. The complete compilation and verifica- tion of documents may well change the apparent inferences which might be drawn at this interim stage. With these qualifications, however, as time is of the essence, I hereby authorise you to pass to the Company' those interim findings. Responsibility for stating debts owed to them rests with BMFL and I am in no way seeking either to state the true and existing position or to interfere in the normal relationship between BMFL and its clients. My action is taken in the general interests on the facts as seen to me at the present time.
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Yours faithfully,
(Robert Foll)