•
liberations by the creditors or in any
respect of the debt re-scheduling propogate.
liations
in
116-
Also,
a result of BMFL pursuing its own!
BMFL has allowed the Carrian
independent line of action,
Group to show only minor indebtedness to
•
BHFL by CIL,
Us$110 million
amount, US$90
whereas in fact, the indebtedness by CIL i
exclusive of accrued interest. of this
million has between 18th October 1982 and March 1983 been
transferred from the books of CIL to CHL. The net result
is that only Metin Limited, ̈‚a subsidiary of .CIL, shows a
principal debt of US$20 million to BMFL. Therefore,
despite repeated requests by Price Waterhouse, “CIL's
Auditors, BMFL has not so far indicated the full amount of
CIL's' debt.
1
7.
The
Tan,
independent action of BMFL and
Chairman of the Carrian Group of
MI. George
Companies,
culminated in the October 4th Agreements by which, as
replacement of all securities held by BMFL, the US assets
of CIL would be charged to BMFL for all outstanding
indebtedness of CIL, CHL and their related borrowers.
The
US assets were said by Mr. Tan to be worth well over
US$600 million and, by recent valuation. made by the Bank's.
own Valuers, are worth approximately US$300 million.
8.
The October 4th Agreements envisaged the' making
of a
new loan of US$500 million upon the security of CIL'8
3
!
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