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#s, assets to ten Liberian companies.
There
companies would then on-lend the money to
Liberian
CHL CHL and
their related borrowers who, will then pay back BMFL thus
discharging
all the previous securities.
Unfortunately,
1.
sbon after the 4th October Agreements were executed and
before other related documents,
on
such as the Deed of Trust
the_Transpacific Centre and related Board Minutes and
Resolutions could be provided, Carrian #hares were
suspended and a debt re-scheduling operation had to be !
"
mounted.
9.
At the request of Mr. Tan, the implementation of
the 4th October Agreements were held in abeyance so that
he
could show that his American assets were
unencumbered
and thereby put through the debt re-scheduling operation.
As
a holding position, Mr.
Tan arranged for the deposit
with BMFL a number of title deeds of properties
in Hong
Kong owned by CIL subsidiaries and the share certificates
of various CIL and CHL subsidiaries with transfers in
blank. Meanwhile, CIL's Financial Advisers and Creditors
discussing the rescue scheme operated on the assumption
that CIL's US assets were, apart from the City of Oakland
charge, unencumbered.
་
10.
and
Therefore, should the rescue operation be agreed,
the documentation signed, it will be with the basis
that ĊIL's US assets, save for the City of Oakland debt,
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