- 14 -
percent of the equity of Bangkok Bank Ltd., or a total of 3.2
percent of that equity and (2) the cost of that total equity in-
vestment by Pioneer and its subsidiaries was in excess of 10 per-
cent of Pioneer's net assets. The annual report of Pioneer for
its fiscal year ended March 31, 1986, indicated that (1) the ef-
fective percentage of the equity of Bangkok Bank Ltd. held (a) by
Pioneer and (b) by its subsidiaries and corporations in which it
owned 20 to 50 percent of the stock (associated corporations) was
1.44 percent and 3.02 percent, respectively, or a total of 4.46
percent and (2) the cost of that total equity investment (a) by
Pioneer and (b) by its subsidiaries and associated corporations
exceeded 10 percent of the net assets of those companies.
A record of Union Bank, dated July 10, 1984, indicated that
in 1984 petitioner was both a 10-percent shareholder of Bangkok
Bank Ltd. and a member of Bangkok Bank Ltd.'s Advisory Board.
Bangkok Bank Ltd. and its Los Angeles and Hong Kong branches
desired to accommodate, and were susceptible to influence by,
petitioner, Mme. Koo, Radcliffe, Pioneer and its wholly owned
subsidiaries Multi-Credit and Mandalay, Intercontinental,
Traveluck, and Double Wealth.
E. Union Bank and Certain of Its Affiliates
During the years at issue, Union Bank, a wholly owned U.S.
subsidiary of Standard Chartered Bank PLC, a London-based bank,
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