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was engaged in the banking business in California.7 During those
years, Standard Chartered Bank HK and Standard Chartered Bank,
Singapore, were affiliates of Union Bank that were engaged in the
banking business in Hong Kong and Singapore, respectively.
Petitioner, Radcliffe, and BOT began dealing with Union Bank
and/or its branches or predecessors in San Francisco in 1979.
S.C. Gaw began dealing with Union Bank and/or its branches or
predecessors in San Francisco no later than 1979. Prior to the
years at issue, S.C. Gaw, and prior to and during those years,
petitioner were valued clients of Standard Chartered Bank HK.
During relevant periods, Pioneer and at least certain of its
subsidiaries, including its wholly owned subsidiaries Multi-
Credit and Mandalay, were valued clients of Standard Chartered
Bank PLC and certain of its subsidiary banks including Standard
Chartered Bank HK. No later than the years at issue, certain of
the foreign corporations that pledged cash collateral in one or
more of the transactions at issue in which Union Bank and its
affiliates Standard Chartered Bank HK and/or Standard Chartered
Bank, Singapore, were involved (viz., Merit, Forward, and
Pempire) maintained at least one account with one or more of
those banks.
Union Bank and its affiliates Standard Chartered Bank HK and
Standard Chartered Bank, Singapore, desired to accommodate, and
7 Although not altogether clear from the record, it appears that
prior to the years at issue Standard Chartered Bank PLC and/or a
predecessor had been known as the Chartered Bank.
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