- 30 -
into one certificate of deposit in the amount of $2,025,000
(Double Wealth $2,025,000 CD) that was issued in the name of
Double Wealth and that matured on September 12, 1986, the same
date on which BB $2,025,000 Loan No. 2 as renewed was due.
During the period June 11, 1986, until September 12, 1986,
the interest rate on BB $2,025,000 Loan No. 2 was set at .5
percent above the interest rate on the Double Wealth $2,025,000
CD. The interest rate on BB $2,025,000 Loan No. 2 as renewed was
7 percent, and the interest rate on the Double Wealth $2,025,000
CD was 6.5 percent. Interest on that loan was paid on July 14,
1986, August 15, 1986, and September 12, 1986.
From the time the Double Wealth $2,025,000 CD was issued on
June 11, 1986, until September 12, 1986, when its proceeds were
used to repay BB $2,025,000 Loan No. 2 as renewed, Bangkok Bank
LA branch blocked the deposit represented thereby so that it
could not be withdrawn by Double Wealth. Pursuant to the May 26,
1986 and June 9, 1986 instructions, on July 14, 1986, and August
12, 1986, Bangkok Bank LA branch remitted the interest payable on
the Double Wealth $2,025,000 CD to the account of Vidda in
Standard Chartered Bank HK.
Pursuant to the instructions of Ms. Gaw, on September 12,
1986, BB $2,025,000 Loan No. 2 as renewed was repaid with the
proceeds represented by the Double Wealth $2,025,000 CD. Ms. Gaw
directed that the interest payable on that certificate of deposit
Page: Previous 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 NextLast modified: May 25, 2011