- 34 -
that certificate of deposit to that account.
Pursuant to the instructions of Ms. Gaw, BB Loan No. 3 was
repaid on September 12, 1986, with the proceeds represented by
the Double Wealth $1,000,000 CD. Ms. Gaw directed that the
interest payable on that certificate of deposit as of September
12, 1986, be transferred to Bangkok Bank HK branch for the
account of Double Wealth. Interest on that certificate of
deposit was paid on September 12, 1986.
III. Transactions Involving Union Bank
A. UB $570,000 Pre-March 1984 Loan
and UB $570,000 Renewed Loan
In or about February 1979, Union Bank funded a loan of
$570,000 to BOT (UB $570,000 pre-March 1984 loan). The UB
$570,000 pre-March 1984 loan was periodically renewed and was
still outstanding in March 1984. From the time it was funded in
1979 until March 1984, the UB $570,000 pre-March 1984 loan was
secured by $570,000 of a Eurodollar deposit in the name of Merit
(Merit $570,000 deposit) in Standard Chartered Bank HK.21
21 Although the parties do not make it altogether clear that the
interest paid by BOT to Union Bank during 1984 with respect to
the UB $570,000 pre-March 1984 loan while it was secured by the
Merit $570,000 deposit is at issue in these cases, it appears,
and we assume, that that interest was included in respondent's
determinations. The parties make general and sweeping conten-
tions with respect to the transactions at issue involving Union
Bank and the foreign corporations that pledged cash collateral in
those transactions, and we construe their contentions to include
the UB $570,000 pre-March 1984 loan and Merit, unless they refer
to a specific transaction or foreign corporation other than
(continued...)
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