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The interest rate on the UB $800,000 Radcliffe renewed loan was
set at Union Bank's LIBOR plus 1.5 percent and was payable by
Radcliffe on the 10th of each month. The percentage interest
rate on the UB $800,000 Radcliffe renewed loan was 10.14 percent.
Interest on that loan was paid on or about June 30, 1986, and
July 23, 1986.
During the period in which the Multi-Credit $800,000 deposit
was in Standard Chartered Bank, Singapore, it was used to pur-
chase fixed time deposits in that bank, as follows:
Interest Rate
Term of Fixed Time Deposits on Fixed Time Deposits
Mar. 6, 1986, until Apr. 7, 1986 7.6875
Apr. 7, 1986, until May 8, 1986 7.7 to 6.7
May 8, 1986, until June 9, 1986 6.6875
June 11, 1986,* until July 10, 1986 6.8750
*On June 10, 1986, the Multi-Credit $800,000 deposit was main-
tained in a call deposit account with respect to which $145.33 of
interest was paid.
The interest on each of the foregoing $800,000 fixed time
deposits was payable on its maturity date. None of the interest
payable on any of those fixed time deposits was included in the
amount used to purchase the succeeding fixed time deposit. The
interest payable on one of those fixed time deposits was credited
to an account in the name of Pioneer.
On July 23, 1986, approximately two weeks after it was due,
the renewal of the UB $800,000 Radcliffe loan was repaid with
(1) $200,000 that had been wired to Union Bank from Standard
Chartered Bank HK on or about July 10, 1986, and (2) $600,000
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