- 48 -
that had been wired to Union Bank from Bangkok Bank Ltd.34 on or
about July 23, 1986. When that loan was repaid, Union Bank
released its lien on the Multi-Credit $800,000 deposit in Stan-
dard Chartered Bank, Singapore. (Hereinafter, the original UB
$800,000 Radcliffe loan and the renewal of that loan will be
referred to collectively as the UB $800,000 Radcliffe loan.)
D. UB $1,300,000 Loan
On March 20, 1984, Union Bank funded a $1,300,000 loan to
Radcliffe (original UB $1,300,000 loan) that was due on July 16,
1984. To document the original UB $1,300,000 loan, petitioner
and Ms. Gaw signed on behalf of Radcliffe a promissory note that
was made payable to Union Bank and that was in the same amount as
that loan. Pursuant to instructions, dated March 14, 1984, from
petitioner and Ms. Gaw on behalf of Radcliffe, the proceeds of
the original UB $1,300,000 loan were used to acquire from Union
Bank on March 20, 1984, a certificate of deposit that was issued
in the name of Pioneer (Pioneer $1,300,000 CD).
Pursuant to a decision on March 14, 1984, of the board of
directors of Pioneer, of which petitioner was managing director
and chairman and Ms. Gaw was a director, the Pioneer $1,300,000
CD was pledged as security for the original UB $1,300,000 loan.
That certificate of deposit was issued on March 20, 1984, the
34 The record is not clear as to whether those funds were wired
from Bangkok Bank Ltd. headquarters, the Hong Kong branch of that
bank, or another branch of that bank.
Page: Previous 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 NextLast modified: May 25, 2011