- 16 - 30, 1993 letter, Royal Bank deposited that check into peti- tioner’s Royal Bank account. On July 2, 1993, Royal Bank received a letter (July 2, 1993 letter) from Mr. Neumann. The July 2, 1993 letter stated in pertinent part: Would you please accomplish the following on behalf of InterTAN Inc. [petitioner] and its wholly owned subsid- iary InterTAN Canada Ltd. [ITC]: 1. The enclosed cheque in the amount of US$20,000,000.00 drawn on InterTAN Inc. account number 302-0402-4 [petitioner’s Royal Bank ac- count] is to be deposited in InterTAN Canada Ltd. account number 302-8529-6 as a loan from InterTAN Inc. to InterTAN Canada Ltd. 2. Withdraw the sum of US$20,000,000.00 from the account of InterTAN Canada Ltd. account number 302-8529-6 to satisfy an overdraft owing to Royal Bank by InterTAN Canada Ltd. On July 2, 1993, pursuant to the July 2, 1993 letter, the following actions occurred: 4. The check enclosed with the July 2, 1993 letter that was drawn upon petitioner’s Royal Bank account at Royal Bank and payable to ITC in the amount of $20 million was presented to Royal Bank. Pursuant to the July 2, 1993 letter, Royal Bank deposited that check into ITC’s Royal Bank account. 5. Royal Bank debited ITC’s Royal Bank account in the amount of $20 million, which ITC had received from petitioner on July 2, 1993, as described above as action 4, in order to satisfy ITC’s overdraft.Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Next
Last modified: May 25, 2011