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TO:
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CHIEF EXECUTIVE OFFICER AND COMPLIANCE
OFFICER
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SUBJECT:
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Fraudulent Financial Instruments
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On June 11, 1998, the Federal Deposit Insurance Corporation (FDIC) issued FIL-65-98
about Letter of Guarantee instruments aggregating $130 million (U.S.) issued by the
Government of Grenada, W. I. The authenticity of the instruments was questioned. The
Office of the Comptroller of the Currency (OCC) has recently advised us that the
government of Grenada issued a July 22, 1998, notice indicating that certain Letter
of Guarantee instruments have been cancelled and the associated Loan Agreement has
been terminated. Copies of a Letter of Guarantee instrument and the Cancellation of
Guarantees are attached.
The OCC also has advised us that Guarantee Instruments and Promissory Notes
allegedly issued by the Mpumalanga Parks Board, Province of Mpumalanga,
Republic of South Africa, may be in circulation. The Exchange Control
Department of the South African Reserve Bank has advised that the
unauthorized instruments were not validly issued and do not represent legal
obligations of the Mpumalanga Parks Board. Copies of these instruments are
attached.
Any information concerning these instruments may be forwarded to the
FDIC's Special Activities Section, 550 17th Street, NW, Room F-6012,
Washington, DC 20429.
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Nicholas J.
Ketcha Jr.
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Director
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Attachments: No electronic versions
available.
Distribution: Distribution:
FDIC-Supervised Banks (Commercial
and Savings)
NOTE: Paper copies
of FDIC financial
institution letters may be
obtained through the FDIC's
Public
Information Center, 801 17th
Street, NW, Room 100,
Washington, DC
20434 (800-276-6003 or (703)
562-2200).
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