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Enron Mail |
Jae-Moo
Thanks for the information, but would appreciate if you would direct your communication with Kim & Chang through me. Regards Matt ---------------------- Forwarded by Matthias Lee/SIN/ECT on 07/24/2000 03:40 PM --------------------------- Jae-Moo Lee@ENRON 07/24/2000 09:55 AM To: "skhong (Suhn-Kyoung Hong)" <skhong@kimchang.com< cc: matthias.lee@enron.com, Michelle Lee/Corp/Enron@Enron, Mike Dahlke/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT Subject: Re: OTC commodity derivative Dear Ms. Hong, Thank you very much for the information. I had a chance to talk to Hyundai Oil regarding the report requirement issue as well as other business issues. According to Hyundai Oil, they always put 2 to 4 deals together, days or sometimes weeks after the deals have been made, each time they file a report to BOK. Such ex post facto package report is acceptable to BOK as far as the deals do not fall into one of the 2 categories specified in the FX Transaction Regulation (deals with option premium higher than 20% or deals with room for illegality). In fact, the number of oil paper transactions that Hyundai Oil has done is more than 20, and Hyundai Oil did not have any problems getting the reports filed with the BOK. It sometimes took 1 week and sometimes 2 to 3 days, and Hyundai Oil did not really care how long it would take because both Hyundai and the BOK understood that the reports were (or had to be) a formality to be made for the deals already done. Other companies including SK Corp., Samsung and LG that we contacted use their Singapore branch as a vehicle for legal documentation (although Seoul HQ makes decision) and do not have to file such reports. The reason for using their Singapore branches is not the report requirement hassle but their strategic and organizational issues, they said. Regards, Jae-Moo "skhong (Suhn-Kyoung Hong)" <skhong@kimchang.com< on 07/21/2000 06:10:39 PM To: <jlee5@enron.com<, <Matthias.lee@enron.com< cc: Subject: OTC commodity derivative We contacted the responsible officers of the BOK and confirmed that the BOK received 7 or 8 reports since April last year (when the rules changed) regarding OTC commodity derivative transactions and all of them were filed by Hyundai Oil Refinery in connection with oil derivatives. It appears those reports were accepted by the BOK. The review and processing of the reports would generally take 1 or 2 weeks. Regards, ------------------------------------------------------------- E-Mail : lawkim@kimchang.com Tel. : +822-3703-1114 Fax : +822-737-9091 Address : Seyang Building, 223 Naeja-Dong, Chongro-Ku, Seoul, Korea 110-720 This e-mail is intended for the exclusive use of the individual or entity named above and may constitute information that is privileged or confidential or otherwise protected from disclosure. Dissemination, distribution, forwarding or copying of this e-mail by anyone other than the intended recipient is prohibited. If you have received this e-mail in error, please notify us immediately by telephone or e-mail and completely delete or destroy any and all electronic or other copies of the original message. -------------------------------------------------------------
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