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Strategies & Market Trends : HONG KONG

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To: current trend who wrote (1058)	1/12/1998 12:09:00 AM
From: ----------	Read Replies (4) of 2951

UGH! Hang Seng hammered. All over Peregrine investments going belly up. I read an article in the SOuth China Morning Post. I have not seen anything like it since the S&L debacle of the mid 1980's. Seems Peregrine gave some Indonesian taxicab company an UNsecured loan of $323million. That was about 1/3 of Perrigrine's capital. Guess what? Somebody figured out there isn't that much taxi business in Indonesia. The Hong Kong Securities Commission moved in quickly to prevent Perregrine from liquidating assets to protect whatever was left for shareholders. However, the last thing the HK/China markets needed right now was another financial debacle. Doug

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