Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: Tim Luke who wrote (59715)	9/14/1999 11:53:00 PM
From: kathyh	Read Replies (1) \| Respond to of 90042

suit filed against mer... Tuesday September 14, 8:03 pm Eastern Time Malaysian investor sues Merrill Lynch over disclosure NEW YORK, Sept 14 (Reuters) - A Malaysian investor who said he was unwittingly ensnared in the 1994 Rakyat Bank scandal sued Merrill Lynch and Co Inc.(NYSE:MER - news) for $140 million on Tuesday, claiming Merrill employees improperly revealed his name to Singapore authorities. Maung Ng We and his Cayman Islands-based Massive Atlantic Limited Co., in a lawsuit filed in U.S. District Court in Manhattan, said he had been assured of ''absolute confidentiality'' when he opened a $50 million investment trust with Merrill Lynch Investment Bank Ltd, a London unit of the U.S. investment bank. In the lawsuit, Maung claimed he had purchased a controlling interest in a Malaysian public company, Khong Guan Holdings Berhad , and two other public companies and then sold the investments to the now-defunct Rakyat Merchant Bankers Berhad for a total profit of US$125 million. However, Rakyat was taken over by Bank Negara Malaysia, the Malaysian Central Bank, in early 1994 when Bank Negara uncovered financial improprieties at Rakyat. Maung claimed that Singapore officials believed anyone involved with the sale of investments to Rakyat was ''dirty'' and traced the holdings he sold to Rakyat to Merrill Lynch Investment Bank. Employees of the Merrill's London unit then revealed his name to Singapore's Ministry of Finance, he said. Within an hour, Maung said in the lawsuit, he was picked up and interrogated for a week in Singapore, his passport was seized, and he was ultimately forced to ''return'' $44 million in shares of the companies he had sold to Rakyat to buy his escape from Singapore. Merrill Lynch is not accused of any financial misdeeds in the suit. But Maung is seeking recovery of the $44 million plus interest that he said he was compelled to forfeit, and punitive damages against Merrill of $100 million for emotional suffering. A Merrill spokesman said the company believes the action has no merit and that any actions it took in regard to Maung were ''pursuant to applicable law and legal process in Singapore.'' Maung's attorney was not immediately available for comment. -------------------------------------------------------------------------------- More Quotes and News: Merrill Lynch & Co Inc (NYSE:MER - news) Related News Categories: US Market News -------------------------------------------------------------------------------- Help

To: Tim Luke who wrote (59715)	9/14/1999 11:57:00 PM
From: R.E.B.	Read Replies (1) \| Respond to of 90042

A little suggestion to the PIOS shorts.... I think they should all cover tomorrow.... all 4.2 million of them. That should take us from $15 to about $80... LOL