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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: peter michaelson who wrote (6245)	9/7/1998 11:30:00 PM
From: B Tate	Read Replies (1) \| Respond to of 9980

Peter From what I'm hearing most of the offshore Ringgit will probably stay there. Not a lot of folks want to disclose what they have offshore or how they got it there to begin with. Say nothing of how they "earned" it. Most of it has already been converted to USD, real estate and other tangibles. A Singapore bank faxed a friend who has a Ringgit account there on Wednesday last week. Offered to exchange the Ringgit to USD at 4 instantaneously, just sign the fax and return (USD55K). You may recall recently a local politico was caught leaving Australia with some ungodly amount of Ringgit in cash in his briefcase. To my knowledge he is now the subject of an investigation about how he accumulated such cash to begin with. Funny story that Stitch can better relate than I but his excuse was that his brother or some other fallguy didn't tell him it was illegal to carry $MMM in cash across international borders. ;-) Got let off in Australia by a technicality as I recall, but had to come back to Malaysia to answer the more delicate questions. rgds bt