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1
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SHUTKIN AFF
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EXTRACTED KEY WORDS
PARTNERS YORK ACCOUNTING PEAT MARWICK GUERNSEY ACCOUNTING FIRMS SEPARATE COUNTY MITCHELL EXHIBIT CHANNEL ISLANDS VICE VERSA DEFENDANT COMPLAINT ANNEXED HERETO GENERAL COUNSEL CERTIFIED PUBLIC ACCOUNTANT UNITED STATES TERRITORIES PURSUANT SEPARATE PARTNERSHIP AGREEMENTS PROFITS LOSSES ACTS DEBTS CONTROL INTERNAL AFFAIRS AFFIDAVIT TRANSCRIPT DEPOSITION |
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK
_ - - - - - - - - - - - - - - - - - - X
ALLIED INTERNATIONAL BANCORP, INC., :
Plaintiff, Index No. $ 7 - 0 = 9 '
' .
V . AFFIDAVIT
PEAT, MARWICK, MITCHELL & CO., '.
Defendant.
STATE OF NEW YORK ) : ss.:
COUNTY OF NEW YORK
2 . The Complaint in this action is annexed hereto
as Exhibit A.
3 . In my position as Associate General Counsel of
Peat Marwick US, and as a Principal ( a Partner who is not a
certified public accountant) of that Firm, I have become
familiar with the structure of Peat Marwick US and its rela-
tionship with approximately eighty other separate and individ-
ual accounting firms throughout the world that also operate
under the name "Peat, Marwick, Mitchell & CO.". These account-
ing firms include Peat Marwick Guernsey, whose offices are lo-
cated in the Channel Islands. Peat Marwick US has no offices
in the Channel Islands or anywhere else outside the United
States and its territories. Peat Marwick US and Peat Marwick
Guernsey are separate and individual partnerships of account-
ants. The two entities operate pursuant to two separate part-
nership agreements. The partners of Peat Marwick US are not
partners of Peat Marwick Guernsey and vice versa. The two
entities do not share profits or losses with each other, nor is
one responsible for the acts or debts of the other, Peat
Marwick US does not have any right to control or direct t h e
internal affairs of Peat Marwick Guernsey or vice versa.
4 . Attached to this affidavit as Exhibit B is a
true and correct copy of the transcript of the deposition of
SNIPPETS:
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2
.
REP MEM SUP MTD
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EXTRACTED KEY WORDS
COMPLAINT PURSUANT CPLR PLAINTIFF COURT PEAT MARWICK DAMAGES YORK MITCHELL SUPPORT SUBSIDIARIES GUERNSEY LAW DEFENDANT PEAT MOTION PLAINTIFF LACKS CAPACITY SUE FAILURE ALLEGE FACTS INFERENCE RECOVERABLE DAMAGES BECUASE PARTIES ABSENCE JURISDICTION LONDON INSOFAR AUDIT WORK |
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK
- - - - - - - - - - - - - - - - - - - X
ALLIED INTERNATIONAL BANCORP, INC.,
Plaintiff, : Index No. 2997/87
V,
PEAT, MARWICK, MITCHELL t CO.,
Defendant.
- - - 1 - 1 - - - - - - - - - - - - - X
REPLY MEMORANDUM OF LAW OF DEFENDANT PEAT,
MARWICK, MITCHELL & CO. IN SUPPORT OF ITS
MOTION TO DISMISS THE COMPLAINT
TABLE OF CONTENTS
Paqe
3
6
Point I - The Complaint Should Be Dismissed
Pursuant to CPLR 3211(a)(3) Because
Plaintiff Lacks Capacity To Sue ........... 6
Point I 1 - The Complaint Should Be Dismissed
Pursuant To CPLR 3211(a)(7) For
Failure To State A Cause Of Action
Because Damages Is An Essential
Element Of Each Of Plaintiff's
Claims And Plaintiff Has Failed To
Allege Facts Which Support An
Inference That It Has Sustained Any
Recoverable Damages ....................... 8
Point I 1 1 - The Complaint Should Be Dismissed
Pursuant To CPLR 3211(a)(10)
Becuase Plaintiff's Subsidiaries
Are Persons Who Should Be Parties To
The Action And The Court Should Not
Proceed In Their Absence Or, In The
Alternative, And Pursuant To CPLR
1003 And Plaintiff's Representation
That Its Subsidiaries Will Submit
To The Court's Jurisdiction, The
Court Should Direct That Allied
London And Allied Guernsey Be
Joined As P a r t y Plaintiffs ................ 14
SNIPPETS:
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4
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PLF MEM OPP MTD
|
EXTRACTED KEY WORDS
PLAINTIFF ALLIED INTERNATIONAL BANCORP DISMISS GUERNSEY DEFENDANT PEAT MOTION PARTIES SHELL GAME COURT YORK MARWICK MITCHELL MEMORANDUM LAW OPPOSITION COMPLAINT ILLUSION OPINIONS OPERATING SUBSIDIARIES SEPARATE LEGAL EXISTENCE CLASSIC SHELL GAME SHIFTING DISAPPEAR PROPER PLAINTIFF RIGHTS DUTIES LIE INFRA CONNECTION |
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK
X
ALLIED INTERNATIONAL BANCORP, INC.,
Plaintiff, Index No. 2997/87
-against-
PEAT, MARWICK, MITCHELL & CO.,
Defendant.
X
--------______-L I-----------------------
PLAINTIFF'S MEMORANDUM OF LAW
IN OPPOSITION TO
DEFENDANT'S MOTION TO DISMISS
Preliminarv Statement
Plaintiff Allied International Bancorp, Inca
submits this memorandum of law in opposition to defendant's
motion to dismiss the complaint.
Surnmarv of Peat's Arquments
Defendant Peat, Marwick, Mitchell & Co. ("Peat")
essentially makes two arguments in support of its motion to
dismiss, but fragments these two arguments into ten points in
its brief; apparently Peat's strategy is that the greater the
number of points raised, the more it will seem to the Court
that the complaint should be dismissed. Peat's two arguments
are: (1) the wrong parties have been named in this action
(Points I to V of Peat brief), and (2) plaintiff has failed
to satisfy a number of hyper-technical pleading rules (Points
VI to X of Peat brief).
The first argument is a shell game. For this
argument Peat recites the fact that plaintiff Allied
International Bancorp, Inc. ("Allied") is a holding company,
with two operating subsidiaries, Allied Bank International
SNIPPETS:
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5
.
KEAVENY AFF
|
EXTRACTED KEY WORDS
EXAMINATIONS PEAT MARWICK YORK CONSOLIDATED FINANCIAL STATEMENTS CUSTOM PRACTICE LETTERS COUNTY MITCHELL PARTNER FIELD WORK REPORTS REASON REGARD PLAINTIFF AFFIDAVIT SUPPORT MOTION DISMISS COMPLAINT ENGAGEMENT PARTNER FULLY FAMILIAR CONNECTION MANAGEMENT LETTERS WEAKNESSES INTERNAL ACCOUNTING CONTROLS MEMBERS AUDIT COMMITTEE TRANSMIT |
.. .
,SUPREME COURT OF THE STATE OF NEW Y O W
COUNTY OF NEW YORK
ALLIED INTERNATIONAL BANCORP, INC.,
Plaintiff,
V. AFFIDAVIT
PEAT, MARWICK, MITCHELL & CO.,
Defendant. I
!
X 1
- - - - - - - - - - - - - - - - - - - -
STATE OF NEW YORK : ss.:
COUNTY OF NEW YORK )
1. I am a partner of Peat, Marwick, Mitchell & Co.
(u.s.) ("Peat Marwick"), defendant in the above-captioned I
!
!
action, and I make this affidavit in support Of defendant's
motion to dismiss the Complaint.
2 . I was the engagement partner on Peat Marwick's
examinations of plaintiff's consolidated financial statements
SNIPPETS:
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6
.
DEF MEM SUP MTD
|
EXTRACTED KEY WORDS
COMPLAINT YORK PEAT MARWICK MITCHELL SUPREME COURT COUNTY ALLIED INTERNATIONAL BANCORP MEMORANDUM LAW DEFENDANT PEAT SUPPORT MOTION PLAINTIFF LACKS CAPACITY SUE |
,SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK
ALLIED INTERNATIONAL BANCORP, INC.,
Plaintiff, Index No.
V.
PEAT, MARWICK, MITCHELL & CO.,
Defendant.
- - - - - - - - - - - - - - - - - - - - X
MEMORANDUM OF LAW OF DEFENDANT PEAT,
MARWICK, MITCHELL & CO. IN SUPPORT OF
ITS MOTION TO DISMISS THE COMPLAINT
TABLE OF CONTENTS
SUMMARY OF ARGUMENT .......................................
ARGUMENT ..................................................
Point I - The Cornplaint Should Be Dismissed
Pursuant To CPLR S 3211(a)(3) Because
I
# . .
Plaintiff Lacks Capacity To Sue ............. 15
Point I1 - The Complaint Should Be Dismissed
Pursuant To CPLR S 3211(a)(7) For
Failure To State A Cause Of Action
Because Damage Is An Essential Ele-
I - ment Of Each Of Plaintiff's Claims
And The Complaint I s Devoid Of Fac-
tual Allegations Which Support An In-
ference That Plaintiff Has Been
I
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7
.
COVER SHEET
|
EXTRACTED KEY WORDS
PLAINTIFF PROVISIONAL REMEDY ADVQNCE |
.
- . 46-3004R-200M-83
COUNTY CLERK, NEW YORK COUNTY
I
INDEX NUMBER
Application for INDEX NUMBER pursuant to Section qOl,g,
C.P.L.R. ,
' ,
, i ,
FEE $35.00
Spaces below to be TYPED or PRINTED by applicant
Do not write in this space
TITLE OF ACTION OR PROCEEDING
CHE.CK ONE
CONSUMER
CREDIT
TRANSACTION
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8
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COMLAINT
|
EXTRACTED KEY WORDS
YORK PEAT HEREINAFTER ABIGL FINANCIAL STATEMENTS AUDIT EXAMINATIONS SUBSIDIARIES BANK LONDON ALLIED INTERNATIONAL BANCORP REPORTS CONSOLIDATED FINANCIAL STATEMENTS SEPARAT AFORESAID AUDITS LAWS UNITED STATES PRINCIPAL OFFICES FINAN CIA1 STATEMENTS LONDON BRANCH AUDIT WORK ALLIED LONC CHANNEL ISLANDS HEREINAFTER ILPEAT FRAUDULENT MISRR OMISSIONS NEGLIGENCE BREACH AGREEMENTS CONNECTION |
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK
Index No.
C O M P U I N T
Plaintiff Allied International Bancorp, I n c . , bq
attorneys Shea & Gould, for its complaint herein alleges c
information and belief (except as to 17 1-3, 13-15, 21, 22
24- 26) as follows:
PARTIES
1. P l a i n t i f f Allied International Bancorp, InC.
(hereinafter lgAllied f@) i s a Delaware corporation, with p r i l
o f f i c e s in New York C i t y .
2 - Defendant Peat Marwick Mitchell & CO. (hereir
" Peat " ) is a partnership of certified public accountants, h
an office where it regularly conducts busines's at 3 4 5 Park
nue, New York, New York.
BACKGROUND
3. Allied engaged Peat as its outqide auditor, a:
that capacity Peat conducted audit examinations of the consc
dated f i n a n c i a l sta.tements of Allied and its subsidiaries
.1- Y
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9
.
ANSWER
|
EXTRACTED KEY WORDS
ADMITS PARAGRAPH PEAT MARWICK DEFENDANT YORK MITCHELL TRUTH DENIES ALLIED BANK FINANCIAL STATEMENTS ALLIED INTERNATIONAL BANCORP PLAINTIFFS PRIOR SUBSIDIARIES AUDIT LONDON SEPARATE EXAMINATIONS ATTORNEYS CAHILL GORDON PARTNERSHIP CERTIFIED PUBLIC ACCOUNTANTS BUSINESS PARK AVENUE EXISTED PRIOR GUERNSEY AUDIT WORK CONSOLIDATED FINANCIAL STATEMENTS ABIGL ENGAGEMENT |
SUPREME COUH'? GF" THE STATE 'OF NEW YORK
COUNTY OF NEW "%RK
- - - - - . "
- - - - - - - - - - - -
I - x
ALLIED INTERNATIONAL BANCORP, INC.,
et al., Index No. 02996/87
Plaintiffs,
: ANSWER TO
-aqainst- AMENDED' COMPLAINT
PEAT, MARWICK, MITCHELL & CO.,
Defendant.
- - - - - - - - - - - X
Defendant Peat Marwick Main & co . (sued her'&in' "as
peat, Marwick, Mitchell & Co.) by its attorneys Cahill Gordon &
Reindel (a partnership including professional corporations) I
answers plaintiffs' Amended Complaint as follows:
1. Admits on information and belief the truth of
t h e allegations contained i n paragraph 1 of the Amended Com-
plaint.
2. Admits on information and belief the truth of
the allegations contained in paragraph 2 of the Amended Com-
plaint.
3. Admits on information and belief the truth of
t h e alleydtions contained in paragraph 3 of the Amended
Complaint.
-2-
4 . Admits that Peat Marwick Main & Co. (sued herein
as Peat Marwick Mitchell & C,o.) is a partnership of certified
public accountants, having an office where it regularly con-
ducts business at 345 Park Avenue, New York, New York.
5. Admits the allegations contained in paragraph 5
of the Amended Complaint, except denies that Allied Interna-
tional Bancorp, Inc. ("Allied") existed prior to September 30,
SNIPPETS:
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10
.
NARDELLI STATEMENT
|
EXTRACTED KEY WORDS
PARTNERSHIP FINANCIAL STATEMENTS PEAT PLAINTIFF ALLIED BANK LONDON LETTERS DEFENDANT MARWICK CHANNEL ISLANDS CONSOLIDATED FINANCIAL STATEMENTS REPORTS AFORESAID AUDITS LAWS PRINCIPAL OFFICES ENGAGEMENT SUBSIDIARIES ALLEGES REFERS COMPLAINT ALLEGES SUBMITTED REPORTS MISREPRESENTATIONS OMISSION NEGLIGENCE BREACH AGREEMENTS CONNECTION LONDON OFFLCE HEREINAFTER PEAT LONDON |
PEAT, MARWICK, MITCHELL & C 0 . 9
Defendant.
Plaintiff Allied International Bancorp, Inc.
(herein fter called plaintiff or Allied) is a bank holding
,,7
company organized under the laws of Delaware, with its
principal place of business in New York. It owns all t h e
stock of Allied Bank International (Allied Bank) a federally
chartered corporation with i t s principal offices in New York
and a representative office (formerly a branch office) in
London and of Allied International Guernsey Ltd. (Allied
Guernsey) a corporation organized under the laws of
Guernsey, with its principal offices in the Channel Islands.
Defendant Peat, Marwick, Mitchell & Co.
(hereinafter called defendant or Peat Marwick U . S . ) is a
partnership doing business in New York. Peat Marwick
Guernsey is a partnership doing business in the Channel
Islands. The two partnerships have no common partners and
act independently.
In engagement letters dated January 2 5 , 1982,
March 3 , 1983, and January 3 0 , 1984, defendant undertook to
examine the consolidated financial statements of plaintiff
and to review Allied's quarterly statements for the years
SNIPPETS:
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11
.
ORDER W NOT OF SETTLEMENT
|
EXTRACTED KEY WORDS
COURT INTERNATIONAL BANCORP DEFENDANT SWORN ALLIED INTERNATIONAL BANCORP PEAT MARWICK MITCHELL JUSTICE PLAINTIFF AFFIDAVITS SHEA GOULD ATTORNEYS MADISON AVENUE DISMISS READING FILING THOMAS MICHAEL WILSON JOHN SHUTKIN ESQ EXHIBITS THERETO SUPPORT ANSWERING AFFIDAVIT JEFFREY JAEQEL |
c V
SUPREME COURT : NEW YORK COUNTY
I.A.S. PART 2
- - - _ - - - - - - - - - - - - - - - - x
ALLIED INTERNATIONAL BANCORP, INC.,
Plaintiff, ORDER WITH NOTICE
- OF SETTLEMENT
against - Index No. 2996/87
PEAT, MARWICK, MITCHELL
Defendant.
- - - - - - - - - - - - - - - - - - - - x
S I R S :
PLEASE TAKE NOTICE, that annexed hereto is
a true copy of an Order which will be presented to
the Hon. Eugene L. Nardelli, a Justice of this Court,
on September 22, 1988 for settlement and signature.
D a d : New York, New York
September 14, 1988
CAHILL GORDON & REINDEL
(a partnership including
professional corporations)
Attorney for Defendant
Peat Marwick Main & Co.
(sued herein as Peat,
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12
.
COUNTER ORDER W NOT OFSET
|
EXTRACTED KEY WORDS
SWORN COURT HON EUGENE NARDELLI DEFENDANT AFFIDAVITS REINDEL ATTORNEY DEFENDANT PEAT MARWICK PEAT MARWICK MITCHELL ALLIED INTERNATIONAL BANCORP DISMISS READING FILING MOTION THOMAS KEAVENEY MICHAEL WILSON JOHN SHUTKIN ESQ EXHIBITS THERETO SUPPORT ANSWERING AFFIDAVIT JEFFREY JAEGEL DECISIOL |
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK
COUNTER-ORDER WITH
Index No. 2996/87
S I R S :
PLEASE TAKE NOTICE, that annexed hereto is a true COPY
a Counter-Order which will be presented to the Hon. Eugene L.
Nardelli, a Justice of this Court, on September 22, 1988 f o r
settlement and signature. -
*,
Dated: New York, New York
September 16, 1988
SHEA & GOULD
Attorneys f o r Plaintiff
1251 Avenue of the Americas
New York, New York 10020
(212) 827-3000
TO : CAHILL GORDON & REINDEL
Attorney f o r Defendant
Peat Marwick Mitchell & Co.
O f f i c e & P.O. Address:
80 Pine Street
New York, New York 10005
(212) 701-3000
At I.A.S. Part 2 of the
Supreme Court of the
State of New York,
held in and for the
County of New York, at
the Courthouse thereof
60 Centre Street, New
SNIPPETS:
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13
.
WILSON AFF
|
EXTRACTED KEY WORDS
STATUTORY CONNECTION GUERNSEY APPOINT AUDITS MEETING HEMIN GUERNSEY APPOINTED SND ENGSGED PEAT MARWICK UNDERTAKE MPARATO FINANCIAL STATEMENTS ENDED MCSRABER ACCORDANCE COMPANIES GUCRNAEY LAW PZOVIDES CORNPSNP ANNUAL GENERAL MEETING AUDITOR SUDITORA ANNUAL GENEFAL MEETING COMPANIES GUERNIRY LEV SNNEXED HERETO LXHIBIT DEFENDANT PARTY ENGAQE MENT PEFMDANT AFORESAID RTATUTORY EXAMINSTIMA SEPARATE FINANCIAL ATRTERNSNTA |
-2-
partpet on Peat Matwick Guernsey's statutory audita of Allied
Guernsey's repafate financial 8tatsmcnts for the years rnded
December 31, 1983 and Decdmber 31, 1984. Mr. Mafhedon eon-
sulted me on numerous oeceaions ha connection with the ditatu -
tory erarainations for the years.endeb December 31, 1383 and
,*- . Pacomber 31, 1984, In light of the foregoing, 1 m fully
(.
familiar with the facts set forth hemin.
3, Allied Guernsey appointed snd engsged Peat
Marwick Guernsey to undertake the statutory audits of Allfed
Guernsey's mparato financial statements for the years ended
mcsraber 31, 1981, 1982, 1983 and 5984 in accordance with
section 53 of the Companies Gucrnaey Law 1908 t o 1973 which
pzovides that [*]very cornpsnp shall a t each annual general
meeting appoint an auditor or suditora t o hold office until the
next annual genefal meeting" ( a copy of S 53 of the Companies
Guerniry Lev 1908 t o 1973 is snnexed hereto aa lxhibit A).
4, Defendant warn net a party to any of the engaqe -
ment apr~ementr.
3 , Pefmdant did not g s r f o m any audit groceduren
i n connection with the aforesaid rtatutory examinstima o f
~ l l f t ~~du i m r e y lr separate financial atrternsnta,
SNIPPETS:
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14
.
JAEGEL AFF
|
EXTRACTED KEY WORDS
YORK VICE PRESIDENT PRINCIPAL OFFICES ANNUAL REPORTS GUERNSEY AUDITOR HERETO EXHIBIT HOLDING COMPANY LAWS FOREIGN BANKING COMMERCE SUBSIDIARIES IIPEAT COMPLAINT ANNEXED HERETO DELAWARE BUSINESS PROVISIONS EDGE ACT OUTSTANDING STOCK TWELVC UNITED STATES ASSETS WHOLLY-OWNED BANKS OPERATING FEDERALLY-CHARTERED EDGE BAILIWICK CHANNE ISLANDS TLALLIED-GUERNSEYFF |
SUPREME COURT OF TYE STATE OF NEW 'YORK
. .
COUNTY OF NEW YORK
-- -------- ------- -------- -------
1 ALLIED INTERNATIONAL BANCORP, INC., 3
r -----
--X
-against- Plaintiff, b
Index No. 29&87
Defendant.
----------- ------- ------ ---------
------- X
STATE OF NEW YORK )
: ss.:
1 ,
, COUNTY OF NEW YORK)
2. In addition to my duties as Vice President of
Allied, from July 1977 to March 1983, I served as Assistant Vice
President and Auditor of Allied Bank International. From March
1983 to October 1986, I served as Vice President and,Controller
of Allied Bank International. From . ,
October 26, 1986 to the
present, I have served as Senior Vice President of Allied Bank
International. As a result of these positions, I am familiar
with the work of Peat, Marwick, Mitchell .& Co. (IIPeat ") 'as
outside auditor of Allied and its subsidi&ies.
3 . As s e t forth in the complaint in this action, a
copy of which is annexed hereto as Exhibit A, Allied, is a bank
holding company, organized and existing under the laws of the
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15
.
AUDIT APPROACH
|
EXTRACTED KEY WORDS
REVIEW ACCOUNTING EXAMINATION CONTROL EMPHASIS COMPUTER AUDIT SOFTWARE BANCORP INCOME PLANNING UPDATING COMPLIANCE TESTING EMPLOYEES JOHN WHITSIRT CMPANY ACCORDANCE PURPOSE OPINION INTERIM ECONOMY BANKHG INDUSTRY CURITROL AFOREMENTIONED AREAS YEAREND PRIVATE AUDIT COMMITTEE YORK ORK RELATED STATEMENTS |
P .
..
I Peat,Marwick,Mitchell&Co.
PRIVATE
Mr. John C. Whitsirt
C h a i r m a n , Audit Committee
A l l i e d I n t e r n a t i o n a l Bancorp, Inc.
New York, New Y ork
Dear Mr. Whitsitt:
' As requested, we are pleased t o submit our proposal f o r an examination of the
consolidated f i n a n c i a l s t a t e m e n t s of A l l i e d I n t e r n a t i o n a
s u b s i d i a r i e s (Cmpany) .
We propose t o examine t h e consolidated statement of condition of t h e Company
as of December 31, 1982 , and the related statements of income, changes i n
s t o c k h o l d e r s ' e q u i t y , and changes in f i n a n c i a l p o s i t i o n
Our examination will be made in accordance with g e n e r a l l y accepted a u d i t i n g
s t a n d a r d s , and accordingly w i l l j a c l u d e such tests of the accounting r
and such o t h e r a u d i t i n g procedures as we deem necessary and a p p r o p r i
purpose of e x p r e s s i n g our opinion on t h e consolidated f i n a n c i a l s t a
AUDIT APPROACH
Our approach t o the examination will c o n s i s t of planning a d interim and
year -end examinations, all of which are necessary .in order t o express our
opinion on the consolidated f i n a n c i a l statements of t h e Company.
I n i t i a l planning will begin i n May 1982, and will involve the coordination of
worldwide a u d i t a c t i v i t i e s . We w i l l confer with a p p r o p r i a t e
review i n t e r i m f i n a n c i a l 5nformati.m 2nd discuss m m a g a e n t . p l a n 5
tions f o r t h e purpose of updating our base of h o w l e d g e of t h e
ing areas of a u d i t emphasis and unusual accounting matters, and e s r a b l i s h i
audit objectives and r e p o r t i n g t i m e t a b l e s f o r our i n t e r n a t i o n
In plhnning our audit a c t i v i t i e s on an i n t e r n a t i o n a l basis, we vill-
p a r t i c u l a r a t t e n t i o q t o r e q u i r e d a u d i t procedures necessary
a position to i s s u e s e p a r a t e independent accountants' reports on each of the
Company's subsidiaries o p e r a t i n g i n Guernsey, Nassau and Bong Kmg.
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