THE SHAKE-OUT AT REDEC
Somewhere off the south of France in early 1986 French officials seized a freighter belonging to Saudi Research and Development Corporation (Redec). The ship was one of nine owned by Redec but it had been mortgaged to Wardley Limited, a subsidiary of the Hongkong and Shanghai Banking Corporation.
Wardley was worried. Redec owed the company SR34.5 million ($10 million) and was reported to be in trouble. Wardley moved fast and had the ship held.
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