FYI - 
---------------------- Forwarded by Matthias Lee/SIN/ECT on 08/31/2000 03:47 
PM ---------------------------


"skhong (Suhn-Kyoung Hong)" <skhong@kimchang.com> on 08/31/2000 03:34:48 PM
To: <Matthias.Lee@enron.com>
cc: <Angeline.Poon@enron.com>, "irhuh (Ick-Ryol Huh)" <irhuh@kimchang.com> 

Subject: Re: EnronOnline Legal Survey - Korea


Please see the attached.  Regards,

>>> "Matthias Lee" <Matthias.Lee@enron.com> 08/25/00 04:49pm >>>


Dear Ms Hong

Thank you for your memo dated 12 July 2000 on EnronOnline and our various
telephone discussions on the matter.

I had previously enquired on the consequences of not obtaining the relevant
approvals or filing the relevant report with the Bank of Korea. You advised in
your memo thatthe Korean counterparty would not be able to remit its payments
under the transaction and that the Supreme Court of Korea has ruled that 
foreign
exchange authorization must be obtained before a judgment can be executed
against a Korean party and the proceeds remitted.

Your advice was certainly pertinent to our assumption that transacting Enron
affiliates would all be off shore to Korea, kindly clarify whether the 
inability
to remit foreign exchange is the only consequence. Accordingly, what would be
the consequences of not filing a report or obtaining approval from BOK where 
the
two contracting parties are on shore Korean entities?

I tried to call you today, but understand you are on vacation until 28 August
2000. I would be most grateful if you could answer the above question when you
return.

Many thanks
Matt




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 - enr0831l.skh.doc