Message-ID: <21469803.1075840264430.JavaMail.evans@thyme> Date: Mon, 9 Oct 2000 08:51:00 -0700 (PDT) From: philip.rhind@za.hsbcib.com To: timothy.b.rebhorn@enron.com Subject: Your AIPN presentation Cc: klay@enron.com Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: klay@enron.com X-From: philip.rhind@za.hsbcib.com X-To: Timothy.B.Rebhorn@enron.com X-cc: klay@enron.com X-bcc: X-Folder: \Kenneth_Lay_Dec2000\Notes Folders\Notes inbox X-Origin: LAY-K X-FileName: klay.nsf Dear Sir, I had the misfortune recently of listening to your presentation at the AIPN conference in Cape Town, South Africa. I had to leave immediately following your talk , otherwise I would have challenged you about the contents of you talk. You used this opportunity to criticise bankers (lenders) as you called them referring to them as quote "concrete shoes" and also criticised para-statals commenting that "they never offer to buy you lunch." Such idiotic references are not what I would expect from an officer of Enron Corporation. Although your cv indicates that infact you are part of Merrill International. It is not clear if you are also an officer of Enron. I as a Director of HSBC Investment Bank , plus my UK and RSA based colleagues have over recent years spent a considerable amount of time and money performing various studies for Enron iro the proposed MISP and gas export project plus Project "Sunshine" etc. HSBC have not billed Enron for any of this work. I had the pleasure of meeting Dr Ken Lay at CERA in February and amongst other things he referred to the various problems Enron had experienced wrt this project and stated that quote "Enron do not build steel plants." This clear and honest comment from your boss is welcome and this is indeed Enron's prerogative. What I object to frankly is a presentation that maintains the pretence of a project and seeks to blame third parties such as lenders and para statal organisations for difficulties you may have experienced. I suggest that it is in everyone's interest to speak openely and constructively. I for one have no problem at all Enron saying that their future is in broadband and not in steel plants in Mozambique. If anyone is interested in my own views as to how things could have been done differently out here I would be delighted to let you or Dr Lay know. Yours sincerely, Philip Rhind ___________________________________________________________________ This information (including any attached information) is issued by a member of the HSBC Investment Banking group of companies for the information of its non-private customers only. It is not an invitation to buy or sell securities. HSBC Investment Banking makes no representation and accepts no responsibility or liability as to its completeness or accuracy. Each page attached hereto must also be read in conjunction with any disclaimer which forms part of it.