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| Ministry of Industry and Military Industrialization|
|The Military Industrialization Corps|
|The Technical Corps for Special Projects|
||22 Rajab 1410 A.H.; 17 February 1990 A.D.|
|(Secret and Immediate)|
|To: The Military Industrialization Corps/Economic and Administrative|
|Subj: The Matrix Churchill Corporation|
Further to our letter no. 6/3/18/158 of 12 February 1990, and pursuant to the outcome of the meeting held with:
to resolve the amounts due to MCC, which is under contract with this Corps to provide equipment for the glass fiber project.
- The Corps' Director General of the Legal Department
- The Corps' Commercial Director
- The del Lavoro representative
- The MCC Representative
Please approve the following actions:
- Cancellation of credit no. 88/3/3544 opened in favor of MCC with the del Lavoro Bank.
- Pay the amounts due to MCC for equipment already shipped and substantiated by us in the above-referenced letter, the total payments for which amount to USD 2,376,267.00, from the cash allocations to the Military Industrialization Corps.
- Earmark USD 923,265.00 [in cash?] to cover parts 7 and 8 of the shipments, the shipping documents for which have not yet been delivered, with the proviso that the amount be released once the documents have arrived and substantiated by us.
- Open a new credit in favor of MCC for the remaining value of the contract, which is USD 7,425,477.00. This represents the remainder of the current credit, less the advance payment and the amounts of the shipments in 2. and 3. above. This credit is to go into effect immediately upon the cancellation of the current credit. We have attached a copy of the format for the credit we want to have opened, provided by MCC.
|Please review and advise.|
|Attachments: Credit format|
|cc: Glass Fiber Project/Your memo of 14/2/1990 - FYI; Economic & Administrative Dept. [illegible]|