Enron Mail

From:philip.rhind@za.hsbcib.com
To:timothy.b.rebhorn@enron.com
Subject:Your AIPN presentation
Cc:klay@enron.com
Bcc:klay@enron.com
Date:Mon, 9 Oct 2000 08:51:00 -0700 (PDT)

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.