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Dutch Bank Shuns Probe of Enron

Oct 11, 2002 | AP

Rabobank has refused to hand over internal documents to a New York court that could provide insight into deals related to the collapsed energy trading giant Enron Corp., a spokesman for the Dutch bank said Friday.

Rabobank has documents relating to loans granted to Enron, which it allegedly booked as sales. Rabobank holds these documents because it took over an Enron loan of $517 million, previously held by Royal Bank of Canada.

Rabobank spokesman Roel van Veghel said the bank won't hand over documents requested by investigators in the Enron case unless their confidentiality is guaranteed.

The unlisted Dutch bank is worried the documents, which the New York court had ordered released by Oct. 9, could hurt its case in its dispute with Royal Bank of Canada over the transaction.

A court-appointed investigator of Enron deals is investigating six transactions carried out by Enron through a web of special-purpose entities.

Rabobank has information about Enron's 1999 spinoff of EOG Resources Inc., a transaction that was kept off the collapsed company's books. Rabobank ended up taking over a loan from Royal Bank of Canada used to finance the deal and is claiming damages from the Canadian bank for allegedly being misled.

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