News-Info-Alerts

To: ALL

From: Bob Necci & Carol Hrdlicka, Andi Wolos
(POW-MIA FaxNetwork)

Re: South Vietnamese Funds Found

Date: May 14, 1997

The SRV is looking high and low for any bank accounts held by the former South Vietnam.

After agreeing to pay off the outstanding debts of the South, the SRV must come up with a roughly $145 million. Varying accounts, estimated to hold $1.5 million, have been located in US banks.

Apparently, the US and SRV agreed to return the funds of South Vietnam to the North. However, it is interesting to note that a significant number of US firms, agencies and private citizens lost substantial holdings when communist North Vietnam invaded the South and nationalized all the property and goods.

A large number of claims were made by US parties to be compensated for the losses from frozen South Vietnamese assets held in US banks. Some POW family members had also enquired if the frozen funds could be used for POW-MIA activities.

It appears that communist SRV is repaying the war debt with someone elses money.