Filipinos to Probe Nuclear Plant Deal
MANILA - President Corazon Aquino has created a panel to investigate foreign banks for allegedly fraudulent transactions with Westinghouse Electric Corp. in the building of a 2.1 billion nuclear power plant in the Philippines.
Mrs. Aquino said the threeman committee will investigate "the alleged illegal act or involvement of certain financial institutions in a fraudulent transaction with Westinghouse" to build 600-megawatt Bataan plant.
The lead bank for the contract was Citicorp International Ltd., with an exposure of $225 million, according to the Philippine Central Bank. The total debt for the project, owed to 58 overseas commercial banks, is $345 million.