London Forfaiting Co - Statement re Press Comment

RNS No 8709f
LONDON FORFAITING COMPANY PLC
22 July 1999


It is not the normal policy of the Company to comment on rumours which appear
in the press but the specific and damaging nature of an article in the Times
today has led the Company to comment on this one occasion.

The article, which appeared this morning in the City Editor's Commentary in
The Times after the issue of our Interim Statement yesterday contains an
incorrect and damaging statement that London Forfaiting has #79.5 million of
former Soviet bloc assets largely from a Czech deal that has not gone well".

The Interim Statement contains a table of our Portfolio of Forfaiting Assets
and includes a figure of #79.5 million for Central and East Europe assets
spread over seven countries (not including Russia and the Baltics 
which are separately mentioned).

The clear implication in the article is that a major problem is looming for
the Company in the Czech Republic. This is untrue as Czech forfaiting assets
represent less than 20% of the above total. Furthermore, only #2 million,
before downward valuations, of Czech assets are not adequately performing and
a provision has been made for them. There are no problems with any other Czech
deals.


22 July, 1999 15:32


END

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