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DEPARTABYT ITEM NUMBER 46 , eS The following investimsation was conducted by Sh (ES bk This item requests that it be determined whether the charter hire under the charters from Pacific Tankers, Inc. to Trans-Atiantica Financiera Industrial Panama, $.4. on the McKITTRICK HILLS and MONTEBELLO HILLS were actually poid or were the mrnings of these vessels assigned to pay any loans, ; 1 St 4 RY apne An exemination of the books and records of Pacific Tankers, Inc., reflected that during the period the MCKITTRICK VIELE and MONTREFLLO HILLS were chartered by the former canpeny to Trans-Atinntica Financicra Industrial Panama, S.4., the carnings of these vessels were paid to | pacific Tenkerc, Inc. And were not assigned to repay any ioans, Rare Wes SU Saad ahaa a” IR LEe Levee few oe? ey Pa oe Ty EAE sore few mee " ” ft 2 On November 6, 1951 tho charters between ; Pacific Tankers, [nec, ond Prans-f,tlentica Financiera Industrial : panama, 8.4. were t.rminated. The vessels were then chartered Le by. pacific. Tankers, - Ere., -dircetly to tho Texas Company “ott ro a mee tana ome mere 5 fad ft fae ee athe et on be aoe deo AN seein tera eens si aS STS iia Ta EES JAG SP EG Se et art tee hl TAY © Borat otis te Pepi y CVs | ES: Sena yen 1960, under the storms of a $10,000,000 bond purchase agreement, between UPC and Metropolitan Insurance Company. The ‘earnings of the ebovo-mentloned vessel: are assigned to repay the bond issuc, The bond purchase agreement is more fully described in the miscellaneous section of this report. Maa de cb howd a “"perree, we wae ER ee 4h CaM, Vion a's tena . +