99HV York Wtr Fin 29

RNS No 6572h
NICHIMEN EUROPE PLC
30 June 1999

Nichimen Europe Plc - U$600,000,000 Euro Medium Note Programme

Uncollected Claims of Nichimen Corporation relating to industrial machinery and
equipment business

Nichimen Corporation, the parent company of Nichimen Europe Plc, has
uncollected claims relating to transactions entered into in July 1996 with a
group of customers in respect of various industrial machinery and equipment.  It
appears that a Nichimen Corporation employee may have become involved in
complicated financial arbitrage transactions associated with these customers and
co-operated in their fund raising activities.  Nichimen Corporation is in the
final stages of its fact- finding investigations.  The balance of Nichimen's
uncollected claims is estimated to be approximately Y10 billion.  Nichimen
Corporation intends to take all necessary measures (including legal steps) to
recover the uncollected claims from the relevant debtors.  Nichimen Corporation
considers that it has the financial strenth to cover these uncollected claims.
It has alreday made a partial provision to off-set the outstanding balance and
does not consider that this will give rise to any material adverse effect on its
performance during the current financial year.

END

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