Letter to Congressional Leaders Transmitting a Report on the Decision on Investments by Singapore Technologies Telemedia Pte. Ltd.

Dear Mr. Speaker: (Dear Mr. President:)

Attached is a classified report on my decision to take no action to suspend or prohibit the proposed 61.5 percent investment by Singapore Technologies Telemedia Pte. Ltd., a company indirectly owned by the Government of Singapore, in Global Crossing Ltd. I have taken this decision under the authority vested in me as President by section 721 of the Defense Production Act of 1950, also known as the "Exon-Florio" provision, 50 U.S.C. App. 2170. This report, prepared by my Administration, is submitted consistent with subsection (g) of that provision.

Sincerely,

GEORGE W. BUSH