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                                                                  Exhibit 10.11
[GLOBAL CROSSING LOGO TO COME]

                         EMPLOYMENT TERM SHEET -- STEFAN C. RIESENFELD

Position:                Senior Vice President and Chief Financial Officer --
                         Asia, reporting to John Legere, CEO -- Asia


Employer:                Upon commencement, Global Crossing Development Company
                         ("GCDC"), a subsidiary of Global Crossing Ltd., shall
                         be the employer. At such time as Asia Global Crossing
                         Ltd. ("AGC") issues an initial public offering ("IPO"),
                         employment with GCDC shall terminate and employment
                         with AGCDC shall commence. GCDC and AGCDC are referred
                         to herein as the "Company."


Base Salary:             $350,000 per year.

Annual Bonus:            Target bonus equal to 50% of base salary. Bonuses are
                         awarded in the sole discretion of the Company.

Signing Bonus:           Global Crossing agrees to pay you a signing bonus equal
                         to $250,000 payable within 10 days after your
                         employment start date. In the event that you resign or
                         are terminated for cause within one (1) year after your
                         employment start date, you agree to return to the
                         Company the Signing Bonus, prorated on a monthly basis
                         for the period not worked.

Global Crossing Ltd.
Stock Options:           Subject to Global Crossing Ltd. Compensation Committee
                         ("GCL Compensation Committee") approval, 200,000
                         options to purchase common stock of Global Crossing
                         Ltd. (the "Global Crossing Stock Options"), vesting as
                         follows:

                         33% on the first anniversary of your employment start
                         date;
                         33% on the second anniversary of your employment start
                         date; and
                         34% on the third anniversary of your employment start
                         date.

                         The exercise price will be determined by the GCL
                         Compensation Committee. Stock options are subject to
                         the additional terms and conditions set forth in the
                         1998 Global Crossing Ltd., Stock Incentive Plan (the
                         Plan) and the Non-Qualified Stock Option Agreement to
                         be provided to you. Any unvested Global Crossing Stock
                         Options shall automatically cancel upon termination of
                         employment with GCDC.





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AGC Stock Options:  It is anticipated that AGC will issue an IPO in the near
                    future. Subject to approval by the GCL Compensation
                    Committee, upon such IPO, you shall receive options to
                    purchase a number of shares of AGC common stock (the ""AGC
                    Stock Options") calculated as follows: $7,500,000/IPO price
                    per share. The exercise price per share of the AGC Stock
                    Options shall equal the IPO price per share. The AGC Stock
                    Options shall vest as follows:

                    25% on the employment start date
                    25% on the first anniversary of your employment start date;
                    25% on the second anniversary of your employment start date;
                    and
                    25% on the third anniversary of your employment start date.

Benefits:           Insurance benefits in accordance with company policy. 401(k)
                    plan participation.

Vacation:           Four weeks. Maximum vacation accrual shall be four weeks.

Employment
Start Date:         You will start your employment with AGC on a date to be
                    determined by you but in no event later than June 19, 2000.

Annual Performance
Reviews:            In conjunction with the annual performance review process,
                    you will be eligible for salary increases, cash bonus awards
                    and additional stock option awards. The salary increases,
                    cash bonus awards and stock option awards will be determined
                    based on overall company performance, functional group
                    performance and individual performance and commensurate with
                    other comparable Company executives. Stock options are
                    awarded at the discretion of AGC. The annual review process
                    currently takes place during the first quarter of each
                    calendar year and shall be conducted in the same manner and
                    utilizing the same standards as with other senior corporate
                    officers.

Employment
At-Will:            Employment at the Company is at-will. You may resign at any
                    time and the Company may terminate your employment at any
                    time, with or without cause.





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Termination
Without Cause:         In the event that you are terminated without cause or
                       resign with Good Reason within one (1) year after a
                       Change in Control (as defined in the Plan), you will
                       receive a severance payment equal to two (2) years'
                       salary and bonus. The terms and conditions of the Change
                       in Control agreement shall be the same as other
                       comparable corporate officers.

Binding Arbitration:   Any controversy arising out of or relating to this Term
                       Sheet or the Proprietary Information Agreement shall be
                       settled by binding arbitration in accordance with the
                       National Rules for the Resolution of Employment Disputes
                       of the American Arbitration Association before a single
                       arbitrator who shall be a retired federal judge, and
                       judgment upon the award rendered may be entered in any
                       court having jurisdiction thereof. The costs of any such
                       arbitration proceedings shall be borne equally by AGC and
                       you. Neither party shall be entitled to recover
                       attorneys' fee or costs expended in the course of such
                       arbitration or enforcement of the award rendered
                       thereunder. The location for the arbitration shall be Los
                       Angeles, California.

We look forward to your joining Asia Global Crossing. Please sign below and
return to John Comparin via facsimile at 973-889-5990. If not fully executed on
or before May 26, 2000, this Term Sheet shall be void. The foregoing terms are
agreed to.

GLOBAL CROSSING DEVELOPMENT CO.,
a Delaware corporation



By: /s/ John L. Comparin                          Date: May 30, 2000
    --------------------------------
Name:  John L. Comparin
Title: Sr. Vice President Human Resources


ASIA GLOBAL CROSSING DEVELOPMENT COMPANY,
a Delaware corporation



By: /s/ John L. Comparin                          Date: May 30, 2000
    --------------------------------
Name:  John L. Comparin
Title: Sr. Vice President Human Resources


AGREED AND ACCEPTED:


/s/ Stefan C. Riesenfeld                          Date: 5/31/00
    --------------------------------                    ------------
    Stefan C. Riesenfeld