The property developers were assured that funding was on the way. It would have been obtained by means of bank guarantees worth €50bn that a Philippine investor, Dr Eddie Gil, had issued to Katota.

It is incorrect for the writer of the news paper article to write that the Katota Development Program was to be funded by means of Bank Guarantees. First of all Katota is a program made up of several companies, performing several functions. The agreement with Treasure-land Limited is signed with a Katota Company that granted Treasure-land exclusive right to supply loan funds and not for supply of Bank Guarantees but cash loan provision. Circumstances beyond the control of the Directors of Treasure-land changed the mode of funding. Commitments to secure other forms of funds taken by Katota Companies were offered by few other investors. Reputation Damage by articles such as these prevented the fulfillment of commitments that were made by other investors as well. With regard to the Euro 50 Billion being referred to: The Katota Program position is; the banks involved concealed information for reasons known to them. Bank guarantees are issued by banks, and it is the banks that must tell Katota what is going on, not the media. So far efforts to get accurate position from the banks involved have failed and the Katota companies concerned have demanded that they be restored to the position they would have been if all parties performed.