No Katota company is a part of any massive global fraud that involves any bank guarantee. At this stage there is no Katota company that is a bank to issue a bank guarantee; whether false or good. Bank guarantees are bank instrument, exchanged from one bank to the other, not corporate instrument. This allegation is totally unfounded and rejected. The Katota Program is the most comprehensive private Africa-focused development program ever initiated. Katota will contribute meaningfully to Africa’s development effort.
A property project which was supposed to be the biggest in South Africa to date is part of an massive global fraud in which falsified bank guarantees worth millions of euros were used.
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A property project which was supposed to be the biggest in South Africa to date is part of an massive global fraud in which falsified bank guarantees worth millions of euros were used.
Admin Thu May 17, 2012 12:51 am
Similar topics
» The plans of the controversial Katota Company, which undertook to buy more than 100 South African property developments worth billions, were based on guarantees that now appear to have been falsified.
» 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.
» These guarantees were designed to help Katota obtain loans from international banks for its ambitious property projects in South Africa, as well as for projects elsewhere on the continent.
» Three international banks have meanwhile indicated that these bank guarantees are forgeries.The banks,Royal Bank Baku in Azerbeidjan,Royal Investment Bank in Dubai and ING Bank in Amsterdam,said they had severed all business ties with Katota...
» Progress of Katota South Africa
» 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.
» These guarantees were designed to help Katota obtain loans from international banks for its ambitious property projects in South Africa, as well as for projects elsewhere on the continent.
» Three international banks have meanwhile indicated that these bank guarantees are forgeries.The banks,Royal Bank Baku in Azerbeidjan,Royal Investment Bank in Dubai and ING Bank in Amsterdam,said they had severed all business ties with Katota...
» Progress of Katota South Africa
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