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...

It is ironic that ING who are supposed to be the issuers of the Bank guarantee concerned and have been aware of the existence of these bank guarantees since they were said to be issued could come out 7 months later to state the guarantees are forgeries. If the guarantees are forgeries, where are the originals of the Bank Guarantees? Bank guarantees and bank instruments; if they are forgeries, who forged them and to whom? Are they forgeries by the issuer or are forgeries to the receiving bank? Bank Guarantees are delivered bank to bank, which part of the delivery is forgery? Katota companies concerned simply needs answers. Royal Bank has given the Katota companies they are working with, satisfactory explanation for their involvement in false bank guarantee allegations and the Katota companies concerned have accepted their explanation. As far as ING is concerned the Katota companies concerned are of the opinion there is more to the letter issued than what is published. Necessary action has been initiated to recover the Katota Company’s losses as a result of the unwarranted negative publicity.