Royal Bank has since explained to the satisfaction of Katota Companies whose bank accounts are open with Royal Bank of Baku. It must be noted that Royal bank was not only working with Katota companies on guarantees that were supposed to be issued by ING.
6) The documents in which Royal Investment Bank is mentioned are fraudulent, writes the bank's chief executive Mohamed Ahmadi.
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Join date : 2011-10-12
» 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...
» Theo Ruyter, a senior researcher at ING Netherlands, also notes in an email that the documents are false and their authenticity cannot be verified.
» 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.
» 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.
» 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.
» Theo Ruyter, a senior researcher at ING Netherlands, also notes in an email that the documents are false and their authenticity cannot be verified.
» 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.
» 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.
» 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.