Sunday, April 12, 2015

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Bank Guarantee Offered By Greedy Vultures


These days Bank Instruments such as Bank Guarantee (BG), Standby Letter of Credit (SBLC) and Letter of Credit (LC) are desirable, just as Gold and Diamonds are. 
More often companies will use Bank Guarantee (BG) to be able to make high value purchase or use the Bank instrument as a collateral for a project. 
People are even stating that a Bank Guarantee (BG) can be place into the Private Placement Programme (PPP) as long as it is Cash backed.

One of my colleague and friend contacted me and asked me to check for a Bank Guarantee (BG) for his company to purchase. The value has to be between $5 Million upto $100 Million.
Knowing my colleague, his company probably has the intention to purchase high value commodity or indeed investing in a project.  

So you can imagine when I received a Fresh Cut (FC) BG offer, that I was very excited to check the attachments. The issueing Bank is the Deutsche Bank, which is one of the Prime Banks that is genuine when it comes to issue Bank Guarantees
I noticed that the price is a bit odd, because it is 48 + 3. Usually it is +1 or +2. But +3?... 

Reading through the documents I could not help wondering why there are not much space on the Draft Agreement for Seller's details, but there were many for the Buyer to fill in and sign.
Then I came to the part where the commission was laid out and divided. 
There is a Box for the Seller Side, 1% closed. Then there is the Box for the Buyer Side 1%, which is also closed and even has a Paymaster on there. The last Box is also for the Seller Side, 1%. 

It is unbelivable that these people can even be so greedy to demand 2% for themselves and also pointing out a Paymaster for the Buyer Side while the Buyer is still unknown to them. 
How is this even possible?  What kind of greedy vultures are we dealing with here?  What were they thinking? This really came as a surprise to me! I thought I have seen it all, but I was wrong!

Certainly the Paymaster mentioned on the Buyer Side is not even appointed by the  Seller. If that was the case, then the Paymaster would be mentioned on the Seller Side as well and not just on the Buyer Side!   

I have to admit, what the greedy vultures did is definitely bold, daring and smart at the same time. 
Nice try though! However no Buyer Side and Buyer will accept this!  
The Buyer is the one that is purchasing and have to make the payments, so therefore the Buyer is the one who will be appointing the Paymaster.

Well, too bad...  Guess this is one of the offers that will have to end up in my trash can.


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