Wahana vs Gabriel
This was from the 5-2-19 Press Release "With the acceptance of the SWIFT message transfer by PT. Kinerja Pay Indonesia’s (a fully owned subsidiary of KinerjaPay Corp) Bank Account in Jakarta, the Company acknowledges that the Wahana Group has made a substantial investment toward completing its Series F and Series G subscription agreements. The recipient bank’s officer has confirmed and verified the SWIFT. The Bank will now begin the monetization of the $100 million bank guarantee into KinerjaPay’s bank account to be concluded in the near future."
This was where the Wahana deal ended. The last press release and 8K a few days later to ever mention Wahana. Never got monetized.
From 8k 11-12-19 "The Company announced, in substance, that while finalizing the receipt of the initial HSBC bank guarantee from Gabriel Capital Ltd can be a timely process, we believe that all procedures have been cleared. The Company has secured the monetizing bank non-recourse credit facility with China Construction Bank Indonesia. The announcement of this facility has attracted several other collateral providers in addition to Gabriel for the initial $25 million major bank guarantee. Gabriel remains the key collateral provider and the Company expects to close on the first tranche of the initial $25 million, as reported in the Company’s October 23, 2019 release, in the very near term."
We haven't got to the part with Gabriel yet where CCBI begins trying to monetize collateral.
If all this is happening with SBLC/Bank guarantee. Which step do you think were on? "Finalizing the receipt of the initial HBSC bank guarantee" Which part are they finalizing? Step 2? Step 4? :
Closing Process – SWIFT
1. After execution of the Standby Letter of Credit Monetization contract by both parties the Client will instruct his bank to send SWIFT MT799 to the bank coordinates provided by the Monetizer.
2. The Monetizers bank on receipt of the SWIFT MT799 from the client’s bank will reply with a SWIFT MT799.
3. On receipt of the Monetizers bank SWIFT MT799 the Clients bank will deliver the Standby Letter of Credit (SBLC) by SWIFT MT760 to the Monetizers bank.
4. Upon receipt, confirmation and delivery of the SWIFT MT760 the Standby Letter of Credit Monetizer will within maximum four (4) banking days grant a Non-Recourse Loan for the LTV as agreed from its nominated bank to the Client.
5. The Standby Letter of Credit Monetizer agrees to return the Standby Letter of Credit (SBLC) unencumbered fifteen (15) calendar days before the 1 year anniversary of the signed contract between the parties.
