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  • Report:  #814711

Complaint Review: Trade and Merchant Trust Company Limited

Trade and Merchant Trust Company Limited REGISTERED OFFICE An unbelievable SCAMMER AMONG FINANCIAL INSTITUTION WITH SWIFT CONNECTION hide at GRANT THORNTON HOUSE 152 FANSHAWE STREET AUCKL, Other

  • Reported By:
    DIEKABO — ABIDJAN - YOPOUGON Other C
  • Submitted:
    Wed, December 28, 2011
  • Updated:
    Mon, January 13, 2014
  • Trade and Merchant Trust Company Limited
    GLOBAL MARKETING OFFICE 1560 Broadway 10th Floor N
    GRANT THORNTON HOUSE , Select State/Province
    United States of America
  • Phone:
    +64.9.9734782
  • Web:
    http://tradeandmerchant.com
  • Category:
    Banks
*REBUTTAL Owner of company: There is NO in this situation *REBUTTAL Owner of company: False Allegations

These last two years, certain non-banking financial institutions are associating to buyers of our products to steal goods from us.The last unbelievable robbery is from TRADE AND MERCHANT TRUST COMPANY NEW ZEALAND (TMTC) which sent a Standby Letter of Credit to INTER NEGOCE SARL on behalf of AFRICAN MERIDIAN COMPANY LTD and refused to pay at maturity date.

How did they proceed ? In the SBLC, TMTC wrote : PAYMENT AGAINST THIS SLC IS AVAILABLE AGAINST SUBMISSION OF AN AUTHENTICATED SWIFT MSG TO ADVISING BANK FROM TMTCNZ2A CONFIRMING FULFILLMENT BY BENEFICIARY OF THEIR COMMITMENT TOWARDS THE ACCOUNT PARTY AND THAT WE ARE IN FUNDS. After goods delivering, Inter Negoce sent the original transport documents to TMTC expecting the authenticated swift message confirming the fulfillment of its commitment towards AMC. But TMTC did not send the swift message. All presentations to claim payment is said to be non complying with the terms of the credit because the beneficiary did not submit the authenticated swift message. After many swift messages from the advising bank to TMTC, we are realizing that it was just another scam from a non-banking financial institution, which was presented to us as a big and good institution.

Why?
1-Because, to make the presentation complying with the term of the credit, Inter Negoce must submit a authenticated swift message from TMTC itself proving that it has fulfill its commitment towards AMC. And the only way to show that fulfillment is by original transport documents. TMTC does not want to make payment so can never ever send the message.

2-Because the expected authenticated swift message must also state that they are in funds. If they weren't in funds before sending the sblc, why did they send it?

The Managing Director of Inter Negoce - our partner in this transaction- is now facing this condition which sounds to be a non sense. Our group is thinking about how to stop definitely these kinds of scams from companies with swift connections and in this particular case how to force TMTC to make payment.

Please advise and feel free to ask me any documents, contacts or any other clarifications.

Best Regards 

2 Updates & Rebuttals

corporate funding partners

New York,
New York,

False Allegations

#3REBUTTAL Owner of company

Mon, January 13, 2014

This complaint is non-factual.  If anyone should read this, they should know who is writing this. It’s filled with inaccuracies, misplaced allegations and unfounded accusations.  The complainant wanted to receive a letter of credit to protect their interests. Why didn’t they comply with the terms? We have done investigation into the shipment. The supplier did not comply with the shipment requirements as stated on the letter of credit and we responded accordingly. The complaint has nothing to do with the issuing bank; it has everything to do with non-compliance by the shipper. The shipper was ignorant of their responsibility and actually consigned the goods directly to the party that needed to pay them.
 
THE DISCREPANCIES IN THE DOCUMENTS PRESENTED BY THE SHIPPER ARE:
1.SWIFT MSG FROM TMTCNZ2A AS PER SLC NOT PRESENTED
2. (THE PRO-FORMA INVOICE) P.I. DATE IN THE STATEMENT OF CLAIM INCONSISTENT
WITH P.I DATE STATED  IN  SLC.
3.TRANSPORT DOCS SUBMITTED  (THEY) ALTHOUGH SHOW  TO ORDER
TRADE AND MERCHANT TRUST CO, AUCKLAND, NEW ZEALAND CONSIGNEE IS  AFRICAN MERIDIAN WHICH IS INCONSISTENT AND SELF CONTRADICTORY.
4. DESCRIPTION OF GOODS IS NOT AS PER GOODS COVERED UNDER THE SLC AS STATED THEREIN.
DOCUMENTS ARE BEING HELD AT YOUR RISK AND DISPOSAL UNTIL WE RECEIVE A WAIVER FROM THE APPLICANT AND AGREE TO ACCEPT IT OR WE RECEIVE FURTHER INSTRUCTIONS FROM YOU PRIOR TO AGREEING TO ACCEPT.
REGARDS, TRADE AND MERCHANT TRUST CO.

corporate funding partners

Harrison,
New York,

There is NO in this situation

#3REBUTTAL Owner of company

Tue, November 26, 2013

Trade and Merchant Trust prides itself on providing excellent services. The strong ethical foundation of the institution is the cornerstone of its history of sound business practices.

The complainant in this forum has been given the same opportunity as all of our clients / counterparties to settle their grievance by way of our standard resolution process. The resolution process in easy and immediate. All one needs to do is to pick up the telephone and call us, or email us at any time that may be convenient.

In this complaint, the presenter of the documents was notified by the compliance team at TMT about the discrepancies of their presentation, and had ample opportunity to remedy their presentation; they declined. They chose to make a subjective complaint instead.

Trade and Merchant Trust maintains a grievance process for any of its clients or counterparties. These grievances are addressed by our client care group. Mail to: clientcare@tradeandmerchant.com or to telephone: +1212-724-8333.

TO ALL OF OUR CLIENTS PRESENT AND FUTURE: while the occasional grievance is simply a part of doing business, the above represents a highly non-typical circumstance. TMT has an incredible track record of customer satisfaction, without which a company of our size would not be able to thrive in such a competitive industry.

Judging our respected company based on this subjective report does a dis-service to our clients, counterparties and the industry at large.

"TMT" maintains a full “AML program” and adheres to all global compliance and KYC procedures.  

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