$10M Rayondale BG Sept 2011

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After repeated letters from our attorneys demanding payment, in September 2011 Goyal issued a 10M Euro Bank Guarantee in the name of the company that we performed the Investment. We were told if we could fund the Bank Gaurantee we could keep the proceeds and it would act as collateral to the funds.

But of course the terms were… The only way the instrument could be funded was through the “Interbank Screens”. No contact with the bank. No calls. No emails. No contact. Needless to say this makes it impossible to fund.

It was never delivered to any bank. All we had was a PDF file showing the Instrument.  How is that collateral?

After several months, he said he would fund it as he had found a new Russian Attorney that had a buyer for it. After months of waiting for settlement, nothing appeared.