R194 000 Loss because OF FNB

<p>Herewith is my complaint in regards to how your bank, FNB has mishandled issuing a bank guarantee to (beneficiary ) Pty Ltd as party to a Trade Finance transaction with FNB . Herewith are my issues with regard to this transaction and how appallingly poor FNB has handled it.</p> <p>1. (Beneficiary )Pty Ltd submitted a draft BG to your bank, which was approved and as a result (my company) Pty Ltd received the green light to pay PLG Bank fees of R194 000 as 12% spread on a $120 000 leveraged intrument guarantee.</p> <p>2. Upon PLG ( guarantoo) issuing the BG, FNB then reneged and requested that the BG be issued in an MT760 format, going against the draft approved by them for a MT/fin 999 format.</p> <p>3. Beneficiary (pty) Ltd then took another draft BG to FNB and again, FNB people at the bank approved it and then PLG issued the swift via Nedbank to be relayed to FNB, as per FNB’s instruction as Nedbank has a direct RMA with PLG.</p> <p>4. When the swift was issued in the format requested, it was rejected on the basis that FNB argues that they do not have appetite for the BG from PLG bank, how can that be said after approval of the draft? Who then bears responsibility for the amount of R194 000 that I have paid as leverage, which is not refundable as it is paid on the basis of the draft being accepted as verbiage by the Bank?</p> <p>The basis of me paying was upon FNB approving the draft, having satisfied themselves of their necessary due diligence processes.</p> <p>I find myself in a problem where I have lost my money and I also do not have the BG to complete my transaction to recoup my money via sales from the contract with Beneficiary (Pty) Ltd.</p> <p>The way I see it, FNB HAS to do one of the following;</p> <p>· reimburse ( my company )Pty Ltd for the R194 000 losses that I have suffered because of FNB’s incompetence & failure to exercise due care in handling the transaction OR</p> <p>· Proceed to allocate the BG, with risk, as approved in the draft so I can carry on my business.</p> <p>I called one Victoria Manuel today (25/04/2017) and while I was talking to her, she dropped the phone on me and did not pick up after. This is disgusting behaviour from personell from such an institution.</p> <p>Victoria Manuels</p> <p>Patric Nameko</p> <p>Wayne Davids,</p> <p>You have showed me how FNB has no care or respect for its clients!</p>