June 15, 2020
E-mail from Crowdestor
We would like to give you an update about the Fertilizer Export Financing projects and provide an explanation of the current situation.
In the previous update, we informed that the ship has arrived at Cameroon, and the Buyer has accepted the good, The Buyers bank had released funds to servicing bank for further distribution, however, the servicing bank had to carry out client check procedures as it needs to comply with KYC and AML legislation.
Below we have created a visualization of the full process of goods delivery and the flow of funds so you have more understanding about the current situation.
As of today, there has been positive news – the servicing bank has released funds to Borrowers Spanish bank which means the project is one step closer to be finalized. All the documentation about transaction details and KYC has been delivered already upfront to the Spanish and UK bank, even before a request has been received. It is expected that transaction will be processed fast.
We are daily communicating with the Borrower and will inform you when we will have substantial news to share regarding this project.
Please note that the loan will be repaid in full, as well as interest payments for the delayed period, which will be calculated on the loan repayment day.
We appreciate your patience in this uncertain situation. Best regards,
CROWDESTOR