Complaint / Review
Trade and Merchant Trust Company Limited
Registered office an unbelievable scammer among financial institution with swift connection hide at 152 fanshawe street auckl, othe

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