EXAMPLES OF RECENT
DEBT RECOVERY CASES IN AFRICA
have and continue to have first hand experience in the following countries - we
operate ourselves and sometimes in conjunction with correspondents / agents in
the following countries:
AFRICAN COUNTRIES -
DEBT RECOVERY CASE STUDIES
- DEBT RECOVERY
Currently in 2011, we are engaged in several debt recovery projects in Senegal.
To recover compensation for steel billets /wire rods sold by a UK company to a Senegalese purchaser. The purchaser is in receivership and controlled by local banks.
Up to 2008, we were engaged in the recovery of several hundred thousand Euros for the recovery of unpaid promissory notes. Similarly, we have also managed to attach the real estate of the debtor and are in the process of taking final judgment against the debtor. If successful we will sell the land and buildings thereon. However, the matter has been hampered by the failure of the creditor provide the necessary financing for the project.
Between Nov 2002 and April 2003 we assisted an English trader in recovering a
portion of a debt in excess of 200,000 Euros for monies owing on unpaid powdered
milk. Despite the debtor company having no assets we managed to persuade the directors
to pay in their personal capacities.
- DEBT COLLECTION AND RECOVERY
Currently in 2010/11 we have assisting a Swedish company in recovering circa $600,000 from a Ghanaian construction company. In the end we were required to take a final judgment against the debtor who is currently paying the debt off in installments
During 2003 we assisted Aon Insurance brokers to recover a debt from Ashanti Gold
mine in Ghana.
In 2000, we had approximately $1,771,000.00 of debts outstanding on our books
for recovery in Ghana.
In 2001/2002 we made a full recovery of circa 400,000 Euros for NCM from a diamond
prospecting company which went insolvent - The insolvency occurred (1) after we
had made a full recovery and (2) after CGIC (a South African credit insurer)
had unsuccessfully tried to recover the money before us.
In 1998, we attached properties and assets in Ghana to secure a debt of $400,000.00
pending litigation. By the end of 1999 we had recovered the entire debt plus costs
and interest. This was the first Mareva injunction in Ghana.
On three occasions since 2000 we have managed to acquire goods instead
of monies owed. In these circumstances we have arranged the resale of those goods
and have, therefore, concluded a cash recovery.
MOZAMBIQUE & TANZANIA - DEBT COLLECTION
In 2011 we have assisted an aid organisation from recovering monies owed by the government of Chad in respect of expenses incurred in removing land mines.
During 2001/2002 we assisted major Engineering company to recover substantial
amounts outstanding and owing in Chad Mozambique and Tanzania.
- DEBT RECOVERY
In 2004 we assisted a major pharmaceutical company to recover monies owed by a
local producer in Casablanca.
In September, 99 we recovered $125,000 from a debtor in Morocco who had refused
to make payment and had been in litigation for almost 2 years with a local lawyer
who was supposed to be acting for Atradius. We intervened and made a settlement which
was quick, fair and the debtor and creditor were both happy.
- DEBT RECOVERY
In 2011 we have assisted a South African Company which had exported safety clothing to a Uganda Company. The monies owed are currently being recovered despite the fact the ultimate debtor are based in South Sudan.
In March 99 we recovered $83,000 from a company in liquidation in Uganda.
- DEBT RECOVERY
Between 2009 and 2011, we have been engaged in countering various money laundering transactions . The nature of our duties are highly confidential and we therefore cannot advertise the details.
In July 99 we recovered $50,000 from a Zimbabwean company which had become defunct
and which was owned and controlled by a relative of Robert Mugabe.
In November 1997 we recovered $100,000 from a Japanese debtor located in Zimbabwe.
The debtor surrendered an equivalent amount in value of motor vehicles.
/ BRAZZAVILLE - DEBT COLLECTION
In February / March 1997 our attorneys recovered circa $100,000.00 from a Brazzaville
bank a few weeks prior to the revolution there. We used the local sheriff to attach
and remove the creditors assets (medical diagnostic equipment) with the aid of
soldiers and thereafter settled a recovery figure with the (then) Minister of
- DEBT RECOVERY
In July 1997 we recovered circa $100,000 from a savings bank in Malawi. The threat
of attachment procedures was all that was required to extract payment.
AFRICA, SINGAPORE, SRI LANKA & TURKEY
Up to the period ending 2000, we had been engaged in the tracing of assets and
money controlled by a gang of "commodity traders". This has included
location of monies in a UK bank account belonging to a Turkish syndicate ostensibly
engaged in the export of coal from South Africa to Ankara.
During 1999 in South Africa we purchased, at auction, assets impounded by the
South African customs and belonging to a French client. The assets had already
been conditionally sold on by us at a higher price to a third party . The difference
between the auction price and the 3rd party sale price was our recovery.
In 1998 our agency attached $8,000,000.00 worth of L/Cs in Sri Lanka to secure
a debt for a major South African Bank valued at $2,000,000.00. The attachment
also requires us to synchronize the timing to ensure that service of any writs
only occurs after payment has become irrevocable.
In the same matter we also attached a related L/C in Singapore after having tracked
the debtor down in Singapore (The debtor had originally incurred the $8 million
debt in South Africa).
SWAZILAND & NIGERIA- DEBT RECOVERY
Between 2001-2002 our debt collection company recovered all the available debtors
book of Bayer AG in Germany
and South Africa. We made recoveries in Kenya, Swaziland and Nigeria.
On three occasions during 2000-2001 we have managed to acquire goods instead
of money in Ghana and Nigeria where the debtor is clearly impecunious. In these
circumstances our collection agency has arranged the resale of those goods and
have, therefore, concluded a cash recovery.