I just want to know the process of Issuing SBLC.
1. Contract between Applicant(Investor) and Benificiary(me) for the Investment
I am suppose to be invested through SBLC in the condition with ICBPO( Irrevocable Conditional Bank Payment Order). Applicant said the Issuing Bank asked ICBPO and I asked the SBLC issuance without ICBPO.
Is ICBPO necessary for the Issuing SBLC and Investment? Is there any way to get the SBLC through SWIFT without ICBPO? Is it asked by Applicant or Issuing Bank?
2. Issuance of SBLC: MT799 Pre-advice ->MT760 SBLC -> MT799 Confirmed Authentication
How long does it take to get MT760 after MT799(Pre-advice) ?
3. If I can't pay back a loan after I get the loan secured on SBLC from advising bank, I report the failure of payment to the advising bank. The advising bank would charge the issuing bank for the failure to return the loan.
As I've heard, the Issuing bank is trying to postpone the payment to advising bank with some excuses or avoid the responsibility of payment by passing the responsibility to advising bank who give the loan. Is it true?
RUN AWAY NOW
This is not a real transaction. There is no such thing as an Irrevocable Conditional Bank Payment Order. A Standby Letter of Credit is a guarantee - it's method of delivery may be as a SWIFT MT760 (it could also be issued on paper and couriered) An MT799 is a free format SWIFT message and NOT a pre-advice.
I strongly suspect that you are being scammed here.
My friend Peter!
Spoken from the depth of my heart.
It does sound a bit like bank-martian and even more like a fraudulent offer!
-Each long journey starts with a small step-
Best regards
Frammi
Thanks Frammi
So glad you concur - so many of our colleagues are being sucked into this and it gives trade finance a bad name.