Complaint Review: Global Project Underwriters Ltd Hong Kong - Bangkok Select State/Province

Just facts:

Some errors and remarks in the report of Jean-Paul Braibant before I start to explain the facts:

• Yes, all scammers are nice; otherwise they would be out of scamming/fraud business even before they start! This is the main problem on the scammers, not just on the internet
• 1% of 33 Mio. comes to USD 330,000,- and not USD 270,000,-
  • Well, a long standing Banker should know how to handle simple calculations
  • And I hope that all of his success fess and the Expenses are truly declared to the income tax authorities in Jakarta? Well, the Singapore Authorities are just working together with Indonesia to figure this out!
  • And yes, he disappeared. No response on SMSs and emails after JPB, GPUL and the Escrow Agents International Inc. ripped me off! The Escrow Agent just moved my money into the pockets of GPUL. And this without putting me on default! 
  • Simple evidence which we have as an report from our local Service Provider to proof the same
  • And yes, I am a former client. And I will stay away from u and make sure that others also stay away by just telling the truth. As they ripped me off, they will start hunting for the next victim.
  • And they are doing this at this point time probably to you! I got several emails after I placed this here! Simply run away if they get in contact with you!

Facts on this scam:

• You get 30 days for legal proof and signing for a bundle of formal contracts (and this bundle was costing me more than USD 32,000,-: You will find better templates for free on the web!) And yes, we are talking about days not working/business days!
• Feedback from 3 attorneys: This is the worst copy and paste contract scenario (Bundle) we have ever seen: should we not better stop this here? (So they clearly had the indication/feelings that this is just a scam, the material we received was so unprofessional - and I was not listening at all of the input I got!)
  • No, as you are looking for this for more than 5 years you are not giving up. You are still believe in the guys (because JPB was nice?) who try to explain to you that this is legit.
  • So we told our attorney to make a contract which is more looking like a legit one and try to protect out interest as much as they can
    • And he did and I spend another 10KUSD on the legal proof!
  • And the attorney was presenting  us 23 new articles on the Investment Underwriting agreement (thats the loan contract) 16 changes on the stoke pledge agreement and 9 on the Escrow Agreement
  • Yes, JPB you are right as we really realized that no one can meet the requirements given in the terms and conditions, and this is why:
• 30 days (again: 30 days, not working/business days) is not realistic at all for these negotiations (Please note that you reaches a dead line where u have to sign the contracts, otherwise your high documentation cost of more than 32kUSD are gone!): 3 contracts have to be checked legally: And they have to be checked based on Hong Kong law. And even worse: There are 2 attachments: The LC and BG format GPUL is looking for showing the Proof of Funds (POF) that you are capable (only that you are in the position) to pay the first years interest rate of 6.5%. We started to look into the LC issues many months before we even signed any of the contracts. In todays Banking scenario there is no way for a start-up to issue any kind of LC or BG which is well known by JPB and GPUL. Even having 1 Mio.USD in your bank account the Bank will not issue one.
  • And on a side note: The LC which JBP was providing as a sample (before we got the contract bundle from GPUL) was really looking like a standard LC issues by an Indonesian Bank based on common Banking practice)  So he tries to convince me, that the sample is just a sample and at the end the end GPUL will accept a good LC based on standard Banking practice. This was the main reason for us to continue with this negotiations at all! What a mistake!!
• But even worse: The formats and the verbiage provided by GPUL have nothing to do with an LC/BG at all. Financial instruments will be issued in a much closed SWIFT system. There is simple Banking Practice to follow! There is not much you as a customer nor GPUL as the Beneficiary can change. And a LC has to come with a supporting commercial invoice. GPUL rejected on this several times. Note: An LC will be used as Proof of Funds. This is a very common tool used in trade business in 100% of the cases it has to be supported by a commercial invoice and
• It has to be used in a combination with goods only
  • As this transaction has nothing to do with goods you simply cant use it! Even the BG will not work out. There is only one financial Instrument: An SBLC, but this is even more difficult to get and every Prime Banks will just work with their own verbiage. No changes at all!
  • Please note one more time: I got a scanned LC copy from JPB long before we started dealing with the contracts which was showing a standard LC form with a clear reference to a commercial invoice. This was the main reason why we have not stopped this disaster! But this was just the sausage from his end not to give up!

Nevertheless we tried to find our way around this topic by using a Private Investor. And yes, we found several Banks of our Investor helping with a very common standard SWIFT LC format issued by a TOP 50 Western EUROPEAN Bank. We even supported the LC with a commercial invoice which our company can issue to support the same. GPUL rejected for two reasons: First: They ask again for a verification by another Prime Bank! The LC template we provided was issued by Deutsche Bank, a Prime Bank! There is no way that another Prime Bank verifies one on another! Second: GPUL one more time to start insisting on the Verbiage they provided in the templates! And there is no way that any serious bank will ever use any of this wording/verbiage provided in the template. I was clearly told by several bankers, if ever any Bank would agree to that verbiage GPUL can call for the money at any point in time! So even by given the LC into the Escrow Agent, GPUL could call for it right after we are issuing the LC so before they have to wire the first tranche to us! So it was very much clear that this company is only hunting for Documentation cost, Underwriting cost, re-activation cost and the said first years interest rate of 6.5% in form of the LC, and then the simply ripped u off!

Facts continue:

We re-activated the contracts (and paid another 17.5k for that!) with the 6^th of Jan. And yes, I was stupid enough to wire the 75k USD underwriting cost into the Escrow Agent. And we presented the final LC format for verification (after we got month before even the go for it!) but now after GPUL/Escrow Agent had safely our 75k in the account, they simply slowed down the communication the whole process gods stuck. They came up with several excuses (and the excuses where given by JBP! EG: traveling from Mauritius, yes: Thats the island where GPUL is really based he told us) 

We heard nothing on our emails for the first full 5 days after I executed the same!  And you have only 14 days (again: 14 days not working/business days!) to present the LC and to pledge the Preference-A Shares into the Escrow account. 

As there was not feedback on the LC format from GPUL we ask for another one/two weeks extension and JPB told me several times with emails and SMS that this should not be a problem. And I even had a phone conversation with a guy called Chauhan from GPUL . He even told me that he was just here in Asia (Bangkok) to close our transaction. He introduced himself as someone doing the due diligence on the paperwork in the back-office not so much involved with customers. And he told me that he is a Banking specialist. He again told me about the issues with the LC format? At the last day of the deadline they send me another lovely fake PDF (I am happy to share these documents with everyone, right after we are done with the Police and the legal scenario) they simply closed the door! I have to provide the LC and pledge my share within the time line given! And I received the letter around the dead line! We tried to call GPUL xx times over more than 5 days and no one was ever picking up the phone. We left voicemails and SMSs. But neither me nor my other director where successfully to got any response for several days. And yes. JPB was also not responding on my SMS and email anymore! Do you need any more evidence that this is just a scam? Of course we have all the information is with the authorities here in Singapore.  

Of course I was holding back to pledge my shares ( this is the security they are looking for)  as this was my last action point and you are not given this away before you have the full confidence that this is a real deal.

Than even GPUL and the Escrow Agent where making a last and final mistake: Not the Escrow Agent was putting me on default, (they have to send out a confirmation letter after you crossed the dead line, that the Escrow agent has not received the Escrow Items) no, I got this letter from GPUL: So how should they know? The case is simple, this is one company. We even believe this is just one Indian guy who is signing the Escrow documents and doing the Back office activities for GPUL. But the Escrow agent was sending us 1.5 hours later after GPUL was setting us on default a confirmation that they released our underwriting cost to GPUL. Nice,right? No one of them was looking for a conversation. Neither JPB nor GPUL. This has nothing to do with business! 

There is enough evidence available that this is just a scam! 

• Both GPUL and the Escrow Agents web side are sitting on the same server! They are false information on the web side of the escrow Agents incorporation in Hong Kong: 
• The Escrow Agents International Inc. is just a 500 shares company and is incorporated in Panama. 
• Yes, I should have stopped this right in the beginning. We had so many doughs and yes my partners tried to stop me several times but we were looking for our dream. 

Starting our own company. And you are getting mad and you try to believe that this is a legit Finance Advisor with a solid Finance Solution behind.

Risk:

There is no need to talk about risk in this scenario, not if you are providing solid terms and conditions which are not made for ripping you off! The risk was just forced (on purpose) from you and GPUL to make this rip-off happen!

Apologies?

You must be kidding or better total out of mind! You ripped me, my partners, my family and friends off! I lost more than 200k USD in this scam!

I give you time until Monday, 15^th to return the full money to me. This includes your Expenses, the retainer, the GPUL documentation cost, the re-activation cost, and the 75k underwriting cost and my legal fees (plus an interest rate of 6.5%). Getting the money back by Wednesday noon I would tell the police that you realized that this is just a big mistake. And maybe I can convince them not to bring you in front of the cord when you touch down the next time on Changi Airport. You know my Account Details!

And keep in mind: TIME is of essence!

General notes (Leanings) for others who are hunting for funding:

And advisor and/or funding company should be:

• Having a web page with a clear explanation of the offering/solution they can offer: everything he/she could do for u. 
• (No page on JPB, a very bad one on GPUL with many very bad  frames on the same, same for Escrow Agents International Inc, - it was designed by the same Indian guy!)
  • GPUL is using even the logo and the corporate address field (so just the frames!!!) from the web page in their PDF letters! 
• There are no excuses for someone hunting on the internet for clients placing solid and true information:
• Being a visible member with a clear profile and picture on LinkedIn or any other business community
• No profile on JPB, John Knight and Mr. Chouhan
• Nothing on Escrow Agents International Inc.
• Providing references 
• (JPB was never giving any; e could not even tell us when he was the last time successfully to close a deal with/for GPUL?)
• Same from GPUL: You will not get any information, sure: This is a scam and how should they have a good reference/reputation?
  • Hey guys: Business is coming from a goof reputation, so please tell me why someone should hide a good reference?
  • Using  a company email address and not a Yahoo/Hotmail @address or any other free email
  • Using a personalized email and not a @info address
  • Providing a clear picture of the Management on you web page 
• You will not find anything on GPUL nor the  Escrow Agents International Inc.
• Providing solid information where the money comes from!
• Note: GPUL is only acting as another middle man. They are not sitting on the money!
  • This is even very much misleading and confusing in the contracts. 
  • Communication with you with real signatures on documents
• To use PDF for that it really good! Because this was giving me now the evidence, that this is just a fake! ) BTW: the GPUL contract which I signed is legally invalid. As they only used a frame so sign!)
• If you have to work with an Escrow Agent in between( which is general speaking a good idea) u should have to right to agree on one which is in business for several years ( Escrow Agents International Inc. was formed in 2007) and they should have a good business reputation
• Even a solid funding company should agree to pick together with you an Escrow Agent in both interest
• Make some checks on the web pages (from Advisors, Funding Companies and Escrow Agents) in terms of hosting ectr. There are even some simple tools available (for free) where u can see where it is hosted.
• And if you have doughs, let it go!
• And if all of them are working on the same server: Run! 
• Look into scam/rip-off information on the company and names u have to deal with
• There are many ways for this: Most of the time you only have to place the name plus scam in any of the search engines
• And yes, there is another scam of Global Project Underwriters on one of the pages, but it looks like that this seems so to be another company. Now I have to re-think about that! 
• Be carefully with someone who is coming to you even from web pages like www.mycapital.com :Ask for all the information above and most of them will stop communicating with you
• You know that these forums are a haven for all scammers. They are just looking into your seeking and they found another easy victim!
• Listen to your partners and attorneys: If they have a bad feeling than there is something wrong
• Even if there is something smelly: Stop wasting your time!
• Even a passport copy is not giving you a good evidence these days:
• Please note that the Australian Passport is one of the most counterfeit ones in the world!
• In real funding companies there is no need to hide anything! They should be easier sharing the information above. You should find tons of good information by just typing the name in a search engine
• If you have the feeling that u are dealing with scams, money laundry or similar: let it go!
• If you would like to kick off a start-up company and someone is requesting you for a LC/BG or SBLC: let it go! We (being a start-up) are not in the position to raise any of the financial instruments. Yes, u can look around for a private investor, leasing this instrument to you. Most of them are scammers too) promising SBLCs for 100 Mio.USD and more) Finding a real one takes time: and he can help you may be up to a max of 2 Mio.USD. 
• I was told by several Bankers that there is a big fraud going on in this area. Is this an area where we should waste our time and money?
• Retainer: A very popular topic: Why do we have to pay upfront? Why do this people have no confidence in that what they doing? To put this straight: The success fee of JPB is 1% of the total funding amount you are looking for. So how many people have to work several years to earn USD 330,000,-? (this is just the sample on 33 Mio.USD funding and JPB was telling us, that he works on much bigger deals!) Most of us I assume. Why is someone making so much money not just working on success base? It should be in his interest to find a real deal as fast as possible. We will never sign on any of this retainers again.
• JPB was getting his retainer of USD 30, 000,-. For that he submitted the application plus his assessment. I got not even a copy of the same: I truly believe that he was not submitting anything. And you get the Underwriting commitment letter through JPB: Yes, they work Hand-in-Hand as you have to pay the full amount before! And for that u just get a fake PDF file with a lot of copy and paste frames! 
• Yes, than he is even done with his job. He promised us only that we get a commitment from someone who is willing to fund us. Yes, he kept us in the loop. Of course he is supporting the GPUL fellows to get the real scam done! There are not just looking for USD 30, 000,-. They are looking for more up to the LC now which is minimum USD 650, 000, - after they changed their first min tranche to USD 10, 000, 000,-!
• Of course JPB has to work on an upfront retainer model because his scam has not the target to get you (and himself) to the success point! His 30kUSD together with the other underwriting cost, documentation cost and re-activation cost brings him and the other fellows the success. They simply divide by 3 and here we are: 50k+USD for every party of the scam! Makes nice 50+k for a couple of days work!
• Due Diligence
• For that JPB was coming into town. Of course u have to pay Business class flight and his accommodation 
• Honestly: all Venture Capital (VCs) and private equity (PEs) partners are looking for the same information: The business idea and how it works (is there a addressable market for that at all?), the Management team and what is the experience of the team in the market, and last but not least: The return of invest (and how high is the risk to fail?)
  • JPB was not even able to understand our Balance sheet, for us he was not interested in the numbers at all. What kind of Financial Advisor is this? Or why should someone (like GPUL) being interested in his assessment at all? Was he ever being in the position to run a due diligence?
• We prepared the whole story from separate angels: We had so many information ready to present and discuss
  • We used less than 5% of that, looking back now one more time: It was very unprofessional conducted. JPB was not really in the position to run a due Diligence on our business. The questions he ask where so week. 
  • Yes, he was a nice guy..

Guys, let him explain all his inputs to our attorneys. They are waiting for his blablabla. He should better return the money fast!

I am the nice gentleman with a long-standing banking history, whom Pissed Off  (Singapore) referred to in his Ripoff Report # 562136, later accusing me of being some kind of criminal scammer! Let me make it clear at the outset, as nothing needs be anonymous here. Pissed Off (Singapore) is indeed well known to me: he is my former client Norbert Jacobsen, CEO and shareholder of a Singapore start-up company that was seeking to borrow US$ 33 million. I operated in this context as a Financial Adviser and Independent Appointed Agent of Global Project Underwriters Limited (GPUL), a company incorporated in Hong Kong. I will further refer to this gentleman by his initials NJ ?, rather than by Pissed Off (Singapore).

Our relationship, which began with a very positive meeting in Singapore in May 2009, had certainly started on the right foot, as accurately described by NJ himself in his report. I had offered two sources, one of which being GPUL, the other being a mixed debt-equity solution through a long-established and prominent North American investment trust. NJ and his team selected the former. A Financial Advisory Services Agreement was executed in June, 2009. It included a provision specifying that I would receive a 1% success fee upon the closing of each tranche of the loan, and that the Retainer initially paid by NJ would be refunded out of the first success fee. In fact, all was well, my client was happy, and I had the prospect of earning a net success fee of $ 270,000.

However, after receiving the initial bundle of formal contracts (Investment Underwriting Agreement, Shares (Stocks) Pledge Agreement and Escrow Agreement), NJ realized that he would not be able to meet the requirements, terms and conditions contained therein by the end of the validity period (30 days). I advised him to put everything on hold until such time as he would be more confident to meet those requirements. It was decided that he would re-apply for the same amount at a later date. NJ did just that and received a confirmation that all terms and conditions would remain the same.

When the time came to execute the agreements related to his re-application, NJ provided several documents in the correct format, e.g. a statement from his attorney confirming that he had received proper legal advice, and a statement of Use of the Funds derived from the initial $ 5-million tranche, which indeed included the payment of the part of the Underwriters Closing Cost that he had borrowed, my net success fee in relation to that tranche, a provision to cover the Closing Cost related to the next tranche, and various other uses directly related to the development of his activities.  That statement was duly approved by GPUL .

By December, 2009, NJ had finally decided to execute the contracts and appeared to be confident to be able to abide by all terms and conditions. After the contracts were executed, NJ placed 1.5% in Escrow in order to activate the transaction and he received a Transaction Commitment Notice. After that, the time left to closing was just two weeks. The hard part at that stage was the provision of a suitable confirmed letter of credit in support of the first years interest payment (to be made in advance, upon receipt of the first tranche, as opposed to in arrears). As banks do not easily issue letters of credit to new clients these days, NJ resorted to enlist a guardian angel who would arrange for an LC to be issued in a timely manner. Various formats were proposed, but none were acceptable to GPUL. Furthermore, the last draft LC in question was not a confirmed LC, as required by GPUL. Besides, no acceptable share transfer certificate (the collateral for the loan) was submitted on time in accordance with the signed agreements. Finally, contrary to what NJ has claimed, I have not disappeared at all. NJ knows very well where I am and I am still there right now (e-mail: [email protected]). 

In practice, NJ had put himself in default and, in retrospect, he had no alternative but to accept the fact that he had taken risks that he could not afford to take. Hence, his immediate anger and instant assumption that the whole procedure is a scam and that all parties concerned are necessarily part of that scam. NJ offers no evidence whatsoever to sustain his claims. NJ does not accept to face the hard facts: all new business ventures come with risks. Seeking seed capital does as well. NJ was aware of the risks and accepted to take them. On my side, I have done my part of the work: I have performed all my obligations in accordance with the initial Financial Advisory Services Agreement and I have introduced my client in good faith to a source that I knew well and had no reason to distrust.

In my personal capacity, as a well-experienced banker with a 40-year international business experience and a thoroughly clean slate in business circles, I can assure NJ that am not prepared to accept his slanderous public accusations. I wish to inform him and all others who may be concerned that I expect nothing less than an apology. I want to see within three business days his apology and a complete withdrawal of all the accusations that NJ angrily targeted at me on this web site. In the event NJ does not publish his apology and withdrawal through Ripoff as requested, I shall immediately initiate legal proceedings for defamation.