….Over Dubai-based Dynamic FZC Ploy To Swindle Trade and Logistics Company, Threaten To Blacklist
Ghanaian goldsellers and suppliers are enraged about how a UAE-based client, Dynamic FZC, chaired by one Firoz Khan, attempted to knock their heads together after issuing a fake Swift code to one of their own, M&C Trading and Logistics company.
They have expressed panic about their fate in the rarefied, and angrily comparing losses, after it came to light that what Dynamic FZC, told his sellers, after entering into an Agreement for the export of Gold (Au) to Dubai informed M&C, that it had deposited Nine Million United States Dollars (US$9,037,720.00) into the Ghana Accounts of M&C for the payment was a blatant falsehood.
The wire transfer document which was forwarded to M&C Ghana, turned out to be a scam and that nothing like that had been wired into M&C accounts as was confirmed by the local bank.
Meanwhile, because Firoz had informed his suppliers that he had issue the cheque, all the Ghanaian suppliers descended on their colleague, Michael Leslie Bartlett-Vanderpuye, thinking that he was being economical with the truth. Firoz had succeeded in knocking the heads of the Ghanaian goldsellers and suppliers together.
The story goes that Dynamic FZC, and its chairman, Firoz Khan, signed and delivered to Ghanaian gold seller, M&C Logistics and Trading, an Export Service Agreement in Accra, which mandated Dynamic FZC to go through some simple procedures to start business with them.
Amongst the procedures Dynamic FZC were supposed to go through are: open an Account with M&C Logistics and Trading, indicate the Service request from M&C Logistics And Trading as per the Account Opening Form, maintain a minimum of Fifteen Thousand United States Dollars ($15,000.00) at all times with M&C Logistics And Trading, notify M&C Logistics And Trading via email of all intended services within Twenty Four (24) hours prior to execution, transfer funds in time on any invoice raised for service to be rendered timely, furnish M&C Logistics And Trading with all contracts signed with Third Parties with respect to Precious Minerals Export for perusal.
Dynamic FZC was also to: furnish M&C Logistics And Trading with ‘Release to Exporter Note’ signed and sealed by the seller, M&C Logistics And Trading to prepare all documentation as required by law to export accordingly all consignments to the destination of Dynamic FZC within Forty-Eight (48) hours after the request is made, M&C Logistics And Trading to provide all Export documents for goods retrieval to Dynamic FZC before the flight departs amongst others.
Back-and-forth in their business dealings, Dynamic FZC, after entering into an Agreement for the export of Gold (Au) to Dubai informed M&C, that it had deposited Nine Million United States Dollars (US$9,037,720.00) into the Ghana Accounts of M&C for the payment.
The wire transfer document which was forwarded to M&C Ghana, however turned out to be a scam and that nothing like that had been wired into M&C accounts as was confirmed by the local bank.
Meanwhile, because Firoz had informed his suppliers that he had issue the cheque, all the Ghanaian suppliers descended on their colleague, Michael Leslie Bartlett-Vanderpuye, thinking that he was being economical with the truth. Firoz had succeeded in knocking the heads of the Ghanaian goldsellers and suppliers together.
Voluminous document available to the Republic Newspaper revealed the chronology of activities that unfolded during the two company’s dealing for which the Dubai client wanted to outsmart its Ghanaian trading and logistics company.
Enter Eugene Viljoen, Chief Executive Officer of Monarcho Investments (SL) Limited, who on 13th September, 2021 instructed via email for a proforma invoice of 100KG Bullion Van transportation to be addressed to Dynamic FZC, this email included their address. Dynamic FZC sent a debit instruction with the invoiced amount for pick up to be made.
On the 16th of September 2021, M&C Logistics and Trading received Transportation advice to cart 200kg of Gold (Au) on behalf of Monarcho Investment (SL) Limited, the seller from Bawku. M&C raised an invoice of $124,800.00, Dynamic FZC sent a debit instruction with the reference number of the $124,800.00 for immediate pick up, M&C did the same and delivered the gold to its refinery in Accra. A receipt for the US$124,800.00 was issued and acknowledged by Dynamic FZC.
Dynamic FZC requested an assay for 250KG gold on 27th September and a receipt of $25,000.00 was issued to Dynamic. The assay was performed and witnessed by Eugene Viljeon the Chief Executive Officer (CEO) Monarcho Investment (SL) Limited, the analysis report was sent to Dynamic FZC.
Dynamic on 19th September 2021 entered into a separate Sale and Purchase Agreement for Gold (Au).
On 27th of September 2021. Dynamic FZC made an advance payment of US$26,942.00 for the Export Pre-Documentation for 100kg of Gold (Au) to Dubai into the accounts of M&C Accra.
On 28th September, 2021, Dynamic FZC requested an assay for 200KG gold, a receipt of $20,000.00 was issued to Dynamic. The assay was performed and witnessed by their representative, Andrews Maarsdew and the analysis report sent to Dynamic FZC.
On 29th September 2021. Dynamic FZC made an advance payment of US$25,069.11 for the Export Pre-Documentation for 100kg of Gold (Au) to Dubai into the accounts of M&C Accra.
On the 30th of September 2021, M&C Accra received a request from Dynamic to pick up 100kg of Gold (Au) from Kintampo in the then Brong Ahafo Region through a seller/contact man. M&C raised an invoice of US$53,200.00 for Transportation which Dynamic did pay through a debit instruction on M&C and acknowledged by Dynamic.
Dynamic FZC issued a debit instruction for payment to Gold Stock Ghana on 6th October, 2021. The invoiced amount of $64,125.00 was transferred and a payment advice sent to Dynamic.
On the 11th of October 2021 M&C issued a receipt of US$20,000.00 for the assay of
200kg of Gold (Au) from Dynamic FZC on behalf of Golden Gold Limited. The Chairman of Dynamic personally supervised the assay and consequently signed as a witness to the assay.
Dynamic FZC sent an email delegating their representative Ian Griffith to be in charge of supervision while the Chairman, Firoz Khan is away. On the 15th of October 2021 M&C issued a receipt of US$30,000.00 for the assay of 300kg of Gold (Au) from Dynamic FZC on behalf of Adegu Mining Company. Ian Griffith, a representative of Dynamic personally supervised the assay and consequently signed as a witness to the assay.
Thus, there was no money to pay the sellers of the Gold (Au) to Dynamic. Again, contrary to the Export Agreement M&C were not privy to the 3rd Party Agreement with the buyers nor furnished with any Release to Export Note to affect any export.
It is worthy to note that in November 2021, Dynamic FZC contracted M&C to secure Two (2) kg of Gold for Export, M&C without any hitch did export the Gold to Dynamic in Dubai on two occasions. The first badge of 2KG which cost $107,043.40 was exported at a cost of $6,746.11 on 5th November, 2021 through KLM Royal Dutch Airlines, all export documents emailed and Gold received by Dynamic FZC on 6th November. Upon receipt Dynamic made a video and posted on YouTube (link to video attached). Dynamic FZC transferred $105,867.00 on 9th November, 2021.
The second consignment of 2KG valued at $110,681.36 was exported on 18th November, 2021 through the same airline with cost of export $6,902.03. Dynamic FZC once more acknowledged receipt and transferred $99,990.00 on 24th November, 2021. It must also be noted that these two supplies were pre-financed by Dynamic.
Dynamic requested for a 5% discount on subsequent supply but this was turned down by M&C Logistics and Trading as such request is not in line with our Gold supply Procedures. Since Dynamic had no funds to engage M&C Logistics and Trading on our Minimum Monthly supply of 25kg which clients enjoyed 5% discount, Dynamic requested for refund of its deposited on their Export Service Account.
On December 1st, 2021, Dynamic FZC sent a debit instruction for the transfer of all funds thus $207,727.04 back to them. The funds transferred were as follows:
7th December, 2021- USD100,000.00,
15th December, 2021- USD99,300.00
23rd December, 2021- USD8,319.00
Swift Charges- USD108.04
All payment advices were sent to Dynamic FZC and they acknowledged receipt of funds.
This brings the account balances for Dynamic FZC with MNCSB Trading DMCC and M&C Logistics and Trading to zero.
Read more on the startling details of how Firoz and his Ghanaian cohorts orchestrated to disgrace M&C and its boss soon.
