NORTH-SOUTH PARTNERSHIP: HOW RABOBANK IS MANEUVERING FROM HOLLAND TO SINK THE T.R.C. COMPANY
In the beginning was a powerful company under Dutch law, the REEF GROUP, managed by two children of the family, namely Paul REEF and Herbert REEF, whose banking partner for 80 years has been the ABN-AMRO BANK! In the expansion of its activities outside its headquarters in GOOR in Holland, this company REEF GROUP creates in Africa and mainly in Douala in Cameroon, a 100% Dutch subsidiary, the Company TRANSFORMATION REEF CAMEROON (TRC) whose main activities concern the forestry exploitation of wood in logs and cuttings and the setting up of an industrial unit for the transformation of wood waste powder into panels and tiles for ceilings, floors and walls of houses. The company TRC is very quickly FSC certified in cutting and reforestation in its FMUs where it has created schools and clinics in villages. At the peak of its operation, TRC pays 1050 direct employees and several indirect ones. TRC was admired until RABOBANK became part of the parent company REEF GROUP.
1-/ RABOBANK: a wolf in the REEF GROUP sheepfold!
RABOBANK Entschede-Hadksbergen, based in the Kingdom of Holland, contacted the REEF GROUP of Paul and Herbert REEF in 2007 for a privileged banking partnership. Following negotiations, Paul and Herbert REEF abandoned their 80-year successful banking partnership with ABN- AMROBANK and threw their hopes to RABOBANK, which, in order to lure its prey, and proud of being newly admitted as the group's banker, made available in 2008 the round sum of 31 million euros for REEF GROUP and its Cameroonian subsidiary TRC, which guaranteed the financial facility granted!
RABOBANK quickly showed its reluctance, without any reason, to finance the Cameroonian subsidiary TRC, which is 100% owned by REEF GROUP and which is the guarantor of the financial facility granted by RABOBANK, i.e. 31 million euros! Apparently, RABOBANK's money is not intended for the development of African companies! Stuck, REEF GROUP is looking for funding agencies to prevent the financial collapse of TRC, its subsidiary in the tropics with a bright future!
2-/ The intervention of a Pan-African Investment Group!
At the end of 2008, the liquidators of TRC in Cameroon informed us that Paul and Herbert REEF will successfully approach a Pan-African Investment Organization which will grant them, on behalf of TRC, a sum of 6 million euros for the modernization and efficiency of the wood processing plant in Douala. Except that the money has to go through the banker of REEF GROUP in GOOR in the NETHERLANDS, namely RABOBANK! The 6 million euros have been transferred to the accounts of RABOBANK since August 2009!
The latter stubbornly refuses to transfer the amount received, which was intended to modernize the equipment of the TRC processing plant in Douala! In the meantime, the company is suffocating financially and has contacted local bankers, including Afriland First Bank, to maintain operations while waiting for the transfer of 6 million euros received by RABOBANK for their account!
3-/ When RABOBANK kills the mother (REEF GROUP) and her baby (TRC)!
A dramatic turn of events! In December 2010, the Supervisory Board of REEF GROUP approved the complete split of REEF GROUP into REEF HOUT Netherlands and TRC Cameroon. The consequences are bad, worse for TRC and its parent company REEF GROUP! Paul and Herbert REEF lose 55% of their shares to a new chairman of the board who takes them over! Synonymous with the death of REEF GROUP, the parent company of TRC!
On March 14, 2011, the Chairman of the Supervisory Board publicly refuses that no assets should be transferred to TRC Douala in Cameroon! There the baby dies after the mother. In July 2011, REEF HOUT is separated from TRC, creating the bankruptcy of the company in Cameroon with all the legal consequences: unemployment for workers, employers, transporters etc.
4-/ Afriland First Bank, the citizen bank pays the price of RABOBANK's maneuvers!
In an attempt to save the wreckage of the TRC company, Afriland First Bank, a banking institution under Cameroonian law, granted financial facilities to TRC guaranteed by a stock of wood worth 1,300,000 (one million three hundred thousand) Euros, market value at the port of Amsterdam. To add insult to injury, the goods of TRC were seized in April 2012 by RABOBANK which sold them at 200,000 (two hundred thousand) Euros according to it, to a New Company of which THEY ARE THE OWNERS and not REEF HOUT, formerly REEF GROUP which placed the order to TRC! The dry loss caused by this seizure and sale to itself is 1.100.000 (one million one hundred thousand) Euros! It was RABOBANK who caused the split of REEF GROUP in GOOR with TRC in Douala, Cameroon! What right does RABOBANK have to seize and sell the timber of TRC, which no longer had any legal connection with REEF HOUT?
RABOBANK has premeditated, meticulously organized and orchestrated the bankruptcy of REEF GROUP GOOR and its Cameroonian subsidiary TRC! The non-payment of employees' social rights, the drought of its assets and the pharaonic nature of its liabilities lead to the unnecessary liquidation of TRC. Yet RABOBANK continues to maintain in its accounts, against the wishes of many of its silenced employees, the sum of 6 million euros intended for TRC to finance its objectives. Afriland First Bank, an African banking entity, is at risk for having accompanied a company in distress. Is Rabobank, which is present in Zambia and Tanzania, a Mafia bank? Whose turn is it? These are the questions that pan-Africanists are asking. We continue to investigate all the shadows and the unspoken aspects of this incredible case of Premeditated Bankruptcy of an African company. The African countries where RABOBANK is located must be informed of the premeditated bankruptcy of TRC in Cameroon by this bank under Dutch law.
The last article of this series will be published on June 28th