Due diligence is an iterative process. The more we learn, the more leads we obtain for new information. All of our assignments depend on excellent due diligence.
Under Skip and Beatriz’s leadership, GRG investigated all newly-assigned claims, and discovered patterns of fraud with regard to certain Ex-Im Bank-insured transactions in LATAM, Africa, India, and the Philippines.
We were able to provide information to our client leading to the arrest, conviction, and imprisonment of perpetrators of the respective frauds, as well as the restitution to the client of substantial funds. Our contribution was acknowledged in a public report of the Ex-Im Bank Inspector General, and helped the client revise its underwriting processes to avoid future fraud.
Stand-alone Due Diligence Assignments Examples
A distressed, partially-completed beach resort in the Dominican Republic. This engagement was for a DFI that had provided mezzanine financing for construction of a portion of the development. Our engagement required us to assess the status of the development, the status of title to various parts of the project, and the legal merits of competing claims asserted by the developer, the architect, an interim project manager, the respective purchasers of partially-completed residential units, local project staff, and a senior lender.
A multi-billion dollar petrochemical facility in Colombia. This project was undertaken on behalf of an ECA that had provided project financing for a refinary expansion. The engagement required Beatriz to audit the project manager´s local contracting protocols, practices, and expenditures to ensure they conformed to the ECA´s requirements.
Biomass Power Generation Facilities in Brazil. This assignment was undertaken for a DFI that had provided project financing, and had been defrauded because certain “official guaranties” of the electric utility turned out to have been forged. The engagement required Skip and Beatriz to report on the criminal process, and we identified a person we believe to have been the behind-the-scenes orchestrator of the fraud.