This is not the best of times for Heritage Bank and Japaul Gold and Ventures Plc, a company that is routinely flirting with bankruptcy, which has been ensnared in a default by Japaul leaving the bank on the hook for $2.16 million.
Japaul Gold and Ventures Plc was involved in the sale of commodity (gold dore bars) covered by a forward contract with Quinn Mcgrath Limited in which Quinn Mcgrath made a prepayment of $2.16 million guaranteed by Heritage Bank.
The bank guarantee was for a period of 60 days in which Japaul Gold and Ventures Plc was expected to have executed the contract.