South Africa’s financial institution; International Development Corporation (IDC) projects itself as a self-financing national development finance institution whose primary objective is to contribute to the generation of balanced, sustainable economic growth in Africa.
However, the experience of some Ugandan investors with the institution does not seem to augur well with its alleged goals.
According to our sources from many African investors who have dealt with them, they have experienced trouble or worse including our Ugandan investors who have gone through bad experiences dealing with IDC.
Shocking details have now emerged the organ plays what sources say is ‘dirty’ on Ugandan investors to the point of nearly stripping them of their hard-earned wealth.
Exclusive sources revealed to this publication that the venture capital fund often shows up to investors and offers part of the finance by taking all the security of the empire. Later, the corporation enters a contract agreement claiming that they will give them credit in a timely manner.
However, sources say, the moment you ‘fall into their trap; and hand over to them the security documents after signing the financial credit agreement with them, that is where the trouble starts with the deal overseen by someone favouriting them.
After a short while, they will reportedly begin breaching the contract’s financial obligation agreement from the onset by coming up with all manner of unjustifiable and unreliable excuses. This is after they have given you a small portion of the drawdown with high-interest rates.
Sources add this is a trick to make them not give you all the amount of money you agreed on in the contract, on time.
As a result, the costs of running the project, losses of business opportunities and unnecessary expenses pile up on our investors forcing the IDC to resort to reported blackmail by forcing them to increase the interest rates to give them more money.
In the next section of this story, stay on the watch as we bring you in-depth details of Ugandan investors who have fallen prey of this South African financial institution.
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