Zimbabwe Businessman Loses Funds in Standby LC Investment Scheme

Although not near as commonplace as in the 1990s, standby letters of credit are still being pitched as investment instruments. And those who should know better are still falling prey to them.

Zimbabwe media outlets report that the finance and operations director of a road freight transport company parted with USD 20,000 after being told he would get USD 3 million in three months from his investment.