In fact, these lenders had not agreed to repay Westernbank’s loan. Kachkar made false and fraudulent representations to Westernbank executives that he had additional collateral, including purported mines in Mexico and Canada worth hundreds of millions of dollars, to induce Westernbank to lend additional funds, the evidence showed.
In contrast to what was actually the case, these lenders had declined to repay Westernbank’s loan. Kachkar made false statements to Westernbank executives that he possessed additional collateral, including supposed mines in Mexico and Canada worth hundreds of millions of dollars, which led Westernbank to lend more funds, as revealed by the evidence.