International Recovery Agent for the Export-Import Bank of the United States
VRH’s sister company, Global Recovery Group, LLC (“GRG”) currently serves as the exclusive private sector claims recovery firm for both for the Export-Import Bank of the United States (“Ex-Im Bank”) and the Overseas Private Investment Corporation (“OPIC”). GRG has been the recovery contractor for the Ex-Im Bank and OPIC for loans/claims under $10 million and has collected over $200 million the past eight years. We also manage approximately 150 litigation cases on behalf of Ex-Im Bank through local counsel in dozens of countries.
Through this affiliate, we also provide international recovery, company restructuring, and due diligence services for other development finance and export credit agencies such as: Germany’s KfW Bankengruppe; the Dutch development bank, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (“FMO”); and Austria’s Oesterreichische Kontrollbank AG (“OeKb”); and we have been accepted as a preferred international collections vendor for Japan’s Nippon Export and Investment Insurance (“NEXI”). This depth of international experience, along with our team of domestic collections experts provides the backbone and company infrastructure and approach to tackle complex claims around the world.
VRH, via GRG, has developed in-house a proprietary asset management system called RECO, which is a web-based database used to track and coordinate recovery efforts on all of our Ex-Im Bank and OPIC cases around the globe. RECO can be accessed anywhere via a secure internet connection. Among other things, RECO allows GRG to electronically store and access all documents related to each claim in a secure site; upload new documents, from restructuring agreements to e-mail correspondence, via web browser; draft and manage recovery plans and other client reports online; maintain a log of all recovery actions and other tasks performed on claims over time; generate form correspondence; manage information on collateral assets; manage claims in litigation and track information about complaints filed; and monitor debtor payment plans.
The RECO program illustrates VRH’s strengths in developing a system that allows for the contractor to submit timely and accurate reports and/or documentation, positively and promptly respond to technical directions, contract change orders, and prepare and deliver complete and useable documentation, and manage contacts and financial data tracking. Through our work with Ex-Im Bank, we have been able to develop and maintain a data management system to collect information and track the processes. The Chairman of the Ex-Im Bank and the United States Department of Justice has also applauded GRG for its combined efforts with Ex-Im Bank in its information support to the Department in criminal cases involving fraud against the Ex-Im Bank.