What Kopa believed it was buying

The commercial objective was funding, not possession of an ornamental paper instrument. In August 2025, Balkan representative Christian Nahaboo described lenders “we have access to” as typically providing 90% LTV facilities, while distinguishing Balkan’s collateral role from the lender’s role. Millennium was then introduced and an £7.2 million facility agreement was executed against the proposed £8 million guarantee.

The formal contracts contain protective drafting for Balkan: Balkan is not the lender, does not guarantee third-party funding, and treats the lending relationship as separate. Those clauses matter. But so does the sales and operational context: the guarantee was selected, structured and processed for the stated purpose of supporting an identified facility, and Nahaboo repeatedly gave timings and assistance around the lender route.

The fair question

Was Kopa sold a deliverable instrument that was practically capable of satisfying the identified funding route, or merely a document whose issuance allowed fees to be earned even if no bank would authenticate, custody or lend against it?