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Trust but Verify: Do a Due Diligence Research

Due Diligence Story: STF Medical, Oksana Obolenska, and cheated students

 

IMN Student Association

          

Don't assume that a no-risk opportunity is really a no-risk one. Know who you are dealing with. Do due diligence research on a promiser of an amazing opportunity, and do it with a very critical eye.

We, students from three developing countries, learned these lessons a hard way.

We were just too excited and keen to do the job when Oksana Obolenska, CEO of STF Medical GmbH, Austria offered the heads of our educational institutions Euro 5,000 each for the market research and adaptation of their investment offer to local business environment.

We presumed no due diligence research on STF Medical GmbH and their CEO, Oksana Obolenska was required.

Why would a corporation from a rich European country cheat poor educational institutions and students from developing countries?

This assumption proved to be wrong. Due diligence research was required.

Oksana Obolenska send a written message saying that her company STF Medical GmbH had sent the funds to our institutions towards the job to be done. Though our institutions haven't received the payment in due time, we believed that was just a delay caused by funds transfer limitations experienced by many developing countries.  So we used our own scarce financial resources to do the job because we believed the funds would ultimately come. They didn't. Oksana Obolenska just stopped responding to our messages.

Only then we did a due diligence research on STF Medical and Oksana Obolenska - and regretted that we hadn't done it in time.

STF Medical has no proper office and looks like a ghost company. The multi-billion hospital construction projects listed in the lousy corporate brochure don't exist. Oksana Obolenska is not a EU citizen, she is a Ukranian citizen. Negative remarks about STF Medical's and Oksana Obolenska's business practices are plentiful. Here is a example.

All that and much more unpleasant facts about STF Medical we discovered in no time by searching the Internet.

Here is a lesson we learned from this experience and our advice to you: Trust but verify; be wary of too-good-to-be-true offers, take time to do a due diligence research.