The problem of Chinese customers defaulting on previously agreed deals will also lead to large losses for some importers.
Kidnap alleged in China dispute [FT]
A British scrap metal company has accused Chinese customers of abducting its chief trader for ransom in a case that underlines the challenges of doing business in China.
Goldarrow Metals alleged that Anil Srivastav was seized from a Shanghai airport this month and held for days in a small hotel in the eastern port city of Ningbo.
The company said it was forced to send shipping documents worth $350,000 to Ningbo Yibao Import and Export, a customer, to secure Mr Srivastav’s release after local police and British consular officials refused to intervene.
The affair comes amid mounting friction in the international scrap metal trade caused by a slump in commodity prices. Tens of thousands of tonnes of imported copper and aluminium scrap are reported to be sitting in Chinese ports after local companies defaulted on deals.
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The embassy in Beijing said it did not become involved after concluding it was a business dispute. Ningbo city police confirmed they had been involved in a case involving Guanghe and a foreigner but declined to give further details by telephone.
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3 comments:
Still happening, unfortunately. I was surprised this was done to a non-ethnic Chinese, usually it's done to ethnic Chinese, even if they are US citizens.
Yeah, I just recieved threats similar to this, a week ago...
I wrote about my experiences on my China furniture blog...
I heard multiple similar stories from friends, too... If they get you, they keep you under watch in a hotel or at the factory, nothing too bad, until they get paid...
Good post, thanks...
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