being the world factory, is one of the closest business partners of Hong
Kong. Every company that conducts trading business with China inevitably
exposes itself to potential trade fraud and disputes.
seminar is tailor-made to share with you the relevant risks and preventive
measures from the angles of an importer and/or an exporter. All the cases are real which were handled by the speaker as a legal practitioner, ex-banker
and an accredited mediator. You will take all the risk mitigating
factors, legal principles, documentation advice and practical handling
approaches back to your office.
1. Import Risks
An importer identified a potential seller and
issued a letter of credit ("L/C”) through its banker. By the time
the importer found out that no goods were ever shipped, the issuing bank had
already effected payment to the seller since the presented documents were
complying on their face. Each importer is exposed to similar risk of
forged documents presentation.
How to identify and prevent presentation of forged
documents under import L/Cs so that an importer will not pay millions of
dollars for a set of useless papers?
2. Export Risks
exporter shipped the goods under an export L/C confirmed by an international
bank. To mitigate risks, the exporter instructed the confirming bank not
to send the original documents (including a full set of charter party bills of
lading) to the issuing bank until it had accepted all the discrepancies that
appeared on the presented documents. Notwithstanding the exporter still
holds all the original documents today, the buyer took the goods years ago
ensure control over export goods if the buyer fails to pay? How can a
buyer take delivery of the goods without production of any original bills of
3. Dispute Resolution
It is not uncommon that buyers will find excuses to
negotiate for price reduction whenever the price of goods drop. Some
buyers may even allege fraud and/or obtain court orders prohibiting payments to
the seller. This could be a nightmare for the seller.
How to resolve China trade disputes amicably and
recover 100% of proceeds within weeks and without litigation?
Mr. King Tak FUNG
Mr Fung is a
Asia Head of Banking & Finance, Eversheds* specializing in Banking and
International Trade Law and Practice. He
is also former Vice President and
Head of Trade Finance at Bank of America N.A.
Mr. Fung has handled a large number of
trade fraud, injunction and trade disputes cases with extremely successful
results and has recovered tens of millions US dollars for various banks and
companies. He has conducted over 450 interactive legal and banking
workshops since 1998 within which over 50 workshops were held in China.
Over 45,000 judges, lawyers, bankers and business executives have attended his
interactive workshops in Asia, Europe, N & S Americas with excellent fee
Eversheds is one of the largest law firms in the UK in terms of number of
stands for International Chamber of Commerce