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Foreign-Related Economic Dispute in Yiwu
Post Time: 20/08/2018

 

In February of 2018, Sangi (a pseudonym), an Iranian businessman in Yiwu, purchased clothing worth over 800,000 RMB from more than 40 businessmen through a foreign trade company in Huang Yuan market, with a payment term of three months. However, when the deadline for the majority of the payments came on June 9, aside from the deposits paid by Sangi when placing the orders, the rest of the more than 600,000 RMB was still not paid.

The businessmen repeatedly requested payment from Sangi and the foreign trade company, but were given various excuses. In desperation, the 40-plus businessmen jointly reported the company to the Economic Crime Investigation branch of the Yiwu Public Security Bureau at the beginning of July. After gaining a detailed understanding of the case, the police ruled out the possibility of Sangi committed contract fraud. In order to coordinate a solution between Sangi and businessmen and help the business owners get their payments as soon as possible, Yiwu police immediately contacted the Foreign-Related Disputes Meditation Committee, the Iran-Yiwu Chamber of Commerce and Industries, and the courts to organize mediation on August 2.

In early August, Sangis father rushed to Yiwu from Iran. He stated that Sangi’s family is well-situated economically in Iran. However, at this time they could not fulfill the payments in Yiwu out of their business accounts. At present, a property in Iran has been sold to compensate the Yiwu business owners’ losses. At last, this foreign-related economic dispute came to a successful conclusion. (By Wang Lingfei – Yiwu Shangbao, translated by Jiao Tingting, edited by Kendra Fiddler)

 

Source text:

news.zgyww.cn/system/2018/08/09/010138178.shtml

 

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