http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSSP47327420090831 http://www.marketwatch.com/story/sc...n-derivatives-2009-09-01?siteid=rss&rss=1
Translated.....we no likeee pay contract mount.....we payee what we want payee.....youee disgreee youee jailed. The State-owned Assets Supervision and Administration Commission, the regulator and nominal shareholder for state-owned enterprises (SOEs), told six foreign banks that SOEs reserved the right to default on contracts, Caijing magazine quoted an unnamed industry source as saying in an article published on Saturday.
Hehehe. The State-owned Assets Supervision and Administration Commission, the regulator and nominal shareholder for state-owned enterprises (SOEs), told six foreign banks that SOEs reserved the right to default on contracts, Caijing magazine quoted an unnamed industry source as saying in an article published on Saturday.
This guy told me a story about MCD In China. The state told MCD to move their business (this was after it was established, up and running). MCD said we have a contract and lawyers. After some time passed, the old store was gone and a new one opened up somewhere else. lmao.
It just goes to show the Chinese are DISHONEST and cannot be trusted in ANY contract! A contract will essentially bind a Western company if it's a win for the Chinese and screw the Western co. if the Chinese side loses. I'm no fan of greedy banks, but in this case I say the West better wise up & stick it back to the Chinese before this shit becomes the norm.
Capital flees where there is no rule of law. The Chinee are just shooting themselves in the foot with this stuff...