Bellegprom CEO Complains About The Chinese

Chinese banks do not want to work with the enterprise.

The CEO of the Bellegprom concern Tatsiana Luhina spoke about problems with Chinese banks. The Vorsha Flax Mill is going to purchase 20 spinning machines abroad for 10 million dollars for processing short flax fiber and wants to play it safe.

“We would like to work on a letter of credit basis, when the Vorsha Flax Mill issues a letter of credit form of saving funds in Chinese banks and the letter of credit is opened when the equipment arrives and is installed directly at the production facility,” BELTA quotes the words of the CEO of Bellegprom. “What have we encountered? To date, not a single Chinese bank has been ready to open a letter of credit for the Vorsha Flax Mill.

We raised this issue and asked for help in sorting it out. Since the funds are considerable, our partners want 80% of the prepayment.”