Wednesday, June 08, 2005

I couldn't make this stuff up if I had to!

It keeps getting better and better, or at least more entertaining (if you can't make a buck off of it, hopefully you can at least get a laugh)

Guy comes to us a few weeks back. Says he has a order from the Ministry of Trade for the government of Iraq, to deliver 55 tons of sugar and presents us with a letter of credit issued by a well regarded international financial institution. He was in a bind because he needed 5% of the value of the letter of credit or about 700K to post as a performance bond.


So the letter of credit checked out and I asked the gentleman for the name of someone in the Iraqi ministry of Trade with whom I can confirm the order for the sugar. His response was, "what do you mean, Iraq ordered it, there isn't anyone you can speak to, its the government!". When I asked him about his previous experience in international trade, he was a little less than forthcoming with the fact this was the first time he had done this and based on what little I know about the international sugar trade, it isn't something you can really get into on a whim.

Needless to say, the enterprising gentleman never provided me with a name in order to confirm the purchase order. Was this a legit transaction, not quite sure, but I got enough bad vibes to be spooked by the whole thing.

1 Comments:

Anonymous Anonymous said...

Sounds vaguely similar to a business proposal I got in my e-mail today, something about $14M in a bank vault in Lagos, Nigeria, waiting for transfer to me as intermediary. Just need 5% up front for taxes and fees...

-- WCS

12:45 AM  

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