China trade hurt by Goldarrow case

Dec 19, 2008 | 10:27 AM | Barbara O'Donovan

The alleged kidnapping of a British scrap trader and contract cancellations have made many scrap merchants more wary of dealing with Chinese companies, market participants said.

While cancelled contracts in the scrap business aren't confined to China, market participants said they are taking stricter measures to protect themselves when dealing with the country.

"I've not met one person in the last few months that's happy to deal with China on the same terms," V. Sampath, managing director of British nonferrous scrap trading company Goldarrow Metals Ltd., said, adding that his company no longer deals with any Chinese company.

Goldarrow Metals alleged in October that it paid a ransom of around $350,000 to a Chinese company after its senior trader, Anil Srivastav, was taken and held against his will during a visit to China to discuss money his company was owed.....

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