Report coming in of a Vietnamese shipper being swindled by a United Arab Emirates importer based in Dubai. It was reported that a Vietnamese shipper and Dubai importer had signed a purchase contract to purchase Black Pepper. Though the black pepper had been exported to the Dubai importer, payment for the goods haven't been fully made until this news is released. The Dubai importer have yet to settle the payment. The dishonest and cheating conduct of this one Dubai importer has disrupted the trading relationship of Viet Nam and United Arab Emirates as well as tainted the reputation of U.A.E Business in the eyes of the world. In response to the lack of responsibility of the Dubai importer, the Vietnamese shipper has reached out for help from the Vietnamese Government with the hope that the problem could be resolve through bilateral cooperation between the two countries.
Furthermore, update from other source was found that the U.A.E company in question during the mentioned trade agreement was linked to Inghaus and Coutts Investment Bank which was red-flagged by the Financial Supervisory Authority of Norway for not being authorized to provide investment service in Norway due to lacks of license required under the Norwegian Law. Report received from the shippers, elaborated how the Dubai importer colluded with the Bank to show as if they had made the payment. Upon further investigation by the Vietnamese Embassy in Norway, the address for the Bank in Norway was false and there was no bank office nor staff of the bank at that address. (https://www.finanstilsynet.no/en/investor-alerts/2019/finanstilsynet-the-financial-supervisory-authority-of-norway-warns-against-investment-offers-promoted-by-inghaus-and-coutts-investment-bank/).
The con performed by the Dubai importers is quite elaborate and planed in advance, as they tried to con by using different company name, email address and phone number. This kind of con will easily bring down business all over the world. Therefore, shipper ought to be extra careful when dealing with the importers especially importers from Dubai and it is advisable for exporters to priorly check on the importers credential with the Vietnamese Embassy in United Arab Emirates for justification in proceeding with the contract so as to avoid losses in the future. Furthermore, there is the need of Government warning alerting business of this kind of dishonest practice.