Read another entry in Svenska Dagbladet today (in swedish) about Swedish companies being cheated (again) in China and that 65%, according to Kroll Advisory, was up for a fraud attempt last year.
But when it comes to China, it seems like many people get blinded by the opportunity and seems to forget the basics. You meet a person, maybe through an introduction and all of a sudden, you have Joint Venture going together and transfers heaps of money but also technology. Two years later, you have nothing and been cheated and lost both the market opportunity and money/technology. Basic business rules applies in China as well as in Sweden where normal Due Diligence would make you avoid many mistakes. But as in Sweden, you can still be cheated but at least you have done what you should in order to protect yourself from the easiest mistakes.
The China Law Blog is an interesting piece of information that with anecdotes and real cases highlights basic mistakes we often do. Here’s a piece on ten basic mistakes.
Another common story the last year has been suppliers that haven’t received the payments despite the buyer paid from overseas. What happened? The buyer gets an email stating that payments should be done to a new bank account in another bank in another name. Strangely, the buyer accepts and pays without further questions. Why? Would you do that in your home country without proper documentation?
There are unlimited stories of how to get cheated but apply normal business sense and get yourself some trusted advisors. And yes, it may cost a few dollars but better safe then sorry instead penny-wise and pound-foolish
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