SinoTradeRescue.com Issues Alibaba Gold Members Scandal Alert
Sino-Trade Rescue’s parent company Primal Group Ltd’s Vice President, Anya Sapritsky said “The recent scandal at Alibaba doesn’t mean Alibaba is a bad company; they are holding their managers accountable and terminating those involved in the fraud. They are still the most visited portal. But it does mean buyers need to be aware of what real due diligence is about. Additionally, goods inspection and attention to detail in face-to-face business can never be replaced. We hope Alibaba and STR will continue to enjoy a symbiotic relationship between online access to choice, and on the ground service.”
According to STR officials, due diligence is still the biggest issue facing foreign buyers in the Chinese market for the foreseeable future. Another way STR recommends reducing risk is by having STR act as a 3rd party escrow bank service out of its Hong Kong headquarters. Clients' funds are only released to a factory after goods are verified to be at a stage specified by the client – for example, on a truck, at the dock, or on a ship.
SinoTradeRescue.com issued the warning to its members as part of their Chinese sourcing trade rescue service which aims to reduce risk in international trade transactions. According to Kamal El-Wattar, President of Primal Group Ltd., "Most of our clients are also B2B portal members (for example on Alibaba, TradeKey, Made-in-China or other B2B portals). Proper due diligence is essential - it's a key service we offer our customers as part of our standard service. We do site inspections and check the paperwork; we even check government tax records on the factories. Even if a client has already engaged with a source in China, it's not too late to pulls us in for due diligence." For STR’s Premier and VIP members, as well as its STR Office (Outsourced Procurement Office), a factory visit is conducted free of charge.
STR is a Hong Kong based company headed by teams in Beijing, New York, Moscow and Cairo. Started in 2008, the company focuses on two areas of service: “Rescue” and “Sourcing”. The company has made a niche for itself as the only 24-hour rapid response trade assistance company for Chinese trade. China, with over 10% of worldwide exports in 2010 and over $2.2 trillion in combined import/export volume, creates a robust client base for the growing company. In addition to direct B2C client relations through its growing membership, STR is positioning itself as the outsourced solutions provider for B2B portals such as Alibaba, GlobalSource, Made-in-China and TradeKey which are the main information providers in the China Trade space. STR fits well strategically since it is a “Pay for Service” company, rather than “Pay for Information”. The company is also developing smartphone applications such as DealTracker™ which allows clients to login to the company website, much like FedEx, to track the stage of transactions managed by STR.
Company Name -- SINOTRADE RESCUE (STR), A PRIMAL GROUP LTD COMPANY
Company Mailing Address -- Suite 1708, Nan Fung Tower, 173 Des Voeux Road C, Hong Kong
Contact person name --- Kamal El-Wattar
Contact person title -- President, Primal Group Ltd.
Contact person email -- email@example.com
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