CHINESE BANKS ANSWER ERISSCON (NANJING)'S EXCUSE
AsiaInfo Services, April, 2002
AsiaInfo Services 04-12-2002 Chinese Banks Answer Erisscon (Nanjing)'s Excuse Nanjing, Apr 12, 2002 (AsiaPort via COMTEX) -- Nanjing Erisscon's excuse for its prepayment of loans back to Chinese banks turned out to be untrue. It said that Chinese banks were not able to provide business insurance.
It was reported, however, the Bank of China, the firstChinese bank to offer business insurance, could also provide services concerning debts takeover. News from the people's Bank of China said that accounts receivable belonged to businesses insurance and the excuse that Chinese banks were not able to provide businesses insurance was unreasonable. It was reported that the people's Bank of China singed an agreement with German Discount and Loan Company in October 1987,...
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