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Libyan banks - Money - Chinese companies

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Libyan banks apply for extension on letters of guarantee from China: MOC

Libyan banks apply for extension on letters of guarantee from China: MOC  


GOV.cn  Sunday, April 3, 2011  


China's Ministry of Commerce (MOC) said on Saturday that two Libyan banks have submitted applications to Chinese lenders for an extension on their letters of guarantee.

Libya's Sahara Bank and Gumhouria Bank asked three Chinese lenders, including Bank of China and China Construction Bank, to extend 11 letters of guarantee, the ministry said in a statement on its website.

The request came as the ongoing turmoil in Libya disrupted production and business activities.

The 11 letters of guarantee involved 497 million U.S. dollars and seven Chinese companies. Most would mature in April, May, July or August this year.

The ministry said that it would work with the State-owned Assets Supervision and Administration Commission, the China Banking Regulatory Commission and the Supreme People's Court to help affected banks and companies to "properly" respond to Libya's request.

source:
h ttp://ww w.gov.cn/english/2011-04/03/content_1837626.htm

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