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Rare Gem

In: Business and Management

Submitted By jazz786
Words 1294
Pages 6
1. “In light of the entire transaction as it was outlined to them by Wisconsin, did First Midwestern provide the correct advice to their customer on how to structure the transactions? Did they appear to be fully diligent?”

First Midwestern was a well-known bank and has a good relationship with Wisconsin for several years. In my opinion the bank did not provide the correct advice to Wisconsin in structuring and financing the transaction. One of the main reason was, because Wisconsin did not advised their bank with all the details and negotiations happened between them and Vietnamese buyers. The management of Wisconsin had deal with Saigon jewels, (buyers) that they will buy back the finished polished stones and jewelry from Saigon over the period of three years at fixed price. Firstly, Midwestern did not do their due diligence on Wisconsin as well as on Saigon. They proposed certain recommendations to Wisconsin on how to structure the transaction. First they advised Wisconsin to get the irrevocable letter of credit from Saigon’s bank with the conformation add to it. And the total amount ($3 million) to be paid in three installments, first at the sight and remaining two in the term of 12 months. Secondly, they advise the letter of credit for three drafts to be drawn on the seller’s bank and to be accepted by issuing bank after shipments and presentation of all documents specified in LOC. And the first draft was to be payable three months after the shipment, second and third draft were to be due in twelve month terms. Lastly, they agree to confirm the documentary credit if requested by the buyers bank. Midwestern bank did not advise Wisconsin to get the EDC insurance to reduce/avoid commercial risks such as quality of goods and delays in payment as it was also their first time in dealing with Vietnamese buyers.
Based on the information given in the case, I think...

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