June 25, 2009
Egypt government orders re-export of 56,000-tonne Russian wheat
Egypt's Ministry of Trade and Industry has ordered the re-export of a 56,000-tonne Russian wheat shipment, as the importer didn't provide all of the paperwork required, the ministry said Wednesday (June 24).
The shipment was contracted for sale from RIAS Trading SA, the Swiss office of Rosinteragroservis, Russia's second-largest grain exporter, to Egyptian Traders Co., one of Egypt's largest wheat importers, which was supplying the wheat to the General Authority for Supply Commodities, Egypt's state buyer.
However, Egyptian Traders Co. didn't present the inspection certificate required by GASC from its nominated international monitory company, the ministry said in a statement.
The shipment will be re-exported by RIAS, the original seller, as the company never received payment for the wheat from Egyptian Traders Co., said Chris Vanhonacker, RIAS' commercial director.
RIAS has subsequently appointed an arbitrator via the Grain and Feed Trade Association to settle the damages consequent to the default, said Vanhonacker.
Egyptian Traders Co. Chief Executive Ashraf El Attal wasn't immediately available to comment.
