Chinese firm says won't pay Goldman on options losses, High Stake Financial Battle Ahead Options

[wuen]

BEIJING, Dec 29 (Reuters) - A small Chinese power generator on Tuesday rejected demands from a Goldman Sachs unit to pay for nearly $80 million lost on two oil hedging contracts, part of a long-running dispute over how China deals with derivatives losses.

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Goldman Sachs (GS.N) was one of the foreign banks, along with Citigroup (C.N), Merrill Lynch and Morgan Stanley (MS.N), blamed by the state assets watchdog for providing "extremely complicated" and difficult to understand derivatives products. [ID:nPEK242617]

Shenzhen Nanshan Power (000037.SZ) (200037.SZ) said in a statement that it received several notices from J. Aron & Company, a trading subsidiary of Goldman Sachs (GS.N), for at least $79.96 million as compensation for terminating oil option contracts.

"We will not accept the demand by J. Aron for all the losses and related interests," said Nanshan, in line with the stance it took last December.

"We will try our best to negotiate with J. Aron and resolve the dispute peacefully...but the possibility of using a lawsuit can not be ruled out when talks fail," it added.

"J. Aron told us in one notice that if we do not pay the money, they will reserve the right to launch a lawsuit and will not send us any further notice."

The State Assets Supervision and Administration Commission said in September that it would back state-owned companies in any legal action against the foreign banks that sold them oil derivatives, which resulted in losses when oil prices dived late last year. [ID:nPEK14474]

A Beijing-based Goldman Sachs corporate communication official declined to comment.

Nanshan said in October last year that two oil option-related contracts with J. Aron were signed by its officials without authorisation from the company. In December 2008 it said in a statement it had terminated the deals, and that it would not accept J. Aron's demand for payment.

LONG-TIME TUSSLE

Many Chinese firms, especially airliners, suffered huge losses from complex oil options trading last year as oil price collapsed to nearly $30 a barrel.

A senior official from SASAC revealed last month that 68 Chinese firms suffered net losses of 11.4 billion yuan ($1.67 billion) by October 2008 on call and put options signed with foreign banks.

So far no legal action has been taken and many lawyers and industry analysts believe that Chinese firms and their foreign banks are quite likely to settle their disputes privately or through arbitration, similar to a handful of previous cases in the mid-1990s.

Only 31 firms are authorised in China to trade derivatives directly in the overseas market and the regulators started strictly prohibiting others from such trading since early 2009 after losses were exposed.

SASAC said last month that it had suggested companies without overseas derivatives trading licences trade on the domestic market or through domestic financial institutions.

For a related analysis [ID:nSP69447]

For a related factbox and scenario: [ID:nSP415840] [ID:nSP96058] (Reporting by Eadie Chen and Chen Aizhu; Editing by Michael Urquhart) (eadie.chen@reuters.com; +8610 6627 1268; Reuters Messaging: eadie.chen.reuters.com@reuters.net))

So the battle have begun between the Chinese government and Goldman Sachs.

Goldman Sachs is demanding that Chinese firm pay $80 million on two oil hedging contracts loss. The Chinese firm refuse to pay for terminating oil option contracts. The Chinese firm have the backing of the Chinese government.

In the history of Goldman Sachs, no government have ever say no for paying them. Even the U.S.A pay billions of dollars to Goldman Sachs for the loss Goldman Sachs cause to the U.S.A. This is a battle Goldman Sachs cannot afford to lose. If Chinese firm succeed in court, the Chinese firm will not pay the loss to Goldman Sachs and many other firms will follow.

Goldman Sachs is not alone; he have many strong economical and political allied, worth hundred billions dollars, that will support him because they are also part of cheating their customer by selling complex derivatives products to dupe their customer for profit.

I think Goldman Sachs and it allied are fuming over the incident of the Copenhagen climate change meeting when China refuse to play the carbon dioxide trading deal worth hundred billions to a trillions dollars market.

This post has been edited by wuen: Dec 30 2009, 10:22 PM

[MiCC]

jews are at it again...from the opium drug trade, to forbidden chinese men to have sex with jew prostitutes, to countless of anti-china bashing on television, and now to this, they are the true enemy of china.

[Sampanviking]

Well that's Jews for you, they think the world owes them a living. Guess they are still angry with China for stopping them for still being able to sell narcotics to that 1.3 Billion market of theirs.

I say f*ck em!

[wuen]

This will be my last post, I will try to make this post one of my best post to date.

The battle in the beginning of this decennial will be quite interesting. China enemy will not be any country. For example, the U.S.A. is not the enemy of China. The enemies of China are organization that will try to undermine Chinese sovereignty and cheat the Chinese people of their money.

These organizations manage to destroy the mighty U.S.A. by their perverted program on their media. The people of The U.S.A. have lost their moral compass and cannot even assemble a legal prosecution team to stop their unscrupulous leader from cheating them of their tax money. What is happening to the U.S.A. can also happen to China if China is not careful and let their media corrupt the soul of the Chinese people.

These organizations are truly evil and worship evil. Some people are knowingly working for these organizations and some people does not know they are working for these organizations. They are present in this forum. They work often in group and they try to recruit new members into their organization. They can also speak foreign language like Chinese so they can better recruit Chinese people. Like 886 and is group work for one of these organizations.

886 and his friend are not true Chinese, they are fake and they do know how to speak Chinese and they have a leader. They profess they are Chinese so they can recruit unknowing Chinese people. I rejected their invitation. I can detect these people have no Chinese culture in them. I detect their evil intention to harm what is good. So be careful of accepting invitation from people who seem to share your kind view but hostile to other kind view. Like 886 who profess he defend China by attacking other ethnics. 886 is not a Chinese number. 886 is a western religious number having many connotations. These evil people can easily be identify by their signature name associated with evil connotations. If the signature name is bad, he is bad, like alienwarship. They falsely support Chinese and truly harm Chinese. Even if they post pro Chinese article, they are not really supporting the Chinese. They are only trying to recruit Chinese people.

These organizations have strong political connection with the government. They are not control by Zionist, but they do work in concert with them. China is in danger because Chinese culture conflict with their belief. They will try to destroy what is Chinese culture so their culture could take over. They have a very long history spanning many centennial. We can only be alert if we behave with dignity and follow a clear moral compass, not one corrupted by their media.

China is fighting these organizations and it associated entity. Goldman Sachs and it allied is a front organizations because they share the same culture of exploiting people ignorance. People should awaken to what is real and what is false.

I will not give a prediction on this battle, but I can say what is currently happening right now. On the Chinese side, they are preparing to gather evidence to expose the sham of their business dealing. On the Goldman Sachs side, J. Aron is planning with his boss (evil in disguise) on how to extract money from the Chinese firm and how to discredit the Chinese. The ball is in Goldman Sachs side. They only need to launch a lawsuit and the battle will begin. The Chinese firm have the option of launching a preemptive strike.

These organizations are not one put many. They could work together because their interest converge.
So this battle will be a interesting. China will need to form a alliance with many country to fight these foes. The forming of the alliance have already begun; Japan, Korea, Vietnam, Laos, Cambodia, Thailand, Myanmar, Russia, Pakistan, India, Iran, South America, Africa and many others will fight these foes. In each of these country, there are people who are working in the government and who follow the agenda of these evil organizations.

America and most of Europe have fallen to their control. They have total control of America and UK. Their are still hope for the other country like Germany, France and other European country, because their respected culture can still hold out to the evil culture that is spreading. The European will soon awaken to the fallacy of their news. Remember the evil culture is to corrupt the moral compass. These organization control many ignorant people. They hate education. They think that education is for fool. In someway, their are right, because their control part of the education system.

This battle will last a long time. I am interested in following what will come ahead. I won't be posting anymore news here because it is infected with evil in disguise. Their have already innocent people who have fallen into the corrupt moral compass of the evil organization. Their number are big, so I am off. Bye Bye and thank you everyone, I appreciate to converse with 886, because he awakening my foresight. I did not know his organization existed before I met him.

Happy new year

This post has been edited by wuen: Dec 31 2009, 10:42 AM

[phop]

jews are at it again...from the opium drug trade, to forbidden chinese men to have sex with jew prostitutes, to countless of anti-china bashing on television, and now to this, they are the true enemy of china.

I really dont give a crap about what happen to the jews during the Nazi era. Not chinese so i dont care. That is their own problem.

Well that's Jews for you, they think the world owes them a living. Guess they are still angry with China for stopping them for still being able to sell narcotics to that 1.3 Billion market of theirs.

I say f*ck em!

the world owes them nothing.

America and most of Europe have fallen to their control. They have total control of America and UK. Their are still hope for the other country like Germany, France and other European country, because their respected culture can still hold out to the evil culture that is spreading. The European will soon awaken to the fallacy of their news. Remember the evil culture is to corrupt the moral compass. These organization control many ignorant people. They hate education. They think that education is for fool. In someway, their are right, because their control part of the education system.

Well i guess that is why the US education system is falling and making kids more and more retarded.

[foi2]

This will be my last post, I will try to make this post one of my best post to date.

The battle in the beginning of this decennial will be quite interesting. China enemy will not be any country. For example, the U.S.A. is not the enemy of China. The enemies of China are organization that will try to undermine Chinese sovereignty and cheat the Chinese people of their money.

These organizations manage to destroy the mighty U.S.A. by their perverted program on their media. The people of The U.S.A. have lost their moral compass and cannot even assemble a legal prosecution team to stop their unscrupulous leader from cheating them of their tax money. What is happening to the U.S.A. can also happen to China if China is not careful and let their media corrupt the soul of the Chinese people.

These organizations are truly evil and worship evil. Some people are knowingly working for these organizations and some people does not know they are working for these organizations. They are present in this forum. They work often in group and they try to recruit new members into their organization. They can also speak foreign language like Chinese so they can better recruit Chinese people. Like 886 and is group work for one of these organizations.

886 and his friend are not true Chinese, they are fake and they do know how to speak Chinese and they have a leader. They profess they are Chinese so they can recruit unknowing Chinese people. I rejected their invitation. I can detect these people have no Chinese culture in them. I detect their evil intention to harm what is good. So be careful of accepting invitation from people who seem to share your kind view but hostile to other kind view. Like 886 who profess he defend China by attacking other ethnics. 886 is not a Chinese number. 886 is a western religious number having many connotations. These evil people can easily be identify by their signature name associated with evil connotations. If the signature name is bad, he is bad, like alienwarship. They falsely support Chinese and truly harm Chinese. Even if they post pro Chinese article, they are not really supporting the Chinese. They are only trying to recruit Chinese people.

These organizations have strong political connection with the government. They are not control by Zionist, but they do work in concert with them. China is in danger because Chinese culture conflict with their belief. They will try to destroy what is Chinese culture so their culture could take over. They have a very long history spanning many centennial. We can only be alert if we behave with dignity and follow a clear moral compass, not one corrupted by their media.

China is fighting these organizations and it associated entity. Goldman Sachs and it allied is a front organizations because they share the same culture of exploiting people ignorance. People should awaken to what is real and what is false.

I will not give a prediction on this battle, but I can say what is currently happening right now. On the Chinese side, they are preparing to gather evidence to expose the sham of their business dealing. On the Goldman Sachs side, J. Aron is planning with his boss (evil in disguise) on how to extract money from the Chinese firm and how to discredit the Chinese. The ball is in Goldman Sachs side. They only need to launch a lawsuit and the battle will begin. The Chinese firm have the option of launching a preemptive strike.

These organizations are not one put many. They could work together because their interest converge.
So this battle will be a interesting. China will need to form a alliance with many country to fight these foes. The forming of the alliance have already begun; Japan, Korea, Vietnam, Laos, Cambodia, Thailand, Myanmar, Russia, Pakistan, India, Iran, South America, Africa and many others will fight these foes. In each of these country, there are people who are working in the government and who follow the agenda of these evil organizations.

America and most of Europe have fallen to their control. They have total control of America and UK. Their are still hope for the other country like Germany, France and other European country, because their respected culture can still hold out to the evil culture that is spreading. The European will soon awaken to the fallacy of their news. Remember the evil culture is to corrupt the moral compass. These organization control many ignorant people. They hate education. They think that education is for fool. In someway, their are right, because their control part of the education system.

This battle will last a long time. I am interested in following what will come ahead. I won't be posting anymore news here because it is infected with evil in disguise. Their have already innocent people who have fallen into the corrupt moral compass of the evil organization. Their number are big, so I am off. Bye Bye and thank you everyone, I appreciate to converse with 886, because he awakening my foresight. I did not know his organization existed before I met him.

Happy new year

Even though most of it is conspiracy babble, I think you have a point. The US and Europe have indeed fallen prey to the media organizations. Even the educational system is part of the overreaching system that educates and blinds everyone from seeing the truth. There is a cancer that is spreading in the western democracies, and it's called fiscal irresponsibility. Eventually, there will have to be a collapse and social unrest. I just hope it will not affect Asia.

[phop]

Even though most of it is conspiracy babble, I think you have a point. The US and Europe have indeed fallen prey to the media organizations. Even the educational system is part of the overreaching system that educates and blinds everyone from seeing the truth. There is a cancer that is spreading in the western democracies, and it's called fiscal irresponsibility. Eventually, there will have to be a collapse and social unrest. I just hope it will not affect Asia.

I think that the conspiracy might have some truth to it! by the way all that WMD, Twin Tower, Iraq War, blah blah blah... all started out as conspiracy of some crap sort.

[bloodmerchant]

This will be my last post, I will try to make this post one of my best post to date.

The battle in the beginning of this decennial will be quite interesting. China enemy will not be any country. For example, the U.S.A. is not the enemy of China. The enemies of China are organization that will try to undermine Chinese sovereignty and cheat the Chinese people of their money.

These organizations manage to destroy the mighty U.S.A. by their perverted program on their media. The people of The U.S.A. have lost their moral compass and cannot even assemble a legal prosecution team to stop their unscrupulous leader from cheating them of their tax money. What is happening to the U.S.A. can also happen to China if China is not careful and let their media corrupt the soul of the Chinese people.

These organizations are truly evil and worship evil. Some people are knowingly working for these organizations and some people does not know they are working for these organizations. They are present in this forum. They work often in group and they try to recruit new members into their organization. They can also speak foreign language like Chinese so they can better recruit Chinese people. Like 886 and is group work for one of these organizations.

886 and his friend are not true Chinese, they are fake and they do know how to speak Chinese and they have a leader. They profess they are Chinese so they can recruit unknowing Chinese people. I rejected their invitation. I can detect these people have no Chinese culture in them. I detect their evil intention to harm what is good. So be careful of accepting invitation from people who seem to share your kind view but hostile to other kind view. Like 886 who profess he defend China by attacking other ethnics. 886 is not a Chinese number. 886 is a western religious number having many connotations. These evil people can easily be identify by their signature name associated with evil connotations. If the signature name is bad, he is bad, like alienwarship. They falsely support Chinese and truly harm Chinese. Even if they post pro Chinese article, they are not really supporting the Chinese. They are only trying to recruit Chinese people.

These organizations have strong political connection with the government. They are not control by Zionist, but they do work in concert with them. China is in danger because Chinese culture conflict with their belief. They will try to destroy what is Chinese culture so their culture could take over. They have a very long history spanning many centennial. We can only be alert if we behave with dignity and follow a clear moral compass, not one corrupted by their media.

China is fighting these organizations and it associated entity. Goldman Sachs and it allied is a front organizations because they share the same culture of exploiting people ignorance. People should awaken to what is real and what is false.

I will not give a prediction on this battle, but I can say what is currently happening right now. On the Chinese side, they are preparing to gather evidence to expose the sham of their business dealing. On the Goldman Sachs side, J. Aron is planning with his boss (evil in disguise) on how to extract money from the Chinese firm and how to discredit the Chinese. The ball is in Goldman Sachs side. They only need to launch a lawsuit and the battle will begin. The Chinese firm have the option of launching a preemptive strike.

These organizations are not one put many. They could work together because their interest converge.
So this battle will be a interesting. China will need to form a alliance with many country to fight these foes. The forming of the alliance have already begun; Japan, Korea, Vietnam, Laos, Cambodia, Thailand, Myanmar, Russia, Pakistan, India, Iran, South America, Africa and many others will fight these foes. In each of these country, there are people who are working in the government and who follow the agenda of these evil organizations.

America and most of Europe have fallen to their control. They have total control of America and UK. Their are still hope for the other country like Germany, France and other European country, because their respected culture can still hold out to the evil culture that is spreading. The European will soon awaken to the fallacy of their news. Remember the evil culture is to corrupt the moral compass. These organization control many ignorant people. They hate education. They think that education is for fool. In someway, their are right, because their control part of the education system.

This battle will last a long time. I am interested in following what will come ahead. I won't be posting anymore news here because it is infected with evil in disguise. Their have already innocent people who have fallen into the corrupt moral compass of the evil organization. Their number are big, so I am off. Bye Bye and thank you everyone, I appreciate to converse with 886, because he awakening my foresight. I did not know his organization existed before I met him.

Happy new year

My lord! This is pretty libelous $hit right there.

I mean, I disagree with 886 on many things (even to call him a troll at one point), but I don't think he's a 'whiteboy troll'. You are the troll here. You have revealed yourself to be a Vietnamese troll. You started to attack anyone who disagrees with you (at the slightest).

You may have a point there that the Western World is fu-ked up, but I would say a good 99% of your words are crap and are just nothing more than a Vietnamese troll.

[886]

lol, since when white can know so many things about chinese?

[bloodmerchant]

lol, since when white can know so many things about chinese?

He's just being a typical vietnamese troll here.

He doesn't know anything about Chinese (cause hes vietnamese), so he just thinks that any Chinese who disagrees with him is white.

[sinster]

He's just being a typical vietnamese troll here.

He doesn't know anything about Chinese (cause hes vietnamese), so he just thinks that any Chinese who disagrees with him is white.

LOL. Yeapp defintely

[BigBenChow]

He's just being a typical vietnamese troll here.

He doesn't know anything about Chinese (cause hes vietnamese), so he just thinks that any Chinese who disagrees with him is white.

Maybe he has bipolar?

[bloodmerchant]

Maybe he has bipolar?

Or maybe aspergers.(but even people with aspergers don't go as far as to claim that anyone who disagrees with him is a whiteboy troll)

I certainly don't think that he's Chinese, though. (Because his insistence for Chinese to work with Vietnamese makes me feel that he's a Vietnamese troll)