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CMM – March 20, 2006 Finance Presentation Thomas Wei
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Agenda Current AMEX Issue Change in Government Requirement Alternative Solution China Merchant Bank Credit Card ICBC Credit Card
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Current AMEX Issues ORACLE China has encountered payment issues recently, due to new regulations promulgated by State Administration of Foreign Exchange (SAFE) on Jan 16, 2006. New Government Regulations: We were informed by Citibank on March 2, 2006, that w.e.f Jan 17, 2006, settlement of the AMEX card domestic T&E expenses in foreign currency is no longer allowed. For reimbursement of overseas AMEX expenses incurred outside China, it is required to submit more supporting documents
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Current AMEX Issues Documents required for payment to AMEX pertaining to T&E expenses : with amount below US$50K:- Foreign Exchange remittance application Employment records Notification/invoice/related payment vouchers of overseas payment Evidence for T&E expenses incurred overseas with amount above US$50K, approval should be sought directly from SAFE.
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Current AMEX Issues Unable to settle AMEX card payment in USD. Now accumulated up to > USD350K as of today Continue to have exposure if China employees keep on using AMEX card for T&E payment in China Citibank can only convince SAFE to extend the grace period up to end of January. Amex failed to offer us acceptable alternative solutions to address this issue.
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Action Plan in Progress Solicit for Local Credit Card Provider which can offer RMB payment. China Merchant Bank ICBC (Allied with AMEX) Koby Brice currently in Beijing to help line up discussion with CWT and credit card providers this week Koby is to draft and send out email to explain to the employees and our next action this week.
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