The ASEAN Rubber Business Council has blacklisted buyers who defaulted on shipments, regional media reported Monday.
Citing a statement from the council, the reports said that the ARBC had obtained a list of defaulters who have been blacklisted which will be posted on related websites. ARBC members would be advised to stop dealing with the defaulters, the reports added.
The ARBC met on Sunday at Ho Chi Minh City, Vietnam, to decide whether to publicize on its website the names of companies that have defaulted on trades.
ARBC wanted its members to not agree to any price discounts, the reports said. Members were also asked to settle contract disputes amicably, or go for arbitration before opting for legal action, the reports added.
When contacted Tuesday, an ARBC source said it will release an official press statement later this week about the move to blacklist defaulters.
The ARBC comprises the Association for Rubber Development of Cambodia, Rubber Association of Indonesia, Malaysian Rubber Exchange and Federation of Rubber Trade Associations of Malaysia, Rubber Trade Association of Singapore, Thai Rubber Association, and Vietnam Rubber Association.
