|
Potential ILA Strike - Update
 As many associations and news agencies are reporting, the National Retail Federation's President sent a letter to ILA President, Daggett, and USMX Chairman, Capo, urging them to return to the negotiating table to finalize a contract. "Failure to reach agreement will lead to supply chain disruptions which could seriously harm the U.S. economy," he wrote. In his letter, Shay recognized that many importers and retailers have already executed contingency plans to meet in-store holiday deadlines.
Several sources today suggested that the U.S. government will not allow the East Coast to be shut down at a time when the U.S. economy is so fragile.
Everyone recognizes, however, that the worst case could occur and contingencies should be considered.
For more information or to review possible contingencies, please contact your Liberty Account Representative. |
Hong Kong Jewelry Exporter Fined By US Customs For Fraud
Broker Power today reported that Hong Kong based Fai Po Jewellery (H.K.) Co. admitted to intentionally filing false invoices to US CBP to avoid paying more than a million dollars in duty. As a result, the company faces nearly $2 million in fines and restitution for Customs fraud after an  investigation by CBP's regulatory audit unit and ICE. The company was ordered to pay an $800,000 fine, restitution of $1,017,737 and investigation costs of $144,324.
The jewelry exporter sent false invoices to the purchaser in the US asking the purchaser to ignore the invoice enclosed with the shipment because it was there only to avoid Customs clearance issues. In this case, the Hong Kong based company acted as both the exporter and the importer of record and the purchaser was not aware of the scheme. |
