2013-08-14 loi to iraq jewellery co - sun life (1)

7/29/2019 2013-08-14 LOI to Iraq Jewellery Co - Sun Life (1)

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SitiTrust & Administrator Limited (LL03986)

11th

Floor. South Block, The AmpWalk218 Jalan Ampang, 50450 Kuala Lumpur, Malaysia

: +60 (3) 2166 3835 : +60 (3) 2166 3853: [email protected] http : www.sititrust.com

August 14th

2013

Sun Life Group of Companies

Dubai,

United Arab Emirates.

Dear Sirs,

LETTER OF INTEREST

UP to 50 Metric Tons of AU Metal with rolls & extensions

Reference is made to the above subject.

Al-Musyarakah Mining Minerals Sdn Bhd (AMM) is a professional gold trader

and gold mining Company Registered in Malaysia with associate companies in Hong

Kong and Korea. The Group through AMM is fully authorized as exclusive

representative to sell its Gold and Gold located in Korea and Hong Kong.

Our company Sititrust & Administrator Limited (SitiTrust) is a legally constituted

company according to the Offshore Laws of Labuan, Malaysia having its registered

office at Lot 2 (a), Level 4, Wisma Lazenda, Jalan Kemajuan, 87000 Labuan F.T,Malaysia and has the legal capability to enter in to this contract. AMM has appointed

SitiTrust as a trustee to undertake all gold transaction including financial and banking

requirements. Sititrust acting as Trustee has the authority and ability to provide the

volume of 20 MT of AU Metal / Gold with the delivery terms : FOB Korea (hereafter

the Seller).

All purchases of Au Metal Bars by the Buyer from the Seller shall be delivered to the

Buyer through the Sellers Bank / Warehouse in Seoul, South Korea directly. The Au

metal supplies will include all the required documents and amongst others to comply

with LBMA / GLD format.

PRODUCT DESCRIPTION & TERMS :

a. Commodity : Au Metal to GLD Specifications

b. Quantity : Up to 50 MT - 1MT for the first tranche

and a minimum of 1 MT per tranche

with rolls & extensions of up to 50 MT

c. Origin : South Korea


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d. Purity / age : 99.95% or better / 5 (five) years or below

e. Weight of Bar : 1 kg or 12.5 kg at Sellers option

f. Mark : LS Nikko - Internationally Accepted Hallmark /

LBMA Recognised

g. Discount : Net to Buyer 7%

h. Payment : SWIFT MT103

i. Delivery : FOB Shinhan Bank or LS Nikko Korea.

j. Price : The agreed purchase price is the quoted price in the latest

valid London Second Fixing Rate (PM) Issued by the London

Bullion Market Association (LBMA) on the Day-of-Transaction. In

the event that the LBMA is not operating on that scheduled

day, the price calculation used shall be based on second LBMA

fixing of the next change to last Market opening day for each

tranche.

DOCUMENTS

To be provided by the Seller :

a: Certificate of Ownership

b: Certificate of Origin

c: Original Certificate of Assay issued by International Assayer for weight and

purity

d: Export Permit / License

e: Warrant / Certificate from Seller that the Metal is of Non-Criminal Origin.

f: Packing lists

g: Six original Commercial Invoices

TRANSACTION PROCEDURES

1. Buyer and Seller complete and exchange signed this Au Sale & Purchase

(S & P) Agreement.

2. Buyer and Seller shall lodge the S & P with their common nominated bank

(the Bank).

3. Buyer will instruct the Bank to block the funds for delivery of the first tranche

of 1.0 MT or more for the benefit of the Seller or its nominees within 10 days

after Buyer and Seller sign the Agreement.

4. After blocking the fund for the benefit of the Seller or its nominees, the Seller

shall provide within 10 days all the necessary documents to show evidence of

Proof of Product and all other necessary documents related to export of the

Au Product.


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5. Seller delivers the Au Product equal to the face value of the blocked funds

along with complete set of original export documents to Buyers bank against

the Irrevocable Conditional Pay Order to release payment immediately via

ledger-to-ledger transfer / MT103/23 when the below mentioned set of

Documents is ready.

6. Delivery of AU Product tranches for up to 50 MT to be agreed between Buyer

and Seller.

OBLIGATIONS OF THE SELLER AND BUYER

Upon receipt of the confirmation of Blocked Funds in favour of the Sellers name,

the Seller shall deliver the agreed initial tranche of Au Metal Bars equal to the face

value of the Blocked funds per the agreed partial deliveries with a Purity of

99.95% or better from Sellers nominated bank vault with all the necessaryapprovals, permits and export documents to the Buyers common nominated bank

for acceptance.

Subsequent tranches to be delivered will be agreed between Seller and Buyer and

will follow the same delivery procedures herein provided.

Seller shall get approvals, permits, customs export clearance and all the

documents that are duly required under the laws of South Korea for further export

of the Au Metal Bars by or on behalf of the Buyer.

The Buyer shall be responsible for the provision of Payment as mentioned in

Payment Clause below.

PAYMENT

Payment to the Seller shall be made in the form of Blocked Funds for the Autransaction in Sellers or its nominees name as agreed between both parties for

value of the first tranche.

Payment to the Seller shall be made against delivery of the Au Metal Barsaccompanied by above mentioned full necessary Documents in this S & P for

the transfer of Ownership to Buyer. Payment shall be negotiated against theaforementioned documentation.

Before delivery of the Au Metal Bars to Buyer by Seller, the complete set of

Documents shall be handed-over to Buyer to demonstrate that the Au Metal Bars

are ready for immediate shipment to the Buyer at any time necessary. Partial

delivery is allowed.

Currency : The product referred to, in this Agreement is to be calculated in

United States Dollars (USD)


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Ownership of every tranche of the Au Metal Bars delivered shall pass from Seller

to the Buyer upon payment of the Au Metal Bars.

NON-CIRCUMVENTION & NON- DISCLOSURE

The Seller and Buyer accepts and agree to the provisions of the International

Chamber of Commerce, Paris, France, for non-circumvention and non-disclosure,

with regards to all and everyone of the third party assignments with full

reciprocation for a period of 5 (five) years from the last performance of delivery.

BANKING COORDINATES

The Banking Detail of both the Seller and the Buyer is attached inAppendix E.

TIME LIMITATION

It is understood that within 10 banking days after signing of this S&P (after

execution by the Seller), the Buyer is obliged to provide the POF.

For your information, all Appendices stated above shall be agreed upon and handed

over during a face-to-face meeting to be organized.

Thank you.

Yours sincerely

forSitiTrust & Administrator Limited

Faidzan Hassan

Principal / Trust Officer