Be careful while signing foreign deal: OCCI advises Omani traders

Muscat: Business houses in Oman have been warned by the Oman Chamber of Commerce and Industry (OCCI) to be careful while purchasing goods from other countries.
Businessmen should study the contracts carefully before signing them to ensure they are not cheated, OCCI said.
The warning comes after the OCCI received complaints about some Omani owners being cheated in business deals, and reports of disagreements between Omani and foreign firms in other countries.
“A section of the small scale industry in Oman is being targeted by international criminals using increasingly sophisticated methods,” Ahmed Al Hooti, an OCCI member, said. He, however, did not specify how many complaints the OCCI had received.
Impersonation
Officials said that small businesses were being alerted to the threat posed by fraudsters, who use the internet to impersonate genuine investment companies and individuals. “This is a global problem that seems to be increasing in size, scale, and complexity. So, we have to be on alert, and that is one of the reasons why the OCCI has warned business houses in the country,” Hooti added.
The criminals often approach small business units and promise to “solve paperwork quickly”or offer them loans and contracts. “In some cases, they create fictitious offices and often disappear after taking cash from the investors (business houses),” OCCI members said.