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Overview

China Eximbank provides a loan to Todd & Duncan Limited for unspecified purposes

Commitment Year•2012Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 19, 2012

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Private Sector

  • Todd & Duncan Limited

Collateral providers

Private Sector

  • Todd & Duncan Limited

Loan description

China Eximbank provides a loan to Todd & Duncan Limited for unspecified purposes

Interest type•Unknown

Collateral

This loan was secured by all and whole the subjects known generally as Lochleven Mill, on the east side of High Street, Kinross registered in the Land Register of Scotland under Title Number KNR2953.

Narrative

Full Description

Project narrative

On November 19, 2012, the Export-Import Bank of China entered into a loan agreement with Todd & Duncan Limited — a Kinross, Scotland-based cashmere and lambswool company and wholly-owned subsidiary of Chinese textile and cashmere company Ningxia Zhongyin Cashmere Co., Ltd. — for unspecified purposes. This loan was secured by (i.e. collateralized against) all and whole the subjects known generally as Lochleven Mill, on the east side of High Street, Kinross registered in the Land Register of Scotland under Title Number KNR2953. The security was satisfied on November 1, 2017.

Staff comments

1. In "中银绒业加速布局海外拟设美国和柬埔寨子公司", published in September 2012, Zhongyin Cashmere Industry announced its intentions to invest $26 million USD (RMB 164 million) to establish a wholly-owned cashmere subsidiary in New York, United States (including purchasing a retail flagship store in Soho District for its Todd & Duncan Cashmere brand), using debt sourced, in part, from the Export-Import Bank of China. It is possible that the proceeds of the loan signed on November 19, 2012, supported this project. This issue merits further investigation.