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WORK PLACEMENT REPORT

STUDENT NAME: NESIAGHO PATIENCE EKENE

STUDENT NUMBER: 504701

CLASS: 3IBMS

INTERNSHIP COMPANY: CANDELABRA B.V THE

NETHERLANDS

COURSE: INTERNATIONAL BUSINESS AND

MANAGEMENT STUDIES

EMAIL ADDRESS: 504701@student.inholland.nl

COMPANY TUTOR: MR MUEZ KABO

PLACEMENT COORDINATOR: MISS TANYA DIMITROVA

PLACEMENT SUPERVISOR: MR MICHAEL VISSERS

ACKNOWLEDGEMENT

For this opportunity I will like to thank;

Mr. Nol Van Vliet, Main shareholder of Candelabra B.V The Netherlands.

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Mr. Aart Rietveld, CEO Candelabra B.V. for his kindness to accept me in the company and guide me through my internship with advice, feedback and tips despite his busy schedule.

Mr. Muez Kabo who is my work placement coach who helped me with all the vital information and training I needed during my internship.

Mr. Michael Vissers, who is my schools internship supervisor and coach. He helped and coached me dur-ing my internship by giving me feedback and tips on how to handle and approach situations. He had always time to answer all my questions concerning my internship.

Tanya Dimitrova who is my work placement coordinator who assisted me with my orientation and helped me with reviewing the appropriate company for my placement.

Also I appreciated all the staff of Van Vliet Holding I met and spent good moments with during my intern-ship.

I also would like to thank The Inholland University staff for good co-operation they had with me during my training period.

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CONTENT

Acknowledgement 3

Content 4-5

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Preface 6

Dedication 7

Methodology 8

1.0 Introduction of the organisation 9 1.1 Internship organisation 9 1.2 Organogram Candelabra B.V. 9 1.3 Product portfolio of the company 10 1.3.1 Sesame seeds 10 1.3.2 Groundnut 10 1.3.3 Hibiscus Flower 10 1.3.4 Gum arabic 11 1.3.5 Sorghum 11 1.4 Company's swot analyses 11 1.4.1 Strenghts 11 1.4.2 Weaknesses 12 1.4.3 Opportunities 12 1.4.4 Threats 12

2.0 United States of America sanctions against Sudan 12 2.1 Influence on economic life of Candelabra B.V. 12 2.2 U.S. sanctions on Sudan 12-13 2.3 Problems faced by Candelabra B.V. due to the U.S. sanctions 14

3.0 Suitable methods of transactions for Candelabra B.V. 14 3.1 Hawala banking 14 3.1.1 Benefits of a hawala system 15 3.1.2 Future of the hawaladar and hawala banking 15 3.2 Trade by barter 15-16

3.3 Buyer's credit 16 3.4 Suitable banks for Candelabra B.V. 16 3.4.1 British Arabic Bank 16-17 3.4.2 Bank of Beirut 17 3.4.3 Commercial Bank of Dubai 17 3.4.4 Islamic Bank of Britain 17-18 3.5 Cash transaction 18

4.0 Recommendation 19

5.0 Conclusion 20

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References 21-22

Appendix 1 23-24

Appendix 2 25-26

Appendix 3 27-28

Appendix 4 29

PREFACE

Currently I’m completing a Bachelor’s degree in International Business and Management studies at the IN-Holland university of Applied science in the Netherlands . As a partial requirement for the completion of

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Bachelor Degree in International Business and Management studies, I have to conduct 5 months work placement. For this reason, I was appointed to work in Candelabra. B.V. The Netherlands for 5 months.

The main aim I choose to do my internship in Candelabra B.V. is because I want to have work experi-ence with an international company. After acquiring my Bachelor degree In Biochemistry in Nigeria and did my internship during my previous education I wanted a new challenge. I wanted to do my internship abroad to experience the international business world and to learn, improve and develop new sets of skills. One of my main goals is to improve my Dutch and English language skills. Another goal is that I’m planning to study further in The Netherlands and follow a Masters program.

In this work placement report I will outline my experiences during my internship period. This internship re-port contains a round-up of the internship company and the activities, tasks and projects that I have worked on during my internship.

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DEDICATION

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I dedicate this report to my family, teachers, friends and to the dedicated and cooperative staff of Cande-labra B.V. The Netherlands.

METHODOLOGY

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I used qualitative method in conducting the research by studying the behaviour ,culture, norms , religion of staffs in Candelabra B.V . I also used online case studies and articles regarding U.S sanctions against Sudan. Furthermore I conducted direct interviews with staffs of Candelabra B.V about their knowledge of the U.S. sanctions.

RESEARCH OBJECTIVE

To identify transaction barriers due to U.S sanctions on Sudan and its Influence on the economic life of Can -delabra B.V.

To establish suitable transaction methods for Candelabra B.V.

RESEARCH QUESTION

How did the 1997 United states of America sanctions affects the economic life of Candelabra B.V ?

SUB QUESTIONS

Why was sanctions imposed on Sudan?

What were the main U.S sanctions on Sudan?

What were the problems experienced by Candelabra B.V due to the sanctions?

When did the transaction problems of the company Candelabra B.V began?

What is the economic consequence of U.S sanctions for Candelabra. B.V?

What are the suitable method of transaction for the company?

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1.0 INTRODUCTION OF THE COMPANY

1.1 INTERNSHIP ORGANISATION

Candelabra B.V. is a company that supplies agricultural products from Sudan. The company procures its products from farmers through Candelabra Investment Company Ltd. in Khartoum, Sudan .Candelabra B.V (2013). The activi-ties of this company are mainly focused on purchasing, cleaning, packaging, storage and sales of the agricultural products.Candelabra B.V. creates unique services for a number of clients in The Netherlands. I received coaching from Mr. Muez Kabo the sales manager for Candelabra B.V., who was my work placement supervisor and Mr. Aart Rietveld who is the CEO of the company in The Netherlands.

Candelabra B.V. in The Netherlands is grounded by Nol van Vliet Holding B.V. on 6th February 2012.The issued and paid-up share capital is 300,000 thousand Euros divided into 3.000 shares of 100 Euro each. On 13 August 2012 Nol van Vliet Holding B.V. sold 2.430 shares (81% of the share capital) to M.A.K. Abdelkarim, Khartoum-Sudan. At the same time Nol van Vliet Holding B.V. did buy 19% of the share capital in Candelabra Investment Company from M.A.K. Abdelkarim. Nol van Vliet Holding B.V is also shareholder in various other companies among ''Van-Vliet Group'' and M.A.K. Abdelkarim is also shareholder in various other companies in Sudan.

Candelabra B.V has 5 employees and belongs to a group of companies with 100 employees in The Netherlands. Candelabra Investment Company has 8 employees and belongs to a group of companies with 5 thousand employ-ees in Sudan.

1.2 ORGANOGRAM CANDELABRA B.V.

Nol van Vliet M.A.K. Abdelkarim

Holding B.V. - NL Khartoum-Sudan 19% 81%

Various other comp.

"Van Vliet Group" Candelabra B.V. Candelabra

Various other comp.

NL NL NL Investment Co. Ltd. in mining (Sudan)

Supervisory BoardDeputy Manager

Accountant

CEOLogistics

Finance / Adm.Marketing

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Purchase / SalesP.R.

Marketing / P.R.

1.3 PRODUCT PORTFOLIO OF THE COMPANY

Candelabra B.V. supplies agricultural products from Sudan. The core activities of the organization are mainly fo-cused on purchasing, cleaning, packing, storage and sales.The company procures agricultural products from farm-ers through Candelabra Investment Company Ltd. in Khartoum, Sudan. 

Sesame seeds Groundnut Hibiscus flower

Gum arabic Sorghum

The company is specialized in the supply of the following agricultural products:

Sesame seed s Groundnut

Hibiscus flower

Gum Arabic

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Sorghum

1.3.1 Sesame seeds Sesame seeds is an annual tropical plant which are grown in rain fed areas without the usage of fertilizer or manure. Sesame seeds are used in a wide variety of applications; from food processing to the produc-tion of pharmaceuticals and cosmetics.

1.3.2 Groundnut Groundnut which is also known as peanut have many uses. They can be eaten raw, used in recipes, medicines, textile materials, and peanut butter, as well as many other uses.

1.3.3 Hibiscus Flower Hibiscus flowers are mainly grown in tropical areas anually.Hibiscus flower is used in paper making, food, medicinal and beauty products. Dried hibiscus flowers can be used to make a herbal tea that is a mild diuretic and can lower blood pressure.

1.3.4 Gum Arabic Gum Arabic also known as acacia gum is used in traditional lithography, printing, soft drinks, medical bandages, paint production, glue, food- and medicinal products, cosmetics, and various industrial applica-tions. Gum Arabic plants are cultivated in warm climates worldwide

1.3.5 Sorghum Sorghum plants are cultivated in warm climate worldwide.  Sorghum is used in gluten-free recipes, food products, as cattle feeds and for the production of alcoholic beverages.

1.4 COMPANY'S SWOT ANALYSISThe following SWOT analysis explains Candelabra’s strengths, weaknesses, opportunities and threats.

Strength

Good internal communication of staff Strategic location in Nieuwerkerk aan den IJssel

close to Rotterdam High quality agricultural products The company has a large network of organized

and methodological supply base making the transportation and logistics faster and efficient

Part of strong financial group of companies

Weakness

A limited financial base compared to major play-ers in the industry

Political instability in Sudan U.S. sanctions against Sudan

Opportunities

Internet marketing and sales though still in its infancy

Loyal customers Increase in liquidity may yield growth

Threats

Competitors has similar products More U.S. sanctions against Sudan Intolerable price increase by suppliers in Sudan

may occur Increasing demand from Asian countries may

lead to higher purchase prices

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1.4.1 STRENGTHS

Candelabra has good internal communication between their staffs in The Netherlands and in Sudan. Mr Muez Kabo the Sudanese sales manager often visit the office of Candelabra in Khartoum to discuss business with the suppliers in Sudan due to the fact that he speaks Arabic, makes business communication easier for the company with Su-danese suppliers. The company's location is accessible and close to the harbor of Rotterdam.

Sesame seeds from Sudan are known worldwide for its best quality

1.4.2 WEAKNESSES

Due to the fact that the company is less than two years old and from Sudanese origin, It is very difficult to obtain bank credits. U.S sanctions contributes to the weakness of transactions of Candelabra B.V.

1.4.3 OPPORTUNITIES

Candelabra B.V does not do a lot in marketing and promotion for the company at the moment. Increase in liquidity, internet marketing and ecommerce will yield more sales and subsequently profit for the company.

1.4.4 THREATS

Meneba B.V, Pronut B.V and many other companies in The Netherlands trades the same agricultural products as Candelabra B. V. More U.S sanctions against Sudan pose as threats for the company. Due to the increasing demand from Asia whom are willing to pay higher prices for the same agricultural products pose as a threat for Candelabra B.V

2.0 UNITED STATES OF AMERICA SANCTIONS AGAINST SUDAN

2.1 INFLUENCE ON ECONOMIC LIFE OF CANDELABRA B.V.

Sanctions means punishment or other means of enforcement used to provide incentives for obedience with the laws. U.S Sanctions on  Sudan have a significant impact on Candelabra B.V by affecting its international commercial transactions. These sanctions were imposed on Sudan due to the political instability in Sudan and attempt to stop full scale war and for behavioral change .

Since November 3 1997, The United states has maintained economic sanctions against Sudan .The trade embargo was first introduced by Bill Clinton, the former U.S president which blocked a number of products, including basic technology that is used by civil society. The trade embargo does not only affect companies such as Candelabra B.V., it also affects individuals and family members .

One of the main reasons the U.S tightened its sanctions is due to the humanitarian crisis in Darfur (South Sudan), although businesses is still booming in the capital, Khartoum at least. Nevertheless, the effects of the stepped-up sanctions are starting to show. Sudan Sanctions (2008).

Most small and medium size businesses (the bedrock of the economy) which provides jobs and income for the Su-danese are also affected by the sanctions. They find themselves essentially locked out from accessing short-term in-ternational trade finance. One of the major repercussion of the sanctions is that even the most non-US banks are also unwilling to extend short-term trade credits to most of Sudanese companies. In Sudan, no transaction can take place over the internet because you cannot use a credit card. Undispatched (2014)

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2.2.U.S SANCTIONS ON SUDAN

U.S citizens are restricted from the following :

The importation of goods or services of Sudanese origin.

The exportation or re-exportation to Sudan of goods, technology, or services from the U.S. or by a U.S. person.

The facilitation by a U.S. person of the exportation or re-exportation of goods, technology, or services from Sudan to any destination or to Sudan from any location.

The performance by a U.S. person of any contract in support of an industrial, commercial public utility, or governmental project in Sudan.

The grant or extension of credits or loans by a U.S. person to the Government of Sudan.

Certain transactions relating to cargo to or from Sudan.

All transactions by U.S. persons relating to the petroleum or petrochemical industries in Sudan, including, but not limited to, oilfield services and oil or gas pipelines.

All U.S. persons must comply with Office of Asset Control (OFAC) regulations, including all U.S. citizens and perma-nent resident aliens regardless of where they are located, all persons and entities within the United States, and all U.S. incorporated entities and their foreign branches.

The sanctions on Sudan has some exceptions and does not prohibit humanitarian or protective support from The United-Nations.

non-lethal military equipment for humanitarian or protective use, e.g. by the United Nations-African Union Mission in Darfur force

material for crisis management operations

mine clearance equipment and material

protective clothing, such as flak jackets and military helmets

Gum Arabic is also exempted from the U.S. sanction. Sudan is one of the world's largest suppliers of Gum arabic, about 70 to 90 percent of Gum arabic supplies comes from Sudan. The exemption of Gum Arabic allowing compa-nies to apply for a license which permits them to import gum arabic from Sudan.

Candelabra B.V. imports Gum Arabic from Sudan to The Netherlands. Gum arabic is being used in the production of newspaper, medicines, photography, flavors for Soda, coca-cola etcetera

Candelabra B.V. is not the only company subject to the U.S sanctions but the U.S sanctions has seriously affected lives of the Sudanese people and many Sudanese companies preventing them from doing trades or financial trans-actions with dollars.

Sudan formally known as republic of Sudan is located in North Africa. Sudan is divided into two countries since 2 years ago, Sudan and South Sudan. The capital of Sudan is Khartoum and South Sudan's capital is called Juba.

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Flag of (North) Sudan Flag of SouthSudan

2.3 PROBLEMS FACED BY CANDELABRA B.V. DUE TO THE U.S SANCTIONS

Candelabra B.V. started its operations in 2012. The company could not open a bank account in The Netherlands but in Belgium with Byblos bank. The banks in The Netherlands such as Abn-Amro, ING, Rabobank denied the company of opening an account due to fear of political instability in Sudan.

Candelabra B.V. cannot pay for transactions with dollars to their suppliers in Sudan due to the sanctions against Su-dan. However the purchase rates and sales rates are in dollars. Candelabra B.V. have to make the payments in Euros. This affects the company economically because sometimes the exchange rate of Euros is higher compared to dollars, yet they have to carry out transactions in Euros hereby reducing their profit margin by making payments to their suppliers in Sudan in Euros.

On the 22nd of January 2014, Candelabra B.V. received a letter from the Byblos bank in Belgium stating that they have decided to close all the company's accounts (euro and dollar account) with their bank with effect end February 2014.

This came as a shock for the company and at the moment they seeking for solutions for the present situation.

The reason why Byblos bank in Belgium has decided to close down the company's accounts is related to the United States of America sanctions against Sudan.

3.0 SUITABLE METHODS OF TRANSACTIONS FOR CANDELABRA B.V

3.1 HAWALA BANKING

Hawala also known as Hundi which means (trust) is a finance remittance system which works outside the circle of banks and other remittance system commonly practiced in the Middle east, North Africa and the horn of Africa.The hawala system is an informal channel for transferring funds from one location to another through service providers known as hawaladars . The system can move thousands of dollars in matter of hours. Hawala system is based on trust and good network.

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To move money to Sudan for instance, Candelabra will contact Ali a hawaladar dealer in The Netherlands. Ali will call his Associate in Sudan, who in turn contacts the supplier in Sudan. The supplier is given a code which is passed on the hawaladar dealer in Sudan (the recipient).

When the phone rings in the Netherlands, both hawala dealer in Sudan and recipient will read back alternate digits from the password. Identity thus established, the recipient will be paid . Not only that there is no paper work involved,

the system circumvent bank charges, transmission delays and foreign exchange regulations.

3.1.1. BENEFITS   OF A   HAWALA SYSTEM

The hawala system is cost effective and there is no need for formal legal protection because the transactions are based on trust. There is a low risk of default when you transact with such well-known individuals. The transaction can occur with a couple of phone calls, text messages, email or instant messages. No formal record is being kept of the individuals after the transactions has occurred.The hawaladars are also able to use other means to settle transactions with valuables other than currency.

These non-cash hawala transactions can be used to circumvent currency control, import or export duties, exchange rates or other undesirable tax effects. The transaction can be performed at much lower cost than usually available by bank money transfers. Large number of individuals and business owners uses hawala system to repatriate funds. The system operates 24 hours per day and everyday of the year and completely reliable.

3.1.2. FUTURE OF THE HAWALADAR AND HAWALA BANKING

Hawala system offers dramatic benefits for the users. In the hawala transaction system, no money actually physically travels the distance at that time but the hawaladars keep a tally of the total owed and then settle the differences at a later date. In few years time, hawala will be widely used throughout the world. The hawaladars will grow in influence as they are able to provide hawala banking services at a much lower cost than may be found elsewhere.

3.2. TRADE BY BARTER

Trade by barter is the exchange of goods and services without the use of money. Bartering is a smart and easy way to enable transaction especially in today's economy. Nearly 30 percent of world business are involved in some form of bartering . For example Candelabra B.V. purchases 5 tonnes sesame seeds from their supplier (Candelabra In-

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vestment Company Sudan) while Van Vliet Group exchange trucks to them. This act will enable the company to con-serve hard-to-come-by cash.Companies such as Ormita, back2barter and hundreds of barter trade exchange com-panies are available online and they acts as intermediary for barter trades.

Trade by barter picture

These are some advantages of Barter system: Trade by barter is a simple system free from the complex problems of the modern monetary system. Cande -

labra will be able to carry out transactions without the hindrance of the U.S sanctions. The problems of international trade, like foreign exchange transaction fees, and adverse balance of pay-

ments, do not exist in the barter system. Candelabra will be able to safe cash for other priorities. Barter can help Candelabra to surpass their competitors and gain a winning edge by expanding their cus-

tomer base, improve cash liquidity and increase profit

Candelabra can practise bartering not only with their suppliers in Sudan, but also some companies in the Nether-lands. For instance Candelabra can exchange its excess hibiscus flowers in stock for Sorghum with a company in The Netherlands that supplies agricultural products thereby enabling slow-moving stock sell easily and reach a pos-sibly sustainable source of income.

3.3 BUYER'S CREDIT

Candelabra B.V. can obtain a loan from a Sudanese bank or the main shareholder of Candelabra in Khartoum. Banks and financial institutions usually lend the importer (The buyer) based on letter of credit (a Bank Guarantee) issued by the importer(Buyer's) Bank. For instance Nol Van Vliet the main share holder of Candelabra B.V. can request a buyer credit or lending from Candelabra Sudan or from a bank in Sudan. The buyer's credit process has the following steps: Candelabra B.V. enters into a commercial contract with Candelabra in Sudan specifying quantity of goods or services supplied, payment terms, prices, etc. Buyer's credit serves as a natural way to reduce cost temporarily for the company.

3.4 SUITABLE BANKS FOR CANDELABRA B.V.

3.4.1. BRITISH ARABIC BANK

British Arabic bank started its operations in London in the year 1972 as a wholesale bank and a major financial provider for the Arabian market. Libyan Foreign Bank is the banks biggest shareholder (83,5%). British Arabic Bank (2013).

Services offered by the bank includes issuance and confirmation of Documentary Letters of Credit (L/Cs);receivables discounting (with or without recourse); bonding and guarantees; cross-border leasing; trade

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finance (including pre-export facilities) and project-related lending. The bank is active in foreign exchangeand a market leader in the emerging currencies of the Arab Mediterranean region. BACB handles significant volume of trade and its L/Cs are readily accepted worldwide.

British Arabic bank is an ideal bank to meet the needs of Candelabra B.V. because of the services it offers and for its proximity. The bank is located in London. Staff of Candelabra B.V. can travel to London by air to sign the bank docu-ments and carry out transactions with British Arab banks.

3.4.2. BANK OF BEIRUT

Bank of Beirut is one of Lebanon's leading commercial banks offering an extensive range of wholesale and retail banking services. The Bank has positioned itself in the local market as the provider of efficient banking services and competitive products, targeting mainly affluent individuals and SMEs (small and medium sized enterprises), selective sizeable capital investment projects and local "prime" corporations Bank of Beirut (2013).

The Bank's primary activities consist of retail banking services, including consumer lending, deposits and saving plans. The bank has its head quarter in Lebanon. Bank of Beirut has branches in UK, UAE, Cyprus, Nigeria, Iraq, Sul-tanate of Oman, Germany and Australia. Candelabra may choose to bank with Bank of Beirut in Frankfurt, which is the German subsidiary of Bank of Beirut (UK) Ltd. in London.

Bank of Beirut in Frankfurt core business in Germany is trade financing. The bank is accepted specialist in export fi-nancing, which mainly support German, Austrian and Swiss firms exporting to Africa and the Middle East. The bank offers documentary remmitance letter, letter of credit etcetera. Candelabra banking with Bank of Beirut will enable them continue transactions with Sudan hence bank of Beirut specializes in export financing and issues letter of credit.

3.4.3 COMMERCIAL BANK OF DUBAI

Commercial bank of Dubai started its operations in the year 1969. The bank is supported by sturdy financial base with good position to offer their customers wide range of retail and commercial banking products and services .The bank offers good interest rates, new services, easy access. Commercial bank of Dubai (2014).

The sister company of Candelabra B.V. is the Van Vliet Group. Van Vliet Group also have a branch in Dubai called Van Vliet XL Group. Candelabra can use this opportunity to carry out transactions with their suppliers in Sudan by commencing payment via Commercial bank in Dubai.

3.4.4. ISLAMIC BANK OF BRITAIN

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Islamic Bank of Britain solely focuses on banking activities which are compliant with Islamic law. The banks has its branches in Birmingham, Manchester, London and Leicester.IBB has been able to make a significant and lasting dif-ference to Muslims throughout the UK, helping them to save for their families’ futures, expand their businesses or buy their own homes, without compromising their beliefs.

IBB assist in enabling Candelabra B.V. carry out international money transfers to Sudan. IBB's international money transfer service offers their customers financial security for your funds whilst giving a competitive rate of exchange.

3.5 CASH TRANSACTION

Cash transaction is a process whereby cash is being used to make payment on the same day the transaction took place. Candelabra B.V. can purchase agricultural products in Sudan with cash payments and the payments may be made in Sudanese pounds. Candelabra B.V does presently their transaction by Cash against document. Cash against document involves agricultural products suppliers shipping the goods to the Netherlands but they do not re-lease the documents to transfer ownership and possession of them( 'shipping documents') until Candelabra B.V. has made an irrevocable payment for the goods. Previously Byblos Bank Belgium facilitates the transfer of the payment and shipping documents and Candelabra always had to pay transaction fees. But Byblos bank has decided to stop carrying out transactions for Candelabra.

Advantages of cash payments is that neither the suppliers nor the buyer have to devote time in making payment at some future dates. The transaction is completed on the same day it's initiated allowing both parties to invest their time in other lucrative activities.

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4.0 RECOMMENDATION

From my experience I can wholeheartedly recommend Candelabra B.V. for internship. An intern who would like to ex-perience an organization that has the ability to realize their mission and find balance between being progressive and able to balance human concerns . What you have to bring with you is willingness to learn, ability to work indepen-dently, self motivated and you have to be able to solve smaller problems on your own. Anyhow, if you experience some difficulties, you will always find somebody assisting you to work it out.

Secondly, I will like to recommend that iincentive schemes should be developed for the employees that can help mo-tivate them, such as:

Personal loans and car financing facilities for all ranks of employees Scholarship programmes for all employees

Introducing employees awards

Job rotation programmes to enhance the skills of employees

Last but not the least, I would recommend Candelabra to keep hiring interns with different educational background, to help build and improve the company with the knowledge they gained from their studies.

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5.0 CONCLUSION

Overall, I had a fantastic and useful experience. I feel extremely fortunate that I had the opportunity to improve my knowledge and develop my skills in an international working environment during my work placement with Candelabra B.V. The internship helped me to find out what my strengths and weaknesses are. This helped me to define what skills and knowledge I have to improve in the coming time.

At last this internship has given me new insights and motivation to further pursue my career in International Business and Management Studies.

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REFERENCES

1.Accounting simplified (2013) Cash Transactions; Available online; http://accounting-simplified.com/accounting-for- cash-transactions.html ( Accessed 6 February 2014)

2.Bank of Beirut (2013) Banking beyond borders (online) . Available at https://www.bankofbeirut.com/Corporate/en/Home (Accessed 4 February 2014).

3. Bank of Austria (2013) Buyer's Credit. (Online), Available at; https://www.bankaustria.at/files/FB_Gebundener_Finanzkredit_E.pdf (Accessed 5 January 2014)

4. British Arabic bank (2014) Online .Available at http://www.bacb.co.uk/ (Accessed: 1 January 2014)

5. CAClub India (2011) Buyer's Credit A source of Income; Online, available at; http://www.caclubindia.com/articles/buyer-s-credit-a-source-of-finance-9503.asp#.UwKQnvldVXY(Accessed 23 Jan-uary 2014.)

6. Candelabra B.V. (2013) Supplier of Agricultural products from Sudan. Available at: http://www.candelabra.nl (Ac-cessed 12 October 2013).

7. Commercial bank of Dubai ( 2014) The bank which leads the way to greater financial and social prosperity. Avail-able at ; http://www.cbd.ae/cbd/home.aspx (Accessed 2 February 2014).

8. Economics Principles (1915) Trade by barter . The Online library of Liberty Available at; http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php%3Ftitle=2088&chapter=158912&layout=html&Itemid=27 (Accessed 2 Janu-ary 2014)

9.Embassy of the United states. (2013) U.S-Sudan relations (Online) Available at (Accessed: 24-11--2013)

10. Investopedia (2014) Barter; Market mechanism. Available at ; http://www.investopedia.com/terms/b/barter.asp (accessed 12 February 2014)

11. Islamic bank of Britain( 2013) Banking you can believe in. Available at: http://www.islamic-bank.com/ ( Accessed: 22 November 2013).

11. Lincoln, S. (1998), Cash Transactions. Braided Matrix . 17 February, pp.1-12

12.Mohammed, E. (2002), The Hawala System, Finance and Development, December 2002 Volume 39, Number 4 available at; http://www.gdrc.org/icm/hawala.html . ( Accessed 2 February 2014)

13.Money Matters (2011) What is Hawala? All you what to know about Hawala. Available at; http://www.n2moneymatters.com/2011/03/what-is-hawala-all-you-want-to-know.html. Accessed 16january 2014)

14. Oregon trade expansion network (2012) What is barter? . Available at ; http://oten.capex.com/oten_what_is_barter.htm (accessed 17 February 2014).

15. Prozon Financials (2012) Buyer's Credit Available online; http://www.prozonfinancials.com/buyers-credit (Ac-cessed 22 January 2014)

16.Qoin.org (2014) Trade by Barter . Available at: http://qoin.org/barter-exchanges/ (Accessed 3 February 2014)

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17.Report to Congress (2009) Effectiveness of U.S economic sanctions with respect to Sudan.(Online) Available at: http://www.treasury.gov/resourcecenter/sanctions/Documents/sudan_report_030509.pdf (Accessed 27 November 2013)

18.Reuters (2011) U.S extends long standing sanctions on Sudan. (Online) Available at http://www.reuters.com/article/2011/11/01/us-sudan-usa-idUSTRE7A07BD20111101 (Accessed 11 October 2013)

19.Sudan Sanctions (2008) A summary of Sudanese sanctions. (Online) Available at: http://sudansanctions.wordpress.com/ (Accessed 25-11-2013)

20. Sperba, A. (2014) The harmful effect of U.S sanctions on Sudan. (Online) Available at: http://www.undispatch.com/the-harmful-effect-of-us-sanctions-on-sudan (Accessed 4 March 2014)

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APPENDIX 1

PICTURES OF SOME STAFFS AND AGRICULTURAL PRODUCTS OF THE COMPANY

EXHIBITORS AT Fi ISd4TANBUL

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PRODUCT PORTFOLIO OF THE COMPANY

SHAREHOLDER MEETING IN ROTTERDAM

CANDELABRA OFFICE IN KHARTOUM

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