Dominion.Domains

Sedo threatening legal action instead of providing documentation

Located in Legal Discussion started by anantj, Jul 10, 2018.

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  1. anantj

    anantj Active Member VIP

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    I recently won an auction on Sedo. For this discussion's sake, an amount greater than $5000 so payment via a CC is not an option. This will be the first time that I'll be sending a wire transfer for such a large amount. Also for context, I'm based out of India where banking laws are quite strict, especially for individuals and consumers.

    To process this transaction, my bank and accountant asked me for some documentation to establish which tax laws are applicable for such a transaction. Specifically, if Sedo is domiciled or has a presence in India, then there are certain tax implications that I need to follow and if not, they are not applicable. Additionally, to comply with AML requirements, the bank needs a tax residency certificate.

    I requested the relevant documents from Sedo but the transfer agent simply responded with a refusal to provide the same and in the same sentence also threatened legal action if I do not complete the payment. I'm not sure what I can do in this situation as I obviously need to comply with the laws in my country and I definitely want to proceed with the transaction. But refusing to enable me to complete the transaction and also threatening me with legal action has put in in a catch-22 situation. Any suggestions on how to deal with this and advice on completing this transaction would be hugely appreciated.

    Thank you
     
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  2. forge

    forge HQ BS MF VIP

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    Can you not get a trusted friend or associate to help you complete this transaction? Say, someone from outside India?

    It really does sound unreasonable on the part of Sedo.
     
    Last edited: Jul 10, 2018
  3. anantj

    anantj Active Member VIP

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    Not really. Not only is that in a legal gray area, it will incur additional tax of ~30% if everything is done above board.
     
  4. urljunky

    urljunky Upgraded Member Blue Account VIP

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    This isn't the first transaction they have done in India. If they do business in India they should know what documentation needs to be presented to meet all legal obligations in your country.
    This being said they should provide it.
    I have had money wired to me from India and didn't have any problems.
     
  5. forge

    forge HQ BS MF VIP

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    Okay. I was afraid the tax implications (amongst other issues) might hinder that option (unfortunately).
     
  6. anantj

    anantj Active Member VIP

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    Although I'm not sure how it was previously (This is my first time), it is possible regulations have recently changed. I'm still trying to find out more information but there isn't a lot of if available. A few other folks I spoke to indicated they handle such payments differently but those different mechanisms aren't available to me (see my previous comment). Agreed, they should provide the information as I'm not asking for proprietary information.
     
  7. mr-x

    mr-x Acme Domains Gold Account VIP ★★★★★★★★★★

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    SEDO's threats of legal action are hollow. You're transfer specialist is inexperienced, demand they make your requirement known to their manager. Or just pick up the phone and call.
     
  8. anantj

    anantj Active Member VIP

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    Good idea. I'll call them later today once they're likely in office. I've also reached out to the seller's broker (from Sedo) who will, hopefully, be more helpful
     
  9. gilescoley

    gilescoley Top Member PRO VIP ★★★★★★★★★★

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    If these are the laws in India, just tell Sedo this is what is going to happen. If they threaten legal action because of this, I would just say "Go Ahead Sedo" :xf.smile:
     
  10. creataweb

    creataweb Top Member VIP ★★★★★★★★★★

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    Sedo won't be pursuing you. Good luck with the whole thing either way.
     
  11. forge

    forge HQ BS MF VIP

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    Was this said in the Transfer update pane? For some reason I was thinking phone. But it strikes me as being just the usual cut & paste drivel that a "transfer agent" might post.

    In which case, you do need to talk by phone in order to straighten this out. IMO
     
  12. frank-germany

    frank-germany F1lter.com xpired domain search engine Gold Account VIP

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    no worries
    nothing will happen
     
  13. anantj

    anantj Active Member VIP

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    Yes this was in the "Transfer Center" and not over a phone or e-mail.

    Thanks
     

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