Wednesday, September 17, 2014
China's Qingdao Port is center of fraud investigation
China's Qingdao Port is at the center of a fraud investigation in which duplicated warehouse certificates were used to pledge a metal cargo multiple times as collateral for bank loans.
The suspected financing fraud at the port surfaced in June, and involves about 300,000 tons of alumina, 20,000 tons of copper and up to 80,000 tons of aluminum ingots, the port operator said in a statement on Friday.
This is the first time Qingdao Port International has disclosed the amount of metal linked to a case that has caused chaos in China's metal markets, triggering banks to temporarily stop lending.
For more of the Reuters story: reuters.com
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