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Bankers Focus on Trading Firm in Search for Metals Used as Collateral

Posted on 11 June 2014

Bankers in China are focusing on the actions of a commodities-trading firm as they scramble to find metals they believed were backing loans but which appear to have been used as collateral multiple times.
The operator of Qingdao port, on China’s eastern coast, said this week Chinese authorities were investigating an alleged fraud involving metals stored at the port and used as collateral to obtain multiple bank loans………………………………………..Full Article: Source


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VRS - who has written 40705 posts on Opalesque Commodities Briefing.


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