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After China port fraud probe, messy legal fight chills metal trade

Posted on 04 August 2014

As global banks and trading houses fire off lawsuits over their estimated $900 million (534 million pounds) exposure to a suspected metal financing fraud in China, the tangled legal battle to recoup losses is set to drag on for years and hinder a swift recovery in metal trade.
HSBC is the latest bank to launch legal action since Chinese authorities started a probe into whether the firm at the centre of the allegations, Decheng Mining, used fake warehouse receipts to obtain multiple loans………………………………………..Full Article: Source


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VRS - who has written 39433 posts on Opalesque Commodities Briefing.


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