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Commodities Briefing - Categorized | Metals and Minerals, Regulatory more

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 37629 posts on Opalesque Commodities Briefing.


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