Standard Bank has exposure to China metal fraud

Comment on this story
StandardBank1111 REUTERS

Shanghai - Standard Bank said it has a total exposure related to China's Qingdao port of about $170 million worth of aluminium, and has started legal proceedings in Shandong Province to protect its position.

The bank, a subsidiary of Standard Bank Group, said in a statement on Thursday it also has an exposure of $40 million worth of aluminium at other bonded warehouse facilities in Shandong Province, and has started legal proceedings to secure its positon.

Qingdao port, the world's seventh busiest, has been at the centre of an investigation looking at whether a private metals trading firm issued multiple warehouse receipts so that the same metal cargo could be used multiple times to obtain financing.

Standard Bank said the financial impact of its exposures were still being assessed and would be addressed in the group's interim results on August 14. - Reuters



sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.