Fallout from the metals financing scandal in China continues to be felt, with Citigroup and Mercuria, one of the world’s biggest commodities traders, wrestling over exposure to a $270m financing agreement in a London court.
Banks and traders have been scrambling to limit their losses on metal-backed lending deals in northeast China after local authorities started to investigate claims of fraud at two ports three months ago.
Large quantities of copper, aluminium and alumina stored at Qingdao and Penglai are alleged to have been pledged multiple times as collateral for loans by a subsidiary of a company called Dezheng Resources.
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