Glencore unit's fake warehouse receipts renew worries of fraud
London
FORGED commodity-storage receipts discovered by a Glencore Plc unit have rekindled concerns over warehousing fraud two years after the Qingdao scandal in China that cost banks hundreds of millions of dollars.
Glencore's Access World, which stores materials from metals to agricultural products, alerted police after finding counterfeit receipts bearing its name circulating in Asia, two people with knowledge of the matter said last week.
While it's not clear if any money was lent against the fake documents, it's a reminder of risks associated with the centuries-old banking mainstay of trade financing. In mid-2014 at Qingdao, metals held in warehouses were believed to have been pledged several times as collateral for loans, leadi…
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Japan’s Mitsui to develop Vietnam gas field for US$740 million
Trafigura pleads guilty, agrees to pay about US$127 million to settle US probe
Oil rises more than US$1 a barrel on tighter supply outlook
Freeport warns copper export ban could cost Indonesia US$2 billion in lost revenue
More than 20% of global oil refining capacity at risk: analysis
China lifts tariffs on Australian wine, ends three-year freeze in trade