The Business Times
SUBSCRIBERS

Glencore unit's fake warehouse receipts renew worries of fraud

Published Wed, Feb 1, 2017 · 09:50 PM

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

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here