Qingdao probe raises more questions
It could be an isolated problem or endemic at ports
[QINGDAO] Is the metal stored in a Chinese warehouse really there? Has the peanut oil shipment a bank lent money against been swapped for worthless water?
Basic questions have begun to play on the minds of traders and bankers doing business in the world's largest raw material importer, after an investigation began at Qingdao Port, a huge trading hub in the north-east, into whether more than one licence had been issued against the same material.
The duplication, which leaves someone out of pocket when they claim what they thought was theirs, may be the result of deliberate fraud by a company using the same metal to raise multiple loans.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
VinFast’s EV ambitions get a reality check as shares plunge 65%
Boeing probed in US over possible falsified records on 787
Tesla lays off more staff in software, service teams, Electrek reports
GLP says 2025 bond repayment sources identified
Volvo Cars April sales rise on strong EV demand
EV automakers get reprieve in US tax credit rules