Qingdao Port says 400,000 tonnes of metals involved in financing fraud
Port firm lists cargo of aluminium and copper that is alleged to have been used to secure funds
Qingdao Port International said yesterday the metals financing fraud uncovered at the port involved about 400,000 tonnes of base metals.
It said the figure included 300,000 tonnes of alumina, 70,000 to 80,000 tonnes of aluminium ingots and 20,000 tonnes of copper.
The world's sixth-largest port in terms of metal ore throughput has been tarred by a criminal investigation into shipment agency Qingdao Hongtu.
A cargo of base metals, including aluminium and copper, stored at the port under Qingdao Hongtu was detained as part of the investigation.
Banks suspect the same cargo of metals was pledged multiple times for loans at different banks.
The investigation has prompted lawsuits from trading firms, warehouses and banks around the world, including HSBC and Standard Chartered.