The real thing? Kingold allegedly tried to palm off gilded copper bars as solid gold. Photo: ShutterstockThe real thing? Kingold allegedly tried to palm off gilded copper bars as solid gold. Photo: Shutterstock
The real thing? Kingold allegedly tried to palm off gilded copper bars as solid gold. Photo: Shutterstock

Kingold Jewelry secures US$2.8 billion in loans with gilded copper bars, in latest fraud that embarrasses China, irks US

  • Nasdaq-listed Kingold, one of China’s largest jewellery makers, allegedly used 83 tonnes of gold bars as loan collateral, which later turned out to be gilded copper, according to a report by the Caixin news outlet
  • It follows Luckin Coffee’s recent fraud case and is sure to fuel a recent drive by US politicians to expel Chinese companies from Wall Street

Topic |   Crime in China
The real thing? Kingold allegedly tried to palm off gilded copper bars as solid gold. Photo: ShutterstockThe real thing? Kingold allegedly tried to palm off gilded copper bars as solid gold. Photo: Shutterstock
The real thing? Kingold allegedly tried to palm off gilded copper bars as solid gold. Photo: Shutterstock
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