18 JUNE 2014Reuters
CITIC Resources says alumina missing from Qingdao port
Edited by : AL CIRCLE
1 min read
Chinese commodities trader CITIC Resources Holding Ltd said on Wednesday that 123,446 tonnes of its alumina stored at Qingdao port were missing. The port, China's third-largest, has been at the centre of an investigation into alleged fraud.
"The company has been notified that in the enforcement of the sequestration orders obtained by the group, the Qingdao court has been unable to sequester about 123,446 MT (metric tonnes) of alumina which the group has stored at Qingdao port," the firm said in the statement to the Hong Kong stock exchange.
The firm, a unit of China's biggest and oldest state-owned financial conglomerate CITIC Group Corp, said it would conduct its own investigation to ascertain why the court had been unable to enforce its sequestration order in full. CITIC said it had title to 223,270 tonnes of alumina stored at the port.
Chinese authorities are investigating a Chinese metals scam at the port, the world's seventh largest, examining whether warehouse receipts were duplicated so that a cargo of metal could be used multiple times to obtain financing.
"The company has been notified that in the enforcement of the sequestration orders obtained by the group, the Qingdao court has been unable to sequester about 123,446 MT (metric tonnes) of alumina which the group has stored at Qingdao port," the firm said in the statement to the Hong Kong stock exchange.
The firm, a unit of China's biggest and oldest state-owned financial conglomerate CITIC Group Corp, said it would conduct its own investigation to ascertain why the court had been unable to enforce its sequestration order in full. CITIC said it had title to 223,270 tonnes of alumina stored at the port.
Chinese authorities are investigating a Chinese metals scam at the port, the world's seventh largest, examining whether warehouse receipts were duplicated so that a cargo of metal could be used multiple times to obtain financing.
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