Metal firm probed for criminal offences
Print Edition
Chinese police are investigating a troubled state-managed metal exchange for criminal offences, the local government said, months after it failed to pay investors.
Fanya Metals Exchange, which claims to be the world’s largest minor metals exchange and managed around 40 billion yuan (US$6.2 billion) in assets, has defaulted on payments to a reported 220,000 investors since April due to plunging commodity prices worldwide.
The exchange, in the southwestern city of Kunming, offered investors a bet on increased metal prices, promising some speculators double-digit returns on their investments. Police have opened an investigation into the exchange on suspicion of “illegal business practices,” a statement on the city’s news portal said.
The announcement comes as Fanya Chairman Shan Jiuliang has been missing since October 15, according to a stock exchange statement from Imagi International Holdings, another company Shan chairs.
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