Operator of warehouse faces lawsuit
Print Edition
CITIC Resources Holdings Ltd has started legal action to recover its alumina and copper stocks that went missing from Qingdao port, which is at the center of a major metal financing fraud probe.
The commodities trader said last month it had been unable to locate 123,446 tons of the 223,270 tons of alumina it left at the port in Shandong Province. The company also said it owns 7,486 tons of copper placed in the port.
The company said in a filing to the Hong Kong stock exchange yesterday that it has filed a claim in Qingdao Maritime Court against the operator of the bonded warehouse at the port. The claim requires the operator to confirm the company’s ownership of the metals and deliver them or compensate the company. It didn’t name the warehouse operator.
“Until the status of the investigation is clarified and the group has conducted its own investigation, the company is not able to accurately assess the impact of the group’s alumina and copper stored at Qingdao port,” CITIC Resources said in its filing.
CITIC Resources is the latest company to take legal action to recoup losses since the government launched a probe last month into whether single cargoes of metal were used multiple times as collateral to obtain loans at the world’s seventh busiest port.
CITIC Resources said it is not the subject of the investigation and can’t provide any other information on the effect of the probe on its alumina and copper stocks there.
The company is a unit of state investment conglomerate CITIC Group.
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