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QINGDAO PROBE: Timeline of events, and potential consequences
August 04, 2014 - 10:25 GMT
Metal Bulletin's timeline of how the Qingdao scandal has unfolded and how the industry has responded.
More details are emerging about the possible exposure of
different companies to events in Qingdao port. On June 2, Metal
Bulletin revealed authorities had blocked the shipment of some
materials at the port as they investigated the allegedly
fraudulent use of warehouse receipts multiple times to raise
finance. Metal Bulletin looks at the timeline of events so far.
May 2013: HSBC grants a banking facility of up to $30 million
to Zhong Jun, the international trading subsidiary of Dezheng
Resources, which is reported to be at the centre of a Chinese
probe into a warehouse in Qingdao June 2013: BNP Paribas Hong
Kong signed alumina and aluminium supply contracts with Zhong
Jun July 2013: Zhong Jun accepts the banking facility and signs
a "trade finance security agreement" with HSBC August 2013:
Zhong Jun and Standard Chartered (Hong Kong) file an "offtake
contract assignment", allowing for the offtake of aluminium
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Euromoney Institutional Investor PLC.
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