Fanya Metal Exchange rejects claims it has halted payments to suppliers

The Fanya Metal Exchange has rejected claims that it has stopped paying for material delivered onto the exchange.

“The exchange has made full payment for delivered materials,” Yang Guohong, vice-president of the Fanya Metal Exchange, told Metal Bulletin. “There is also metal that is currently stored in our warehouses but has not finished [the whole process of] delivery.”
The comments from Fanya follow rumours that it has stopped payments to suppliers delivering onto the exchange, following an official probe into its activities and updates to its policies.

“I haven’t been paid for my last indium sales to Fanya’s investors,” a trader said. “My handler close to Fanya said repayment will come as late as February. […] It...

Published

Carol Lu

Chloe Smith

January 15, 2015

16:35 GMT

Shanghai, London