Some investors unable to withdraw cash invested in metal on Fanya

Some people who invested money in metal on the Fanya Metal Exchange have not been able to withdraw the value of their investment, according to sources in China.

Hundreds of investors gathered at the exchange on Monday evening in Kunming, and some Shanghai-based investors are planning to meet with Fanya officials on Thursday afternoon in Shanghai as they look for a resolution, according to sources familiar with the situation.
The details of the problems some investors are having follow news that Fanya has suspended accepting applications from companies to sell indium, germanium and bismuth on the bourse between June 23 and August 31.
“We hear that a halt has been placed on the redemption of one of Fanya’s financial products, ‘Ri Jin Bao’, which the exchange had previously promised people could sell at any time, and now investors cannot get their money. They [Fanya] are always changing trade rules unilaterally,” a trader in Shanghai said.

“I hear a lot of investors now are gathering together, and have formed many online groups to discuss the matter and call...

Published

Rena Gu

James Heywood

July 14, 2015

07:30 GMT

Shanghai