Fanya official refuses to let investors take metal, and demands high June prices [UPDATED WITH PHOTOS]

Fanya investors have so far not been allowed to remove any metal from the Kunming warehouse, according to sources close to the situation.

About 70 investors had rushed to the shed on the morning of Tuesday August 4 after reading a Fanya statement on Monday that defined such investors as “dealers” in its “Legal relationship description of the Fanya Metal Exchange supply chain’s finance business”.
Acting under what they thought were their rights as outlined in the announcement, the investors went to the Fanya-associated shed at Kunming airport on Tuesday morning, and demanded to be permitted to check and take possession of metal, principally indium and germanium.

Hao Baodong, vice gm of Fanya’s investment department, acknowledged investors’ claims that day, but said they could only redeem metal at prices based on the latest quotes on Fanya, which...


August 06, 2015

12:32 GMT