ANZ looking for culprits after losing more than $300m in nickel warehouse fraud

ANZ Bank has started legal proceedings in California, Hong Kong and Singapore to try to find the culprits of a warehouse nickel fraud that cost the Australian bank more than $300 million this year, according to filing documents obtained by Metal Bulletin.

ANZ filed a petition this week in a US court in San Francisco, where most of the witnesses in the case are located, to seek information that would enable the bank to “initiate foreign proceedings against the perpetrator(s) of this fraud to recover its losses.”
In the filing, ANZ explains that in December 2015, it entered in a purchase agreement with London-based brokerage EDF Man Capital Markets Ltd (MCM), a unit of EDF Man Group, for “a substantial quantity of nickel full plate cathodes, nickel bagged briquettes and nickel pellets."

This resulted in 31 transactions between May 5, 2016 and October 11, 2016, covering a total of 84 nickel receipts stored in Access World warehouses in Singapore, Johor and Busan, of which 83 are...

Published

Danielle Assalve

Perrine Faye

June 28, 2017

18:30 GMT

London, Sao Paolo, New York