Istim fined by LME for warehouse agreement breach

The London Metal Exchange has fined warehouse operator Istim £30,000 ($37,120) for breaching clauses of its warehouse agreement, the exchange said in a notice to members on Friday June 19.

Between September 12 and December 9, 2019, Istim erroneously instructed its London agent to issue primary aluminium warrants containing incorrect brand names and/or shapes on five separate occasions, the LME said.
The warrant issuance errors occurred in Istim’s warehouses in Port Klang and Johor, both in Malaysia.

“Following an investigation by the LME, the enforcement committee of the LME instructed that disciplinary proceedings be instituted against the warehouse...

Published

Alice Mason

June 19, 2020

15:46 GMT

London