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Fake receipts at Glencore warehouse unit triggered sector credit freeze, Qingdao shivers - sources


13 February 2017 03:51

FILEBy Melanie Burton MELBOURNE (Reuters) - Some global banks briefly froze credit lines for Singapore metal traders last month after a unit of commodities giant Glencore uncovered fake warehousing receipts, people familiar with the matter said, reviving the spectre of a $3 billion scandal that rocked the trading world three years ago. Two people who have metal storage dealings with Access World said the company told them the receipts were from a third party, not issued internally. "We checked with (Access World) and all our stock was in good order," said one of the people, an official at a Singapore trading house.
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Fake receipts at Glencore warehouse unit triggered sector credit freeze, Qingdao shivers - sources. This article is published at 13 February 2017 03:51 from Yahoo India Stock Market Updates, click on the read full article link below to see further details.


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Tags : Fake, receipts, Glencore, warehouse, unit, triggered, sector, credit, freeze, Qingdao, shivers, sources


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