![]() ![]() At the time the news broke, he said, people were asking, “(What if) It’s internal fraud at a warehouse company?”īut the fallout appears to have been limited, partly because the type of alleged fraud attempted was via a third party. “There’s a lot of ‘calm panic’ out there,” said an executive at another trading company in Singapore, speaking on condition of anonymity. The late January disclosure led to a frenzy of phone calls among trading houses and banks - and the cancellation of holidays over the Lunar New Year period - as warehousers combed through their stock to make sure all was in order. Rabobank said it was aware of the news on forged warehouse certificates circulating in the name of Access World, and was “assessing the situation,” but could not comment further. ![]() Metals traders told Reuters that a raft of international banks involved in providing finance to the sector, including Australia’s ANZ, France’s Natixis and Rabobank of the Netherlands, temporarily froze some credit lines before for the most part resuming business. But the firm did have its credit lines temporarily frozen by several banks while they investigated, the person said, speaking on condition of anonymity. “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. At Qingdao, a firm allegedly duplicated notes pledging metal as collateral for multiple bank loans. 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. ![]() Though the impact has proved limited so far, the “forged” receipts for nickel stocks that Glencore’s Access World unit said it found still set alarm bells ringing - even though regulation and scrutiny have been tightened across the business since the 2014 Qingdao port scandal in China. FILE PHOTO - The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, September 30, 2015. ![]()
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