What’s the big deal here? Being at least copper, those bars are more real than the paper gold that has flooded the world…
What’s the big deal here? Being at least copper, those bars are more real than the paper gold that has flooded the world.
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Kingold Jewelry Secures $2.8 billion in Loans with Gilded Copper Bars
By Peggy Sito
South China Morning Post, Hong Kong
Tuesday, June 30, 3030
Kingold Jewelry, a Nasdaq-listed jeweller and producer of household ornaments, has been accused of large-scale fraud in the second major scandal in three months involving a Chinese company listed in the United States.
The Wuhan-based company is alleged to have used fake gold bars as collateral to fraudulently obtain 20 billion yuan (US$2.8 billion) in loans, in a case that risks fuelling a recent drive by American politicians to expel Chinese companies from Wall Street.
Shares of the Nasdaq-listed gold processor plunged by almost a quarter after the allegations emerged Monday morning on the website of Caixin, a mainland Chinese financial news outlet.
Kingold strongly denies any wrongdoing and is being investigated by the “authorities,” according to Caixin. The company could not be reached for comment by the Post.
Kingold, one of China’s largest gold jewellery manufacturers, allegedly used 83 tonnes of gold bars as loan collateral, which later turned out to be gilded copper. Caixin described it as one of the largest gold loan fraud cases China has ever seen. …
… For the remainder of the report:
Toast to a free gold market
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