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Curran wsj. To Read the Full Story. Subscribe Sign In. Continue reading your article with a WSJ membership. Sponsored Offers. Most Popular News. Most Popular Opinion. HSBC is the latest bank to launch legal action since Chinese authorities started a probe into whether the firm at the center of the allegations, Decheng Mining, used fake warehouse receipts to obtain multiple loans.

Several banks had already ditched their commodity trading divisions due to low returns. The scandal, centered on the eastern port of Qingdao, means those remaining in the commodity financing business will have to consider their future, or at least bring in new controls on lending requirements. It has also acted as a warning over murky business practices in China and highlighted the difficulties of navigating the Chinese legal system for foreign companies, some of which have since frozen new financing business.

Read More China places former security chief Zhou Yongkang under investigation. China's imports of refined copper, the most widely used metal in financing, fell 8 percent in June from a year earlier to hit a month low as banks reduced lending for metals imports following the Qingdao probe, which was first reported at the start of that month.

Using commodities as collateral to raise finance is common in China and not illegal, but duplicating receipts to repeatedly mortgage the full value of an asset is fraud and could leave more than one creditor holding claims to the same collateral. With multiple claimants, cross-country jurisdictions, involvement of state-owned entities and a separate corruption probe into Chen Jihong, the chairman of Decheng's parent firm, the lawsuits stemming from the alleged fraud are unlikely to be wrapped up soon.

Read More China port probe into metal financing rattles banks. Firms may also try to recoup losses via arbitration, as China recognizes international arbitration awards, but that process typically takes at least two to three years. In the Qingdao case, a problem for some Western banks trying to retrieve cash is that their contracts were signed with global warehousing firms acting as collateral managers, leaving them no direct way of claiming in Chinese courts. Read More Chinametal financing fears spread to Singapore.

To seek redress, some are teaming up with their collateral managers, which have local units holding contracts at the port. Decheng and its parent could not be reached for comment, while attempts to contact Chen Jihong by his mobile phone were also unsuccessful.

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Chinese authorities and bankers are investigating whether traders fraudulently used the same stockpiles of metals to secure multiple loans from Chinese and foreign banks. Some lawyers have had to dust off old legal books to understand the laws in Hong Kong and elsewhere that govern what appear to be hundreds of millions of dollars in disputed claims. The probe is looking into whether entities linked to Decheng Mining Ltd.

Skip to Main Content Skip to Search. News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones. Curran wsj. To Read the Full Story. For Western banks such as Standard Chartered, HSBC and BNP Paribas, which are restricted in the domestic loan market in China, the metals financing business is a lucrative alternative but the Qingdao scandal has renewed focus on counterparty risk.

Besides metals, the banks are now taking a fresh look at loans backed by other commodities such as iron ore, soybeans and rubber, fuelling concerns that any drying up of credit could spark a series of defaults on trade loans, or force other cash-strapped firms to cancel term shipments in the second half of this year.

As they review their commodity lending business, some foreign banks are considering measures such as getting finance guarantees from Chinese banks for letters of credit issued to local firms and taking on insurance with more comprehensive coverage, bank sources said. In the case of Decheng, there are worries among exposed banks that they would have difficulties recovering the losses because most of the financing agreements were signed with its Singapore-registered unit, which has limited assets to pay back creditors, said the executive.

Neither Decheng Mining, nor its parent Dezheng Resources, could be reached for comment. For smaller end-users and trading firms, both local and Western banks are also thinking of imposing loan restrictions that will require shippers to prove that they already have domestic buyers lined up for the metal, sources said - a move that could weed them out of the commodity financing business as they struggle to meet these tougher requirements.

These measures are set to make commodity financing in China - already under scrutiny by authorities - even harder and costlier, in turn helping large players, such as state-owned Chinese firms and large end-users, get even bigger.

Chinese state-owned firms, such as Minmetals, Jiangxi Copper International and Founder Commodities, are favoured by local and foreign lenders alike as trading partners because of their financial muscle. There is also a perception that Beijing would bail out these companies if things go awry. Authorities have not yet disclosed the amount of metal involved in the Decheng financing probe, but sources familiar with the matter said it was about 20, tonnes of copper, nearly , tonnes of aluminium ingots and about , tonnes of alumina, the raw material for aluminium production.

Chen Jihong, a veteran trader and chairman of Dezheng Resources, has been detained by authorities since April and is being investigated as part of a corruption probe unrelated to Qingdao port, trading sources and bankers who have dealt with Decheng said. Pledging commodities to a bank using a warehouse receipt as proof of ownership, while agreeing to buy the cargo back at a set point in future, is a popular way to raise finance in global commodity markets.

While the Qingdao scandal has rattled global metals markets, investigations so far suggest this is an isolated case, with several bank sources saying that stock checks at other Chinese ports have not found any wrongdoing.

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Using commodities as collateral to raise finance is common in China and not illegal, but duplicating receipts to repeatedly mortgage the full value of an asset is fraud and could leave more than one creditor holding claims to the same collateral. With multiple claimants, cross-country jurisdictions, involvement of state-owned entities and a separate corruption probe into Chen Jihong, the chairman of Decheng's parent firm, the lawsuits stemming from the alleged fraud are unlikely to be wrapped up soon.

Read More China port probe into metal financing rattles banks. Firms may also try to recoup losses via arbitration, as China recognizes international arbitration awards, but that process typically takes at least two to three years. In the Qingdao case, a problem for some Western banks trying to retrieve cash is that their contracts were signed with global warehousing firms acting as collateral managers, leaving them no direct way of claiming in Chinese courts.

Read More Chinametal financing fears spread to Singapore. To seek redress, some are teaming up with their collateral managers, which have local units holding contracts at the port. Decheng and its parent could not be reached for comment, while attempts to contact Chen Jihong by his mobile phone were also unsuccessful.

It was not clear if he has appointed lawyer to represent him. The full financial impact of the Qingdao case is unclear, but publicly traded banks and trading firms have been forced to disclose potential losses. Read More China banking regulator urges probes on iron ore financing. Chen, chairman of Dezheng Resources, the parent company of Decheng Mining, had been detained by the Communist Party's anti-corruption body as part of an unrelated corruption probe linked to the state-controlled Western Mining Group.

He was only recently transferred to police custody in Qingdao for questioning, said a source who works at one of Chen's companies. Read More China slowdownexacerbated metal financing: Pro. The bank, one of several global lenders ensnared by the scandal at the Qingdao port, yesterday said it was still unclear if further write downs would be needed given a lack of information from China. Chinese authorities launched an investigation in May into whether metals trading firm Decheng Mining and related companies used fake warehouse receipts at Qingdao port to obtain multiple loans secured against a single cargo of metal.

The bank took an Rmillion "valuation adjustment" against financing agreements known as repos related to physical aluminium held in warehouses in China. When asked about the risk of a further impact, Kruger said: "It's too early for us; we have no information, really. We're not allowed into the ports like all of the other lenders. The writed own will also affect the proceeds from Standard Bank's R8.

Standard Bank has been pushing into fast-growing sub-Saharan Africa markets to offset chronic weakness in South Africa's economy. It said the outlook for its home market remained grim, with consumers hit by higher food and fuel costs and waves of strikes denting the confidence of the bank's managers.

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Dezheng's trading unit, Decheng Mining, is now at the center of a separate probe into the alleged duplication of warehouse receipts to obtain. In the case of Decheng, there are worries among exposed banks that they would Neither Decheng Mining, nor its parent Dezheng Resources, could be Tesla announces $ billion bitcoin bet, makes payments pledge. The probe is looking into whether entities linked to Decheng Mining Ltd., based involve banks, which lent money to commodities traders, including Decheng, and Why Bitcoin Hasn't Gained Traction as a Form of Payment.