Standard bank starts legal proceedings in China
Friday, 11 July 2014
JOHANNESBURG. July 10 (Bloomberg): Standard Bank Group Ltd., Africa's largest lender, started legal proceedings in China after about $170 million-worth of aluminum was held in bonded warehouses.
The bank's U.K. unit, which trades commodities, is seeking to "protect its position" in regard to the stocks at Qingdao Port (6198) and an additional $40 million-worth of aluminum at other locations in Shandong province, it said in a statement today.
Qingdao Port is counting industrial metals held in some of its bonded warehouses to determine if they match the amount in documents pledged to banks as collateral for loans, three people with direct knowledge of the probe said in June.