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This is just the tip of the iceberg. The fact it was uncovered by the national audit lends a bit of credibility to chinese government. Mainstream media is just pointing out all the Con jobs being done. Qingdao port scandal is the big one that could potentially affect confidence and also many banks involved.
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Petrochemicals, and Tianjin Port are the next targets...
Petrochemicals latest China commodity to be hit by potential fraud
03 Jul 2014 06:15
[BEIJING] Chinese petrochemical imports have become the latest commodity financing tool to come under investigation for possible fraud, highlighting the risks from the widespread use of raw materials as collateral to raise loans and skirt credit restrictions.
Commodity financing deals in China, which Goldman Sachs has estimated to be worth as much as US$160 billion, have come under close scrutiny after an alleged metal financing fraud at Qingdao Port, a huge trading hub in eastern China.
Now police in northern China are investigating another suspected fraud at Tianjin Port near Beijing, police and trade sources said, involving "mixed aromatics", a refinery product commonly used for blending petrol.
Source: Business Times Breaking News
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡