Moar. ChYnee gold fuckery…
Via Grant’s
“
Pledge pin
Caixin reports today that 83 tons of gold bars used as loan collateral by Nasdaq-listed Wuhan Kingold Jewelry, Inc. (ticker: KGJI) “turned out to be nothing but gilded copper.” That’s bad news for upwards of a dozen Chinese financial institutions, which issued more than RMB 20 billion ($2.8 billion) in loans backed by the fool’s gold to the company over the last five years.
Asked by Caixin if the pledged gold was fake, Kingold chairman Jia Zhihong replied: “How could it be fake if insurance companies agreed to cover it?”
Disbelief is understandable, considering the size of the potential fraud. That 83 ton cache would be equivalent to 22% of the Middle Kingdom’s annual output and nearly 5% of its gold reserve as of last year. ”
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Anons paying attention? Seen the Wirecard scam?
Again, from Grant’s:
“… The Wall Street Journal reports that higher-ups at Credit Suisse are examining a handful of structured investment vehicles with exposure to Wirecard A.G, which has filed for bankruptcy following revelations of an accounting scandal including fictitious cash balances. Of particular focus: The multiple investment roles that SoftBank Group Corp. played in transacting the complex securities, and associated potential conflicts of interest.
It wasn’t supposed to be this way,…”
It’s big.