Standard Chartered made provisions in China fraud

Standard Chartered Shanghai Towers

Standard Chartered said it made provisions of about $175m related to a fraud in China, where the government is investigating a lending scandal involving metal stockpiles in the port city of Qingdao.

Bloomberg News reports that the bank’s so-called other impairments jumped by $174m to $185m in the first six months of the year, compared with just $11m in the same period in 2013, the lender said today as it reported earnings.

The amount of that total related to the Qingdao scandal was about $175m, according to Shaun Gamble, a bank spokesman.

Standard Chartered had previously sued Chen Jihong, the Singaporean owner of a metal-trading company that’s under investigation in China for allegedly pledging metals multiple times as collateral for loans. Standard Chartered says it’s owed $35.6m under a loan agreement with Decheng Mining, one of Chen’s companies, according to a Hong Kong lawsuit last month.

To access the complete Bloomberg News article hit the link below:

Standard Chartered Provisions $175 Million in China Fraud

Commerzbank Sets New Targets as Profit Rises

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts