SHANGHAI, June 18 Chinese commodities trader
CITIC Resources Holding Ltd said on Wednesday that
123,446 tonnes of its alumina stored at Qingdao port were
missing. The port, China's third-largest, has been at the centre
of an investigation into alleged fraud.
"The company has been notified that in the enforcement of
the sequestration orders obtained by the group, the Qingdao
court has been unable to sequester about 123,446 MT (metric
tonnes) of alumina which the group has stored at Qingdao port,"
the firm said in the statement to the Hong Kong stock exchange.
The firm, a unit of China's biggest and oldest state-owned
financial conglomerate CITIC Group Corp, said it would conduct
its own investigation to ascertain why the court had been unable
to enforce its sequestration order in full. CITIC said it had
title to 223,270 tonnes of alumina stored at the port.
Chinese authorities are investigating a Chinese metals scam
at the port, the world's seventh largest, examining whether
warehouse receipts were duplicated so that a cargo of metal
could be used multiple times to obtain financing.
(Reporting by Adam Jourdan; Editing by Mark Bendeich)