HONG KONG, July 14 Standard Chartered PLC
is suing Chen Jihong, the Chinese businessman at the
center of a suspected fraud at China's Qingdao port, according
to a Hong Kong court filing.
Valerie Tay, a spokeswoman for the bank, confirmed that the
bank has started legal proceedings against Chen.
A native of southern China's Guangdong province who has
since taken Singaporean citizenship, Chen is chairman of
Qingdao-based Dezheng Resources Holding Co Ltd.
Dezheng's trading unit, Decheng Mining, is at the centre of
a probe into the alleged duplication of warehouse receipts to
obtain multiple loans secured against a single cargo of metal.
The Wall Street Journal reported the case earlier on Monday.
(Reporting By Lawrence White; Editing by Matt Driskill)