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Standard Chartered sues businessman connected to Qingdao port
July 14, 2014 / 9:08 AM / 3 years ago

Standard Chartered sues businessman connected to Qingdao port

HONG KONG, July 14 (Reuters) - 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

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