Thursday, June 05, 2014

Alert: Standard Bank Group and others are investigating potential loses from Chinese port reporting irregularities.

Zero Hedge has just reported that the rehypothecation scandal I mentioned a few days ago is now beginning to include outside banks and commodity trading groups interested in quantifying their loses after a probe was launched into misreporting of stockpiled commodity levels at the Qingdao Port. GKE Corporation was "assessing potential impact" of the investigation and the potential for loses.