ANZ Suffered ‘Substantial Losses’ in Alleged Nickel Receipt Scam

By Emily Cadman and Mark Burton Australia & New Zealand Banking Group Ltd. told a U.S. court that its commodities trading arm suffered “substantial losses” after it discovered that receipts for metal held in Glencore Plc’s Access World warehouses are probably fake. When ANZ looked into selling the nickel, it discovered 83 out of 84 receipts it held were likely forgeries, the Australian lender said in a June 6 petition filed in a U.S. court in San Francisco. It’s part of a request for information the bank could use in lawsuits in other jurisdictions. ANZ has hired lawyers in the U.S., Hong Kong and Singapore to attempt to recover its losses and pursue the alleged fraudsters, ANZ said. The case follows Access World’s January warning to customers that it found forged warehouse receipts circulating in the market. The announcement sent shock waves through the commodities trading industry by reawakening concerns about the risk of fraud after a metal financing scam was uncovered in the Chinese port of Qingdao in 2014. The fallout from Access World’s discovery has spawned a number of lawsuits around the world. Earlier in June, Natixis SA sued broker Marex Financial Ltd. in London after losing about

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Source: CTRM Center

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