News Column

Citic Resources Applied for Closing Order for Metal Assets

June 11, 2014



BEIJING, June 11, SinoCast -- China's state-owned Citic Resources Holdings Ltd., a member of one of China's largest state-owned enterprises Citic Group, has applied for and obtained a closing order from the Qingdao court for its metal assets in view of rising worry on illegal financing via bulk commodities,

A manager from a Western bank said there are indications that the scope of loan fraud behavior initiating from Qingdao may be wider than expected.

An insider disclosed some Western and Chinese banks have applied for a similar court seizure orders and tried to get collateral.

Western banks involved include Citigroup Inc., Standard Chartered PLC, ABN AMRO Bank NV, BNP Paribas SA and French foreign trade bank Natixis.


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Source: Sinocast Banking & Credit Beat (China)


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