Stanchart's exposure to Qingdao metal scam is about US$250m: CEO
Published on Jun 27, 2014 10:41 AM
LONDON (REUTERS) - Standard Chartered' s total commodity-related exposure around China's Qingdao port is about US$250 million, Chief Executive Peter Sands said on Thursday.
"That is across multiple clients, multiple locations, multiple types of facilities, not all of which will be affected," Sands said on a conference call.
Qingdao port, the world's seventh busiest, has been at the centre of an investigation looking at whether a private metals trading firm issued multiple warehouse receipts so that the same metal cargo could be used multiple times to obtain financing.
"We have taken a preliminary view of the potential impact in our guidance for the outlook in the first half, and we don't see it as material at this stage," Sands said.
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