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Qingdao Port says unit sued by Pacorini for $73m amid fraud probe

Published on Aug 16, 2014 6:56 PM
Trucks drive past piles of shipping containers at the Qingdao port in Qingdao, Shandong province on June 8, 2014. -- PHOTO: REUTERS

SHANGHAI (REUTERS) - China's third-largest terminal Qingdao Port International, which is embroiled in an alleged financing scam, has received two lawsuits from global warehousing firm Pacorini Logistics claiming a total of US$58.4 million (S$72.7 million), the firm said.

The port is already being sued by Citic Resources for US$108 million.

Qingdao Port is at the centre of a fraud investigation into a private metals trading firm, Decheng Mining, which allegedly duplicated warehouse certificates stored at the port to pledge a metal cargo multiple times as collateral for bank loans.

The suspected financing scam has prompted global banks and trading houses, including Standard Chartered, HSBC and Mercuria Energy Trading SA, to fire off a series of lawsuits over their exposure that has topped US$900 million.

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