Why commodity-trading scandals are multiplying
And banks are undeterred
The choppy waters of commodity trading have claimed another victim. On April 23rd it emerged that ING, a Dutch lender, was suing ICBC, China’s biggest bank. ING accuses ICBC of releasing export documents to Maike, a trader that once handled a quarter of China’s copper imports, without first collecting payment owed to ING. Shortly after this Maike ran out of cash, sinking hope of recouping the money. Now ING is seeking $170m from ICBC for its alleged error.
This article appeared in the Finance & economics section of the print edition under the headline “Crossed wires”
Finance & economics April 29th 2023
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