Cupboard Was Bare

Chinese commodities trader CITIC Resources Holding Ltd said, in a statement to the Hong Kong stock exchange;

“The company has been notified that in the enforcement of the sequestration orders obtained by the group, the Qingdao court has been unable to sequester about 123,446 MT (metric tonnes) of alumina which the group has stored at Qingdao port.”

CITIC Resources said it had title to 223,270 tonnes of alumina and 7,486 tonnes of copper stored at the port pending payment by and delivery to buyers. CITIC said it did not have information on the current status of an investigation by Qingdao authorities and was not yet able to accurately assess the impact of the alleged fraud on the company.

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