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27 June 2017 - ANZ suffered "substantial losses" due to forged metal receipts
ANZ
Source - https://www.bloomberg.com/news/articles/2017-06-27/anz-suffered-substantial-losses-in-alleged-nickel-receipt-scam
Where - United States of America
Business line - Trading and Sales

ANZ Bank has told a US court that it suffered substantial losses due to a potential fraud in its commodities trading arm.

The firm said it discovered a number of receipts for metal, that was supposed to be held in mining giant Glencore’s Access World warehouses, were likely to be fake.

The discovery was made when ANZ looked into selling the nickel. It found that all but one of the 84 receipts it held were probably forged.

The bank is understood to have hired lawyers in the US, Hong Kong and Singapore in an attempt to recover losses and bring the perpetrators to justice.

In January, Access World issued a warning to customers that it had uncovered a number of forged receipts on the market. A number of lawsuits across the globe were then launched as a result of the revelation.

French bank Natixis sued broker Marex Financial earlier this month after losing US$32m on a sale-and-repurchase agreement that allegedly involved forged receipts for stored nickel as collateral. The deal was brokered on the behalf of Marex’s client, Come Harvest Holdings Ltd.

It is still unclear who is response for the fraud as the receipts have been circulated to various firms. According to Bloomberg, between April and September 2016, Access World issued 84 receipts, all but one of which were issued to Straits, a Singapore brokerage facilitation company. Straits said it is “an innocent party caught in this scam and is shocked and dismayed by the appearance of its name in the forged warehouse receipts.”