Kingold Jewelry secures US$US 2.8 billion in loans with gold-plated copper bars, in latest case of fraud to embarrass China, risk US wrath
Kingold Jewelry, a Nasdaq-listed jeweller and producer of household ornaments, has been accused of large-scale fraud in the second major scandal in three months involving a Chinese company listed in the US.The Wuhan-based company is alleged to have used fake gold bars as collateral to fraudulently obtain 20 billion yuan (US$2.8 billion) in loans, in a case that risks fuelling a recent drive by American politicians to expel Chinese companies from Wall Street.Shares of the Nasdaq-listed gold…
Kingold Jewelry secures US$US 2.8 billion in loans with gold-plated copper bars, in latest case of fraud to embarrass China, risk US wrath
Kingold Jewelry, a Nasdaq-listed jeweller and producer of household ornaments, has been accused of large-scale fraud in the second major scandal in three months involving a Chinese company listed in the US.The Wuhan-based company is alleged to have used fake gold bars as collateral to fraudulently obtain 20 billion yuan (US$2.8 billion) in loans, in a case that risks fuelling a recent drive by American politicians to expel Chinese companies from Wall Street.Shares of the Nasdaq-listed gold…