More Coverage of Growing Qingdao Port Cases

These stories were out during trading hours in Hong Kong, but Qingdao Port International stock actually rose on the day.

A figure floating around is ¥16 billion spread among 18 banks, but according to a relevant party, the numbers are still being tallied and he doesn't know where that figure is from.

How it works: Company A sells goods to Company C for a fixed price, then Company B buys from C at a higher price.

Next company A asks for a warehouse receipt and gives it to C. Company C uses this to obtain bank credit, adds in some of its own money and pays A for the goods.

At the end Company B has the goods, and they can sell them to Company A. Company A gets another warehouse receipt.

For letters of credit: pledge 15% to 20% of imported metal to a bank for a 90 or 180 day letter of credit. But companies really only need about one month to receive the goods and sell them. So the company has 60 to 150 days of short-term financing, plus any yuan appreciation. However, the goods obtained using a letter of credit can also be rehypothecated using the above method. Dezheng used this method with 3 month letters of credit 4 times a year and was able to achieve 10 times leverage.

The banks are rushing in to figure out what's going on, but local businesses claim they are reaping what they sowed. They claim to be victims, but they all rushed to give Dezhong credit, sometimes even without collateral guarantees.

Banks are raising their margins in response and some traders unable to come up with the funds may dump their positions. Banks are also expanding credit approval from 3-5 days to 5-7 days, requiring more documentation and verification of information.

青岛港骗贷案调查:涉案银行三缄其口 无一回应
Incident Qingdao Port metal trade finance Piandai event, is drawing attention around the events of the layers of fog, far from being dispersed.

One side is caught in the metal trade finance various home events Piandai banks on their own circumstances secretive, while the outside world and the official made ​​a direct criticism.

Relation to the incident, the recently held in Qingdao, "Jin Ling Fortune Forum", vice chairman of the NPC Financial and Economic Committee Wu Xiaoling criticized, not carefully verified Qingdao banking business warehouse on the blind expansion of credit, over-reliance on the guarantee.

At the same time, the outside world raised many questions: the protagonist of the bank's loan officer face Piandai event - when Germany is what the Department of Enterprise bear moral hazard? Bank loan demand in the approval time to verify whether the real collateral security? Germany is long and warehousing business dealings Department, logistics companies even include port operating company, how to act as role Piandai process? Germany being cheated out of money in the end line just where?

Germany is the Department "plate too."

Securities Times reporter interviewed the face, in the eyes of these events storm almost Qingdao banking group to the metal trade finance Piandai events remain silent. As of press time, the Securities Times reporter banks involved have not been any positive official response.

Earlier media have exposed for 18 banks 16 billion of funds involved in the event of credit, joint-stock banks Qingdao Branch, who asked not to be named, the Securities Times reporter said: "Total loans and exposures among banks is still under Statistics I do not know how the data is reported in the statistics out. "

To this end, the Securities Times reporter to call the advisory agency responsible for a dozen banks, stand up in a court case over one hundred Qingdao De Heng Law Firm, sources said, "billions is certain, specific amount of money involved is not much to say. "

Non-ferrous metals financing Piandai since the scandal, more than half passed, the amount involved in the ever-changing. A local official said the private enterprises, the delay in the final data released, probably because "Germany is the dish too."

Securities Times reporter combing business registration information found Germany Germany is based on positive Resources Holdings Limited as the axis radiating outward, showing the relationship between the company reached 12 only on equity relationship. It also is not other upstream and downstream enterprises Germany are both headed the Department of Chen Ji Hong, Chen brothers Keelung actual control.

Two-pronged set of funds

Qingdao Port nonferrous metals financing Piandai event disaster from repeating the pledge of warehouse receipts. It is understood that the process is not complicated, the operation point is to ensure that participants have at least three, and they are "insiders."

Specific procedures are as follows: First, A number of companies will goods sold for a price of Company C, then Company B then promised to buy back at a higher price. As a result, C Company can earn them the difference.

Secondly, A company needs to call the company issued a warehouse storage warehouse; while C Company will use this warehouse to bank mortgage financing, the money comes out, plus some of its own funds, payable to A Company. This time B is the recipient of the goods, get the goods, you can then sell it back to an agreed price of Company A, A at this time and can once again make a warehousing company re-issued warrants.

Thus, according to the above manipulations, a company can together warehousing company through its different subsidiaries of the same batch of goods out of the warehouse more than one, then to defraud the bank as security for loans.

In addition to using repeated pledge of warehouse receipts, the use of letters of credit to finance but also some businessmen modus operandi. It is understood that the latter operation is as follows:

First, import enterprises to import a number of banks to deliver metal (such as copper, aluminum ingots) deposit - usually 15% to 20% of total metal goods, followed by banks to companies out 90 days or 180 days credit. But companies actually do not need to get the time of Metals 90 days, about a month will be able to arrive and quickly sold. Thus, companies have an equivalent of 60 days or 150 days of short-term financing. If we add the yuan appreciation, importers can also get additional foreign exchange earnings.

However, the pledge of warehouse receipts and credit financing are not mutually exclusive, that is, can be performed simultaneously. Before the credit expires 3 months to 6 months has made corporate ownership of the goods, the goods into the warehouse and then several times to obtain the standard warehouse receipt financing.

In this event, Germany is on the mastery of the above two lines of play. Its credit longest three months window period, that is, one year down the number of goods can be inverted four times leveraged to several times the rate of amplification.

Warehousing company and port role in doubt

Banking industry sources said that in the metal trade finance chain, the more sensitive the identity of the middleman and warehousing company guarantor.

Securities Times reporter was informed that the Singapore International warehousing giant fast-Group (CWT) is NCN Mining (Germany being the core business lines) issued a warehouse. But reporters could not get in touch with the latter.

As the concentration of the metal cargo warehouse Qingdao Port Pier 8, it is difficult to escape the stakeholders. Terminal operators, port is the port of Qingdao Branch.

Www iron ore researcher Lau Chi Keung said metal trade finance not only in Qingdao, Rizhao, Yantai, Shandong ports prevailed more prevalent in Jiangsu and Zhejiang provinces. However, with the presence of the two mortgage finance goods warehousing risks: First, raw materials prices, accumulating goods will be insolvent; Second, once the funding strand breaks, the risk will focus on the release. Germany is the system this time stumble on the latter, Qingdao Port has been implicated.

Been clearly implicated more than Qingdao Port. Although Qingdao Customs official responded that "we have been very strict on the regulation," but in actual operation, metal financing Piandai incident exacerbated a crisis of consciousness customs. A logistics company in Qingdao local bulk ship who declined to be named, said the imported metal - such as copper cathode clearance time from the past seven days to 10 days into the current 14 days to 20 days.

As the import and export trade port, Qingdao financial disputes caused by trade financing frequent. Qingdao Banking Bureau data show that closed the case in 2013 the number of 15,630 cases of financial, accounting for about one-fifth of Shandong financial cases, an increase of 8.8%; target amount of 15.103 billion yuan, an increase of 15.9%, both of which showed rapid upward trend.

Bank to remedy the situation

"Germany is our department of Qingdao local big customers, banks are rushing to do their business while after this sort of thing out of the bank's credit approval centers are dumbfounded." Above joint-stock bank source said, "only from the equity relationships, but also What other companies with bad judgment Department about Germany is our banks are now only a family business dealings from the investigation to determine how much the loan out in the end. "

However, a number of private enterprises in the local view, banks, the "victim" status, like a boomerang. "Many banks feel that Germany is the high quality and large customers, anxious to do business related to it." Said a private person, "said the loan has collateral guarantees, but maybe sometimes even a pledge not to become a Credit guarantee. "

The vice chairman of the NPC Financial and Economic Committee Wu Xiaoling criticism undoubtedly eager to expand the scale of bank credit blow. June 21, held in Qingdao, "Jin Ling 2014 Fortune Global Forum," Wu Xiaoling criticized, not carefully verified Qingdao banking business warehouse blindly expand credit, over-reliance on the guarantee, there is no longer a serious business UNPROFOR investigation Cash flow security, resulting in an enterprise running, along with other corporate capital chain break situation.

"Financial leverage to be cautious expansion, banks should return to the essence of credit operations," Wu Xiaoling said.

Securities Times reporter was informed that the banking sector has been some action in Qingdao, the cost of credit financing raised margin of 15% to 20% range. In this regard, www aluminum researcher Zhang Meng said the tightening of trade finance bank, will make some traders have Paohuo to draw funds to respond to margin calls. Obviously, the price of copper in the short term this will, aluminum and other metals have a certain impact; If part for aluminum and other metals into secured the spot market, will result in relatively large throwing a single short-term, causing prices to fall.

In addition, the Bank has also strengthened the credit review time. Originally 3-5 days may be issuing, now extended to 5-7 days, and requested more documents in addition to the authenticity of that trade turnover data, import and export of time, including the audit authority also received from some branch of Even the head office to branch level, and also afterwards to send someone to check whether there is an actual trading behavior, how to sell to the import of goods and other details.

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