China in counterfeit gold scandal as Wuhan company uses fake bars to gain $4.1bn in loans

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

We are a not for profit Independent Media Group, which survives off donations. Even as little as $5 per month, from our generous readers. Please donate now, to help fund our work.

China in counterfeit gold scandal as Wuhan company uses fake bars to gain $4.1bn in loans

One of China’s largest gold jewellery manufacturers, Wuhan-based and NASDAQ-listed Kingold Jewelry, is being accused of depositing fake gold bars as collateral to obtain loans from 14 Chinese financial institutions.

The 83 tonnes of gold were purportedly valued at 20.6 billion yuan (A$4.2 billion) but many of them have turned out to be gilded copper, according to reports from Beijing.

Two New York law firms have already begun investigations into securities fraud on behalf of investors in Kingold Jewelry Inc (NASDAQ: KGJI).

The story broke after a Beijing-based website investigated complaints and then posted the news under the headline: “The mystery of [US]$2 billion of loans backed by fake gold”.

Kingold is denying it lodged fake bars with Chinese lenders such as China Minsheng Trust, Hengfeng Bank, Dongguan Trust and Bank of Zhangjiakou. The trust companies involved are largely what are known as “shadow banks”.

Fake gold used as collateral after loan defaults

The alleged scam came to light earlier this year when Kingold defaulted on loans to Dongguan Trust. The gold bars pledged as collateral turned out to be gilded copper alloy. Minsheng Trust’s “gold” bars have also turned out to be copper alloy under the gilded surface.

Kingold Jewelry loans gold bars fake
Kingold Jewelry secured loans from over a dozen firms.

 

Much of the money borrowed was reportedly used to invest in China’s housing bubble, some of which investments obviously went sour.

Kingold bought a company called Tri-Ring that owned blocks of land in Wuhan and Shenzhen with some of the borrowed money.

Military backing helped Kingold raise money

Kingold’s controlling shareholder is Jia Zhihong, described as “an intimidating ex-military man”.

Mr Jia, who has served in the military in Wuhan and Guangzhou, once managed gold mines for the People’s Liberation Army. Kingold was originally a gold factory in Wuhan affiliated with the People’s Bank of China.

Commentaries on this breaking story argue that Mr Jia’s connections with China’s powerful army meant he could do anything he wanted, no questions asked.

In fact, a state-owned insurer covered some of the loans — but with the beneficiary being Kingold, not the lenders.

Wuhan Kingold is the largest gold processor in Hubei province.

Questions are already being raised as to whether more of China’s “hard assets” of gold simply do not exist.

This is not the first scandal of its kind: in 2016 “gold” bars issued as collateral to 19 lenders in the Shaanxi province also turned out to be adulterated – in that case, the core of the bars consisted of tungsten.

Fears are that other Chinese gold producers and jewellery makers may also be involved in similar frauds.

It is reported that the Shanghai Gold Exchange has cancelled Kingold’s membership.

Shares in Kingold fell 23.77% overnight on the news to US$0.85.

Original source : https://smallcaps.com.au/china-counterfeit-gold-scandal-wuhan-kingold-jewelry-fake-bars-loans/

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Please support independent media and give a donation small priority large. This means we can continue to fight for friends and family to have a future and defend free speech.

Related News

Truthbook.social offering hundreds of thousands in giveaways for those joining its new social media platform as many desert Facebook in droves because of censoring

Here is some of the current incentives being offered to new users

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

For ANR Smaller Donors please donate below to help fund our critical not for profit work. Together we can defeat mainstream media.

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Leave a Reply

Your email address will not be published.

Play Video

McIntyre Report
Political Talk Show

RT News - August 07 2022 (20:00 MSK)

We are not live at this moment. Please check back later.

Watch Now for Free

Share with friends now plus add us to your TV and other devices and help kill mainstream media

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on pinterest
Share on email

Click to Watch Now for Free

Jamie McIntyre
TruthBook.social Videos

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Raw Report

Ryan Jackson Saw show

in USD

in AUD

in GBP

in CAD

Jamie McIntyre

ANR on

Currency Exchange Rates in AUD

Live and updated every minute of the day

Nurses Speak Out

Get our free News Emails on latest articles, alerts and solutions for both legal templates and ways to help fight back against the Globalists vax Mandates , and health resources to boost your immune system and ways to Protect from deadly EMF 5G radiation and more.

FREE E-BOOKS AND REPORTS ALSO

ANR Meme Report

with Nadine Roberts

Episode 002

21st Century Political System

Play Video

Editor's Pick

Thank you for visiting the
Australian National Review

To continue accessing more articles for free simply enter your email address

We are only 27% funded for next month's operations.

ANR is fully funded by our readers, people like you who often can’t stand mainstream media lies and propaganda. So please help us continue exposing the truth and helping defeat the Globalists and defend your and your children’s futures.

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset and help us expose the Covid Fraudsters

just $5 a month helps

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY