Decheng said focus of China probe
Jun 12, 2014 | 12:20 PM
| Andrea Hotter
NEW YORK The probe into alleged fraud at the northeastern Chinese port of Qingdao is centered on metals trading company Decheng Mining, according to media reports.
The port authority and local police are investigating the company, a subsidiary of Qingdao-based Dezheng Resources Holdings Co. Ltd., a Reuters report said, citing two police sources with direct knowledge of the matter. A staff member at Decheng Minings Qingdao office, who would only give his surname as Liu, wouldnt comment, the report said.
Reports that Decheng Mining had allegedly raised multiple loans using the same collateral at the same port were "gossip," an employee at Dezheng Resources told the Financial Times this week.
"Its not convenient for me to say whether such a practice exists, but all I can tell you is that we are all coming to work as normal," the employee said.....
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