Decheng said focus of China probe

Jun 12, 2014 | 12:20 PM | Andrea Hotter

Tags  Decheng Mining, Qingdao port, Dezheng Resources Holdings, warehouse probe, copper, aluminum, Chen Jihong, Zhong Jun Resources Michele Wu

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 Mining’s Qingdao office, who would only give his surname as Liu, wouldn’t 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.

"It’s 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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