ANZ suffered ‘substantial Losses’ in nickel receipts scam

June 27, 2017

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Australia & New Zealand Banking Group Ltd. told a US court that its commodities trading arm suffered “substantial losses” after it discovered that receipts for metal held in Glencore’s Access World warehouses are probably fake.

When ANZ looked into selling the nickel, it discovered 83 out of 84 receipts it held were likely forgeries, the Australian lender said in a June 6 petition filed in a US court in San Francisco.

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