Iron Ore And Coal Prices

Structured trade financing scam ever happened in Singapore 30 years ago in 1984

The Abalone King

HE was a philanthropist and trusted businessman from China who made a fortune as the sole distributor of the popular Calmex brand of canned abalone. But that wasn't enough for Singapore's Abalone King Ng Choon Ser. Between May and November 1984, the towkay, his son Ng Khway Tiat and two others cheated 16 banks here of almost $57 million - then the banking community's single-biggest loss. The swindle involved letters of credit, invoices and bills of exchange to pay for 'phantom' goods. And when it was uncovered, father and son fled the country with millions of dollars. For three years they hid in Taiwan, as Interpol was called in to trace them. Eventually they turned themselves in - and received maximum jail terms of 10 years. The junior Ng sought to appeal against his sentence on filial piety grounds, but his case was dismissed.

China metal financing fears spread to Singapore — 12 Jun 2014

Banks fear missing collateral in China — 11 Jun 2014

Hong Kong regulators tense about China loans — 10 Jun 2014



Copper falls to one-month low on Chinese investigation — 6 Jun 2014

China scrambling after "discovering" thousands of tons of rehypothecated copper, aluminum missing — 4 Jun 2014

Collateral damage from Qingdao probe — 13 Jun 2014

the only way for banks to beat this is to demand collaterals using properties and fixed deposit from companies which local sg banks are using currently

Rise and fall of Chen Jihong a tale of China’s boom-bust commodities conundrum — 18 Jun 2014

Detainee in China Had Rapid Rise — 16 Jun 2014

Suspected scam hits global metal prices — 16 Jun 2014

China port fraud probe prompted by corruption inquiry — 13 Jun 2014

Qingdao port probe said to focus on loans to Decheng — 11 Jun 2014

Citic hit by Qingdao metals scandal...Citic Resources is the commodities trading unit of China's biggest and oldest state-owned financial conglomerate company, Citic Group. Singapore sovereign wealth fund Temasek Holdings also holds an 11.46% stake in the unit. — 11 Jun 2014

Bankers focus on trading firm in search for metals used as collateral — 10 Jun 2014

Metals trading firm investigated over China port fraud — 10 Jun 2014

• Singapore's Ministry of Foreign Affairs (MFA) declined to comment on whether Chen had been detained but said it was monitoring the situation.
• Decheng Mining is a unit of Dezheng Resources Holding Co Ltd, a Qingdao-based firm whose chairman is Singaporean Chen Jihong.
• Singapore-registered Zhong Jun Resources, an associate company of Decheng, did not respond to a series of calls requesting comment.
• Chen is a director of Zhong Jun Resources.

Zhong Jun Resources (S) Pte Ltd — Singapore Top Enterprises 2013
6 Raffles Quay #13-01 John Hancock Tower
Singapore 048580

电话: (+65) 6532 2978
传真: (+65) 6532 2979
电邮: sales@zhongjun.com.sg

I am always very cautious of commodity stocks as they can go boom and bust very quickly. London Mining went from 4 pounds to 0.69 pence in 3 plus years. Do be careful of commodity stocks especially now as commodity prices are not doing well.

London Mining slumps 70%, warns shares may be worthless - 8 Oct 2014

Kinsteel, Perwaja get notice on suspension; both steel makers are saddled with large debts — 5 Nov 2014