Reported 7 months ago
Chinese state-owned enterprise, Zhongda Group, is reported to have fallen victim to a scam after purchasing 2000 tons of refined copper worth nearly $20 million, about NT$6.4 billion, from a Russian smelter at the end of last year. The shipment, scheduled to arrive in China by the end of May, has mysteriously disappeared. The cargo, registered by the shipping company as cheaper granite, is rumored to have been diverted to Turkey. Zhongda Group, based in Hangzhou, Zhejiang Province, is the first SOE in Zhejiang to complete mixed-ownership reforms and achieve overall listing and has been listed among the Fortune Global 500 companies since 2011, with over 20,000 employees and CNY 580 billion in sales in 2023. Investigations are underway, and the incident highlights the uncertainties in metal trading amidst rising prices.
Source: YAHOO