An amusement

One of the world’s biggest commodity traders has fallen victim to an alleged fraud in which it paid $36m (£26m) for copper that was replaced with painted paving stones.

Worse, they paid out on the letters of credit (or some other payment method before inspection at least) and also the insurance was fake.

And to reach $36 million they did it on 4,500 tonnes, or 125 separate containerloads.

I’d be having a look at whether any of the clerks have a new gofaster motor tucked around the back or summat.

8 thoughts on “An amusement”

  1. This is the point where I assume they used to have some old git who could assay metals by smell but they let him go to save money.

  2. “Operational Risk Management

    We pay extraordinary attention to detail in ensuring the operational suitability of the vessels, barges, trailers and wagons that we use to transport commodities. Shipping, cargo management, loading and unloading is overseen by dedicated experts together with independent inspection companies. Products in storage and the storage assets themselves are continuously monitored.”

    Gotta laugh, really.

  3. We pay extraordinary attention to detail

    “We have lots of meetings, the CEO talks about anything other than what we should actually be doing, our Twitter feed has won awards, modern slavery statement, etc etc…”

  4. Roué le Jour= LoL the old credit manager i knew was legendary. Young thrusting traders badgered him all day having done the deal of century. He used to say he’d seen it all thrice. he could be very inventive and amusing in his refusal to make his mark, but they still loved him, coz he didn’t allways say no and it was based on experience not just naysaying.

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