A dozen Chinese financial institutions, mainly shadow banks loaned 20 billion yuan (US$2.8 billion) over the past five years to a company named Wuhan Kingold Jewelry which used pure gold as collateral. The “gold” turned out to be gold-plated copper. Lenders are now left with 16 billion yuan vacuum in collateral because of the fake bars.
Dongguan Trust set out to sell the fake bars to cover defaulted Kingold debts but soon discovered that it had been hoodwinked.
Turns out the scam went even deeper – all the way to real estate…the full story here.
Australia’s latest ultra-high security $50 bank note has fallen foul of a misspelled word “responsibility.” One assumes all counterfeit notes will carry the correct spelling. Apparently 46mn notes, or $2.3bn worth of the misspelled currency are in circulation.