Citic Resources Can’t Locate All Materials at Qingdao Port
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Citic Resources Holdings Ltd., the commodities trader controlled by China’s largest state-owned investment company, said it’s missing more than half its alumina stored at Qingdao Port amid a probe into lending.
A Qingdao court was unable to locate alumina worth about $49 million, according to a statement today from Citic Resources. The company had obtained sequestration orders for its assets at the port from a local court, Citic Resources said last week in a statement.