Trader Gerald Group Says It Was Hit by $49 Million Tin Fraud
- Company takes $37.3 million provision after deal went awry
- Metals trader has engaged parties to help recover funds
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Commodity trading house Gerald Group said it paid almost $49 million for tin that turned out not to be tin.
Gerald Group made a provision of $37.3 million in its 2023 financial accounts after the deal to buy Brazilian tin went awry, according to a note in its 2022 accounts filed at the UK’s Companies House. The firm has started investigations and engaged parties to assist in recovering the funds.