LME Fines Warehouse That Stored Fake Nickel for 2022 Mishap
This article is for subscribers only.
The London Metal Exchange has fined warehouse operator Access World £60,000 ($77,316) for erroneously loading out nickel from a depot in Rotterdam in 2022, five months before the discovery that some of the metal it was holding for clients was fake.
Staff at Access World loaded out 24 tons of nickel cathodes from the warehouse between Oct. 18 and Nov. 16, 2022, apparently due to human error, the LME said in a notice on Tuesday. The LME said it was only notified of the outflows on March 14, 2023, after the warehouse operator commissioned a third party to carry out an audit of the metal it was storing on behalf of clients.