CARLYLE DRAGGED INTO $300 MILLION HONG KONG NICKEL-FRAUD SAGA

Bloomberg on 29th August reported that the Carlyle Group is the latest big name to emerge in a years-long attempt to untangle an elaborate nickel-trading fraud that ensnared major metals brokerages, with a Carlyle unit known as Vermillion Asset Management named in court papers.  It is alleged that Carlyle funds took in more than $110 million from a firm tied to the alleged $300 million scam.  The development comes as part of a series of long-running lawsuits by ED&F Man and others against several Hong Kong firms accused of using fake warehouse receipts to sell the same nickel holdings to multiple buyers.

https://www.bnnbloomberg.ca/carlyle-dragged-into-300-million-hong-kong-nickel-fraud-saga-1.1308437

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s