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.

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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

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