TRADER BUYS $50 MILLION OF COPPER BUT GETS PAINTED ROCKS INSTEAD

On 9 March, Stuff reported that Swiss-based commodities trader Mercuria Energy Group Ltd struck a deal last summer to buy US$36 million of copper from a Turkish supplier – but when the cargoes started arriving in China, all they held were painted rocks.  About 6,000 tons of blister copper in more than 300 containers were switched with jagged paving stones, spray-painted to resemble the semi-refined metal.  Turkish police have taken 13 people into custody in relation to the faux copper scheme. Mercuria, one of the 5-biggest independent oil traders in the world, is seeking redress in both Turkish courts and a UK arbitration case against the copper supplier.

https://www.stuff.co.nz/business/300248875/trader-buys-50-million-of-copper-gets-painted-rocks-instead

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, 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

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