A Chinese state-owned firm whose shipment of copper from Russia went missing said it was investigating the case, which has a monetary value of about 110 million yuan ($15 million).
Wuchan Zhongda Group Co. bought 2,000 tons of refined copper from a Russian company that was supposed to be delivered last month but never arrived.
In a statement on Friday, the company said it had conducted a preliminary review following media reports about its copper business. The case concerns an international trading subsidiary, the statement said.
“The company has a reliable internal control system that allows it to effectively manage and control the risks associated with trading operations,” the statement said. The amount of damage was small compared with the group's revenue of more than 580 billion yuan last year, it said, and the incident "will not have a significant impact on the company's operations."
According to the statement, the batch was purchased from the Russian company Regional Metallurgical Company at the end of last year. But the metal was listed as much cheaper and likely ended up in Turkey, according to shipping line records.
Chinese firm is investigating the case of missing Russian copper
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Azovpromstal® 16 June 2024 г. 11:41 |
