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Legal Action Taken by Citic Resources to Recover Missing Materials

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Published on : Jul 10, 2014

Citic Resources has filed a claim versus the operator of port warehouse in Qingdao Maritime court. The organization is seeking confirmation that it owns the copper and alumina held at the port, according to a statement released by the organization. The company wants these materials released and delivered to them or seek compensation if these materials are not retrieved.

Citic Resources is a commodities trader which is controlled by the largest Chinese state-owned investment company. It filed the above claim from Qingdao port. This port is counting metals used for industrial purposes in some warehouses to check if there is a match in the amount as pledged in the documents to the banks as collateral against loans, according to few people who had knowledge of this situation.

The Qingdao port is worried about these multiple counting of batches of metals which include aluminum and copper, according to these people.

According to the organization Citic Resources, during June 18th there were more missing materials and half of its alumina was stored on this port. The company was not able to locate around 123,446 metric tons out of the 223,270 tons of alumina. The company holds title documents for at the Qingdao port.

A person who works at the Qingdao Maritime Court’s office confirmed on the phone that they had accepted the claim made by Citic Resources Holdings Limited and stated that the defendant in the claim was Qindao Port International Corporation.

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